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August 8, 2008
Brooklyn Hotel Pipeline Getting Choked by Financing Woes
Six months ago, a couple of dozen hotels were in the pipeline for Brooklyn. Now, says the New York Post, only seven will see the light of day. According to Sean Hennessey, CEO of Lodging Advisors, 2,000 or so of the 5,000 planned new rooms will open, including 1,146 of the 1,976 rooms slated for Downtown Brooklyn. Apparently the rooms we do have, including the 637 at the Downtown Marriott, are 80 to 85 percent full most of the time, but the money has dried up. "Unfortunately the capital market treats the hotel industry very reciprocally, and it seems like our run of good fortune has come to a halt and that it'll probably be a while before we see a new project funded and moving forward again," said Hennessey. What Hennessey also told the crowd but the Post didn't include in its article was that he thought there was room in the Brooklyn market for a couple of smaller boutique hotels. This must have brought a smile to the face of Two Trees' Jed Walentas, who was sitting in the audience and is planning to convert an old brick commercial building on North 11th Street in Williamsburg into just such a hotel.
BKLYN Inn For Trouble [NY Post]
Bushwick Hotel. Photo by bitchcakesny.
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Comments
Even if "only" seven new hotels are built, this will be huge for Brooklyn tourism, I think. 25 hotels would have been too many anyway, I think.
Posted by: itsagas at August 8, 2008 9:33 AM
Duh.
Posted by: DOW8000SP800 at August 8, 2008 9:54 AM
Yeah, itsagas. But that's still optimistic. Finally sober about the fantasy of an immune NYC housing market, we're still in denial about a recession. When Washington finally calls it, all hell will break loose and maybe one or two of these hotels will get built.
Posted by: DOW8000SP800 at August 8, 2008 10:00 AM
As shown in the photo above, Williamsburg already has a botique hotel. Er, motel.
Posted by: WBer at August 8, 2008 10:00 AM
There's a gaping hole in that article....namley, which projects are scrapped and which are moving forward. In terms of the projects in Downtown Brooklyn, the planned projects were (i) Hampton Inn (Flatbush and Tillary), (ii) Hilton Garden Inn / Homewood Suites (Oro II), (iii) Sheraton (Duffield), (iv) aLoft (Duffield), (v) Hotel Indigo (Duffield), (vi) Holiday Inn (Livingston / Schermerhorn)and (vii) McSamm on Livingston / Schermerhorn). Also there is a hotel planned for Brooklyn Bridge Park.
Posted by: FtGreeneCorey at August 8, 2008 11:01 AM
Brownstoner, is it possible for you to call Roger Fortune at DBP and inquire into which projects are currently moving forward and which ones are "on hold"?
Posted by: FtGreeneCorey at August 8, 2008 11:03 AM
You forgot (viii) Cambria Suites at 75 Schermerhorn.
Posted by: BH76 at August 8, 2008 11:23 AM
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