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Hotel Market Staggers in New York City
March 4, 2015
On 41st Street near Times Square, a Hyatt Place hotel is under construction. The shell of a Hampton Inn sits one block to the west. Nearby, scaffolding heralds a Holiday Inn.
For years, New York City’s hotel sector has been growing. But a sustained strengthening of the dollar and a weak global economy could curb tourism, which could ultimately make New York a less attractive market for developers and investors. Rising interest rates could also make hotel construction and renovation too expensive.