The Rise of the Hotel Industry in Brooklyn, NY

Brooklyn

Throughout the five boroughs of New York City, there are approximately 630 hotel properties. Out of these properties, about 80% are located in Manhattan alone. That’s understandable enough, given the substantial need for accommodations in the island due to its characteristic as one of the largest tourism draws in the world. Since 2010, the industry has continued to grow at a continued rate of 42%, but most of this growth is happening outside of Manhattan. The overcrowding in the city is forcing the tourism industry to expand to the outer boroughs, especially since areas outside of Manhattan are considering an economic and developmental growth on their own. Brooklyn, for example, is starting to become established as its own tourism market separate from the bustle of Manhattan.

Expected to Double

According to the Brooklyn Chamber of Commerce, the borough currently has 30 hotel properties that provide roughly 3,500 hotel rooms. This is expected to double by the year’s end, and this growth can be directly related to the rise in the overall demand for accommodations in the area. There are a few drivers that have been pushing this demand to its height now. The biggest driver still remains to be the matter of Brooklyn’s proximity to Manhattan. Even if tourists were to come visit Brooklyn, it’s highly likely that a pit stop to Time Square will be inevitable. Accessibility to Manhattan is also a plus, as well as accessibility to other areas such as the Staten Island market and airports.

Demand Drivers

Another important demand driver is the availability and affordability of room rates. Hotel rooms in Manhattan are incredibly marked up just because of the location, and those who are looking to get a good deal on accommodations won’t find it in Manhattan but might find it in Brooklyn. The hotels in Brooklyn are mostly clustered in a particular area of development, where subway lines are highly accessible and development is at an all-time high.

Apart from these logistical reasons, another demand driver for hotels in the Brooklyn area is just the basic fact of the rise of the Brooklyn culture. There’s a movement developing in Brooklyn that’s separate and completely unique to that of Manhattan’s. Brooklyn’s culture is attracting a different set of visitors, one that’s looking for something separate from the cold hustle of Manhattan. Brooklyn may be just a tad warmer, and some might even say that their coffee might be better.

Diversity of culture is driving growth

That’s probably more difficult to prove, but we can easily close that argument by saying that the coffee of New York City is just superior altogether. But the 10 million visitors that come to Brooklyn each year are coming for reasons other than the coffee. This impressive amount of visitors has warranted a 60% rise in employment in the hotel industry in the past few years, which ultimately meets the demands for rooms. This thriving industry has proven to be great for the economy, and it also happens to be sustaining and feeding the energy that’s surging through the borough.

That energy is also coming from the growing diversity in Brooklyn’s food, arts, and commerce culture. Brooklyn has been attracting many young entrepreneurs and artisans to establish roots in the area, and it has since created an attractive destination for many people looking to travel to New York for a completely different experience. The hotel industry is following in the footsteps of the young and trendy, and the future outlook of Brooklyn’s hotel demand and supply is looking bright.

While Brooklyn hotels are a mix of midscale and economy to boutique hotels, the future is attracting more upscale and luxury brands in development. This can mean different things for Brooklyn. For one, room rates will change along the way as well as clientele. People who are looking for luxury accommodations in Brooklyn will find that the current market is lacking in big brand names such as the Ritz-Carlton or JW Marriott. This will soon change as the Brooklyn’s development expands even further. Upscale hotels that offer full service amenities are expected to become more available as well within the next 10 years. While there are a number of upscale hotels available in Brooklyn currently, demands continue to rise every year. The face of Brooklyn’s hotel industry is constantly evolving and taking shape, and by this time ten years later, Brooklyn will be its own unique metropolis as unique as the boroughs right next to it.



Add Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Chipotle
The History and Story of the Chipotle Logo
Gucci
The History and Story Behind the Gucci Logo
Herman Houser
10 Things You Didn’t Know About Hermann Hauser
Etsy
The History of and Story Behind the Etsy Logo
REIT
Does a Renewable Energy REIT Exist?
REIT
Five REIT Trends to Pay Attention to in 2020
REIT
What Does “Adjusted Funds From Operations” Mean?
REIT
Should You Consider Gaming REITs for Your Portfolio?
Princeton’s Farmers Market
The 20 Best Things to Do in Princeton, NJ for the First Timers
Newport Beach
A Traveler’s Guide to Hiking in Newport Beach, CA
Balboa Bay Resort
The 10 Best Places to Stay in Newport Beach
Lido Bottle Works
The 10 Best Places to Eat in Newport Beach, CA
Ferrari Convertibles
The 20 Best Ferrari Convertibles Ever Made

Ferrari 360 Moderna
What to Look for in a Used Ferrari 360 Moderna
Ferrari Station Wagon
Is There Such A Thing As A Ferrari Station Wagon?
Ferrari 550 Maranello
A Buyer’s Guide to the Ferrari 550 Maranello
Breitling Navitimer
A Buyer’s Guide To Getting a Used Breitling Navitimer
The Five Best Breitling Crosswind Watches Money Can Buy
Breitling
The Five Best Diamond Breitling Watches Money Can Buy
Breitling
The Five Best Black Breitling Watches of All-Time
Lil TJay
How Lil TJay Achieved a Net Worth of $600,000
Michael Blakey
How Michael Blakey Achieved a Net Worth of $60 Million
Skip Bayless
How Skip Bayless Achieved a Net Worth of $13 Million
Channing Tatum
How Channing Tatum Achieved a Net Worth of $80 Million