Hotel Sales Increase in New York City in 2011
The hospitality market in New York City recorded over $3.2 billion in sales last year. 2011 was the best of the last 5 years in volume of sales.
- New York, NY (1888PressRelease) February 24, 2012 - With more than $3.2 billion in sales in 2011, New York City's hospitality market witnessed a 148% increase compared to 2010 and a 524% increase over 2009. This increase made 2011 register a 5-year high in volume of sales. The numbers indicate that the hospitality market is recovering from the recessionary lows and that hotels are currently some of the most sought after investment properties.
With an average hotel sale price of $84M, 2011 recorded the highest value of the last 7 years. Large transactions like the sales of New York Palace, Radisson Lexington and The Carlyle were the main contributors to this jump.
With 38 transactions happening last year, 2011 also recorded almost twice as many sales as 2010. 78% of the total sales volume was made up of large transactions of over $100M. These sales accounted for $2.3 billion in volume.
The median sale price per room in 2011 was $207,511, which represents a 23% decrease compared to 2010. However, there were hotels which sold at about $1.7M per room, like The Carlyle and New York Inn.
The borough with the biggest sales volume was Manhattan, with $3.06 billion, a 144% Y-o-Y increase. It was followed by Queens, with $105M, a 499% Y-o-Y increase.
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