Viceroy is opening a 252-key luxury flagship on Park Avenue South this December, seven years after its previous NYC hotel quietly dropped the flag. The question isn't whether the building will be beautiful... it's whether the brand has figured out what went wrong the first time.
Airbnb dropped $81.5 million on a Manhattan office in a market where Local Law 18 cut its listings from 60,000 to 3,000. The purchase price is the least interesting number in this deal.
An insurance company just wrote $120 million in 15-year self-amortizing debt on two Marriott-branded NYC hotels at roughly $232,000 per key. The terms tell you more about where lenders think this market is headed than any forecast report will.
New York City wants to hike hotel property taxes 9.5% while operating costs already outpace revenue growth 4-to-1. For the operators who actually have to absorb this, the question isn't political... it's whether your systems can even tell you where the margin is disappearing.
