Lower Manhattan hotel pipeline filling up amid strong demand

STR reports that 3,292 rooms in 17 hotels are in the pipeline in Lower Manhattan, denoting a 35 percent increase in room count and a 30 percent increase in hotel count year over year. The development boom is a response to increased tourism in the area, which helped raise occupancy by 1.5 percent and demand by 3.2 percent through August. Read The Commercial Observer story here