NEW YORK- “I think its extremely difficult to justify adding to the Javitz Center,” said John Fox today at PKF Consultings ninth annual State of the Lodging Industry report held at the Cornell Club here. “We cant accommodate the conventions we get now. I know its chicken and egg, [but]there probably arent enough hotels right now, for the near term, to justify an addition.”
Foxs comments were a departure from an otherwise optimistic assessment of the New York City lodging market. With 2000 occupancy at 83.5% across service sectors, and average room rates of $240/night, Fox marveled at the “highest rates ever, close to the highest occupancy ever, and all of this is in the midst of the biggest increase in supply in years.”
“Im as bullish as Ive ever been [on Manhattan],” Fox said in conclusion. “I dont see anything on the horizon to bother me.” (10/3/00) – Jay Nussbaum