New York City is one of the biggest tourism hubs in the world. New York City alone saw more tourists last year, on average, than the entirety of Italy or even China. The rejuvenated tourism market has investors looking at NYC hotels as a growing source of revenue over the next few years.
New York City Hotels Trend Up
Last year alone, New York City saw tourism rice to nearly 63 million people, each spending an average of $700, minus travel fare and accommodations. With nearly $44 billion pumped into New York City’s local economy from tourism alone, plans are already in place to develop new hotels, and property investors are looking at land for construction or to sell to hotel owners. The New York City hotel market needs to expand to house tourists, conventions, and events.
Opportunities for NY Property Investors
With winter right around the corner, not much construction is going to get done until spring or later, next year. As of the end of last quarter, there were over 120 hotel projects planned with more on the way. Despite the AirBnB fad, people visiting New York City – be it for business or pleasure – prefer to stay in hotel rooms. For investors, this means there are still opportunities to make a healthy return. Since a number of areas in New York City are being rezoned, investors are acquiring property in key locations. These properties can either be used directly for hotel construction, or they can be sold to development companies at a premium. Even franchise motels are ramping up to build more establishments in Brooklyn and Queens in anticipation of higher tourism. The New York City hospitality real estate market is growing by leaps and bounds, and savvy commercial real estate investors see that other planned projects throughout the city will only stimulate tourism further.
Strike While the Iron is Hot
Property acquisitions and construction for New York City hotels are very lucrative, but everything requires an initial capital investment. Express Capital Financing offers a wide range of funding solutions for everything from raw land investments to large-scale construction projects and everything in between. If you want to start generating more revenue from the tourism market or expand existing hospitality establishments, contact the experts at Express Capital Financing today.
