Building hotels, not buying, to surge in Manhattan

Bloomberg Businessweek reports that constructing a hotel in New York City, rather than buying one, is becoming more affordable as demand from publicly traded investors helps drive a surge in property prices. Increased competition for purchases has led developers to plan the opening of about 50 new hotels this year through 2013 in New York.

Suggested Articles

The three-month deferral of debt service payments helped provide immediate relief for hoteliers struggling with closed or empty properties.

When it reopens in the fall, the former Riviera Palm Springs will continue to be managed by Davidson Hotels & Resorts. 

Inspired by the history of the property, the overall design maintains the originality of the existing building while adding new amenities.