New York City’s hotel-building boom has led to an oversupply of rooms — and enticing deals for aggressive acquirers who believe prices have finally hit a bottom.
In 2007, there were a mere 73,692 hotel rooms and just 357 hotels. By 2017, that number had jumped to 115,532 rooms and 632 hotels, according to NYC & Co. Another 18,960 rooms will join the already oversaturated market by 2020.
It seems we're going to have a major hotel-to-shelter conversion happening come 2020 when the city decides to bailout this industry. How many of these projects got zoning changes and variances for something the city doesn't need?