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N.Y. hotels renovating as demand revs back up.

Publication: Business Travel News
Publication Date: 21-JUN-04 		Format: Online - approximately 1036 words
Delivery: Immediate Online Access

Article Excerpt
Consistent with properties in other key U.S. business travel destinations, a number of upper upscale and deluxe New York hotels this year are undertaking major capitol improvements. With the economy strengthening, demand returning and no large hotel projects in construction, owners and managers of established New York hotels ore confident that room rotes will continue to rise and their capital investments prove to be justified.

Given the traffic that hotels normally see in as high-visibility a market as Manhattan, refurbishments ore on ongoing way of life. Yet, the scale of many of this year's protects is more sweeping--and costly--than in recent years, when the drop in occupancy and room revenues caused owners to rein in capital spending. Projects range from the lop-to-bottom room renovation at the 1,336-room Grand Hyatt New York that will introduce a new Hyatt signature bed, to an upgrading at the Four Seasons New York that includes the installation of plasma...

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