New York City’s hospitality market may be recovering from the recession, according to data from PropertyShark.com, which shows that sales in New York’s hospitality sector in 2011 were at a five-year high, up 148 percent over 2010 and 524 percent over 2009.
There were 38 hotel sector transactions during the year totaling $3.2 billion, with an average selling price per transaction of $84 million, the highest value over the past seven years. Large transactions, of over $100 million, accounted for $2.3 billion in volume alone.
The median selling price per room, $207,511, dropped 23 percent compared to 2010. However, hotels like the Carlyle, which sold for $319 million in July, were sold at about $1.7 million per room. — Katherine Clarke