Extended-stay hotels are on the rise in Manhattan. According to this article from The New York Times, fundamental changes in hiring practices are having a major influence on the uptick in supply. As corporations outsource, cut back, and downsize, the need to have employees for shorter assignments has grown, and these employees often seek extended-stay housing, the article says. According to the Highland Group, a hotel consultancy in Atlanta, the New York metropolitan area had 9,309 hotel units, up from 8,330 in 2009, and 1,931 under construction. Even though most of those units are outside Manhattan, the borough is experiencing a growth spurt, with a single property accounting for much of it, the combination Courtyard/Residence Inn in Central Park. Of the 68-story skyscraper’s 639 guestrooms, 261 are extended-stay rooms. Read more over at The New York Times.
