New York invests to accommodate record 55 million annual visitors
New York is striving to keep up with the increasing numbers of tourists visiting the city.
Last year over 55 million visitors made the Big Apple their destination for holidays, which is a massive increase of 15% over the past five years.
To cope with the spiralling demand, there have been approximately 30,000 rooms added to the New York City landscape over the last seven years, the Real Estate Weekly reports.
That amounts to a $60 billion contribution to the city’s economy which relies largely upon the investments of the real estate industry.
In addition, New York City hotels averaged almost 90% occupancy of its more than 110,000 hotel rooms through most of 2014. On top of that, there were 30 million hotel room nights sold which represents an increase of one million over last year.
Manhattan is in particular experiencing an extraordinary hotel boom. This has led to plan for multi-million dollar makeovers for existing hotels and the building of new ones throughout the outer boroughs and Long Island.
Ironically, this consistent trend comes in the face of rising construction costs and increased land prices.
New York’s room supply went up by almost 6% over last year. Despite the shootings and unrest in the city last month, developers are continuing to place confidence in the future growth of the place as a tourist attraction.