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The New York City Hotel Forum, held on October 22, 2013 brought together influential leaders in the hospitality industry to discuss opportunities and challenges in the hotel and lodging sectors today.  The conference provided attendees the chance to network, gauge trends, and take away valuable advice from hospitality experts.  Leading hospitality executives, investors, and developers participated in energetic discussions on diverse and timely industry topics such as development, the economy, finance, forecasts, transactions, and more.

The conference was attended by key players in the hospitality industry, including: Investors; Owners; Lenders; Developers; Hotel Chain & Management Companies; Investment Bankers; Advisors & Intermediaries; Builders; Architects & Designers; and Government Tourism Officials.

Terri Coffel, partner at accounting and consulting firm Citrin Cooperman, served as host for the forum, and has shared her insights on key issues and topics of interest from the event:

  • Hotel development is booming in NYC and will continue through 2014.  An increase in capacity from 65,000 to 95,000 rooms is expected by 2015.
  • Much of the development is in the mixed use space, wherein hotels will be built in spaces with residential and retail space.
  • With demand increasing at 5 - 6% per year, it will take some time to absorb the additional availability, which will have an impact on room rates.
  • There were differing views from the panelists regarding the significance of food and beverage within the hotel.
  • Development continues to occur primarily in Manhattan, and to a lesser extent, Brooklyn.  However, a couple of developers are looking outside of Manhattan in the Bronx and Staten Island.

About Citrin Cooperman

Citrin Cooperman (www.citrincooperman.com) is a full-service accounting and consulting firm with locations throughout the Northeast providing a range of attest, assurance, tax, business advisory, valuation, and forensic accounting services to clients across the globe. Citrin Cooperman has deep experience in a variety of industries, including entertainment, real estate, staffing and executive search, not for profit, architecture and engineering, auto dealerships, franchising, and technology. Founded in 1979, Citrin Cooperman is an independent member firm of Moore Stephens International Ltd.

Contact: William Talmadge

wtalmadge@citrincooperman.com / 914.949.2990 x3342

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