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NoMad Hotel Market Slated for Boost with New Properties

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25 West 28th Street (Google Maps)

NoMad plans to debut several new hotels that may boost business in areas that are unfamiliar to many tourists.

Crain’s reports that by the end of this year, six hotels will open nearby, increasing inventory of properties in the region by 25%.

The Ritz-Carlton, New York’s No Mad is set to open next month. General Manager Bastian Garmer told Clayin that he expects to be fully booked from Labor Day to the end of the year, starting at $ 1,100 per night.

Other hotels coming to the area this year include Ned Nomad (an alternative to Nomad Hotel), Virgin Hotel, Hotel aka Nomad, Le Meridien, and Fifth Avenue Hotel.

The NoMad Hotel is an example of a turnaround in the neighboring sector. In May, billionaire investor Ron Burkle and hotel owner Andrew Zobler Face foreclosure I faced a second foreclosure at a trendy hotel at 1170 Broadway.

But by the end of the year. Safehold purchased a ground lease At the property for $ 77 million. last month, Soho House announced Ned opens at the property. The 12-story building includes a member club, a restaurant and 167 10-story rooms.

Located downtown from the main tourist attractions such as the Empire State Building and Times Square, there are many attractions that want to attract tourists. The Harry Potter Store is one such destination and has been bustling with ambitious wizards since it opened a year ago. Also nearby are the flagship milk bar bakery, LEGO store, Eataly and Madison Square Park.

Still, the city’s hotel industry is struggling to recover from the pandemic that has restricted travel, reduced occupancy, and caused a wave of closures throughout the city.New York City Hotel Association Reportedly pitched the city council Consider a significant reduction in hotel stay tax rates to increase visits.

The association urged the city council and mayor Erik Adams to reduce the rate to less than 3 percent, which is about half of the current 5.9 percent. Last summer, the accommodation tax rate was temporarily suspended for several months during the summer.

[Crain’s] — — Holden Worther-Warner

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