Atlas Hospitality is diving into the pool of uncertainty that is New York City’s resort industry, planning a 401-essential establishment in the heart of Midtown.
The hospitality organization submitted designs with the Department of Buildings for a lodge at 711 Seventh Avenue. The around 140,000-square-foot lodge will be 32 tales and 343 ft tall, Crain’s noted.
Prolific resort architect Gene Kaufman is the designer of the creating, which has no brand name nevertheless. The target for Atlas is to crack ground on the project by early up coming calendar year and to total construction in early 2025.
Atlas is also developing lodges at 120 Drinking water Street in the Fiscal District, as properly as 305 West 48th Street in Instances Square.
The hospitality firm is acquiring a resort at a perilous time for the marketplace. Extra than 200 hotels in the metropolis have completely closed since the onset of the pandemic. And even with much much less establishments open than standard, occupancy charges have lagged perfectly driving what they generally are in the summer.
Since of the city’s reliance on enterprise vacation, the restoration of the industry is anticipated to just take for a longer period in New York than in other places. CBRE predicted that occupancy rates wouldn’t return to pre-pandemic ranges in the metropolis until finally 2025.
But there are symptoms of hope. A lot more than 481,000 resort rooms were being booked the 7 days of July 11, the most because the pandemic.
Atlas is not by itself in moving forward with resort projects. Approximately 80 new accommodations totaling 13,000 rooms are expected to open up this year.
[Crain’s] — Holden Walter-Warner