IHG, Sam Chang Continue New York City’s Hotel Glut

By Veronica Grecu, Associate Editor

There’s a plethora of hotels in New York, but the city’s robust hospitality market will always make room for more.

A new Crowne Plaza is scheduled to open in Midtown Manhattan in 2017, InterContinental Hotels Group (IHG) announced last week. Owned by LRR Holdings, LLC—a Nevada-based hospitality company controlled by Lance Steinberg and Frank Chan—and operated by IHG, the new hotel will be located on West 36^th Street, in the famous Garment District. Once open, it will be the brand’s fourth hotel in New York City, following the two Crowne Plazas in Times Square and another one located at JFK airport.

The upcoming Crowne Plaza on 36^Thstreet will offer 251 guest rooms. It will also include an 80-foot glass atrium at the entrance, flexible meeting space, a fitness center, as well as restaurant and bar space.

111 E. 24th Street – Manhattan, New York City

Meanwhile, one of the busiest hotel developers in the city plans to build another budget hotel in Manhattan. New York YIMBY reported that Sam Chang recently filed plans with the Department of Buildings to develop a 13-story structure on a 6,000-square-foot parcel that is currently used as a parking lot operated by Champion Parking. The site, located at 111 E. 24^th St. in the Flatiron District, was leased by Chang in November last year. According to the Commercial Observer, Chang landed a 99-year triple-net lease for the parking lot, for an annual rent of $900,000. The site is owned by Demetrios and Fania Samuel.

Chang has teamed up with architect Gene Kaufman, who created the design. Reportedly, the new hotel will encompass more than 38,000 square feet of space, and will offer 120 budget guest rooms located on floors two through 13. Most of the hotel’s first floor will most likely offer retail or restaurant space.

Image via Google Street View