Downtown’s Influx Of New Hotels Shows No Signs Of Slowing

The redevelopment of the Battery Maritime Building at 10 South Street into a luxury hotel and high-end rooftop restaurant with a restored Great Hall event space now appears on track following years of development hell.  A cash infusion in August from Midtown Equities allowed Centaur Properties (the developer of the McKittrick Hotel for Punchdrunk’s Sleep No More) and Cipriani to resume construction this past fall with an anticipated completion date now of summer 2020, maybe spring if they’re lucky. The Dermot Company was previously tapped by the City to undertake the redevelopment but later thrown off the project. At the time Dermot had completed about 60% of the work including brand development working with ICRAVE and Abby Mills for what was to be the “Hotel Leviathan” as depicted in the above pictures.

Just a few blocks north of the BMB, New York-based luxury hospitality and retail developer Actium has filed a permit to convert the Otto Gerdau Company’s 13-story office building at 88 Wall Street into a 181-room hotel. Next door to 88 Wall will be a new Hotel Indigo, a luxury boutique chain that’s part of the InterContinental Hotels Group.  Atlas Hospitality is developing the 25-story, 128-room hotel, which is being built by The Rinaldi Group. A Holiday Inn Express designed by architect and one-time Harvey Weinstein landlord Gene Kaufman already sits next to the future site of the Hotel Indigo. And the Andaz Wall Street is just across from 88 Wall.

These developments represent just a fraction of the more than 1,800 hotel rooms Lower Manhattan has in the pipeline. Still, with more than 15 million visitors a year (#22 most visited tourist destination in the world), demand for hotel rooms in the Financial District isn’t showing signs of slowing down. As New York City continues its campaign against illegal Airbnb listings, that demand seems likely to increase.  

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