Hotel Sales Increase in Nyc in 2011 by Propertyshark

  • New York, NY (1888PressRelease) February 24, 2012 - Using more than $3.2 billion in sales in 2011, New York City's hospitality market witnessed a 148% increase when compared with 2010 and a 524% increase over 2009. This increase made 2011 register a 5-year high in volume of sales. The numbers indicate the hospitality market is recovering from the recessionary lows and that hotels are probably the most sought after investment properties. By having an average hotel sale cost of $84M, 2011 recorded the highest worth of the final Many years. Large GW2 Gold transactions such as the sales of Buy GW2 Gold recent York Palace, Radisson Lexington and The Carlyle were the primary contributors to this jump. With 38 transactions happening this past year, 2011 also recorded almost twice as many sales as 2010. 78% from the total sales volume is made from large transactions of over $100M. These sales taken into account $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 Ny Inn. The borough using the biggest sales Cheap GW2 Gold volume was Manhattan, with $3.06 billion, a 144% Y-o-Y increase. It had been followed by Queens, with $105M, a 499% Y-o-Y increase.