Hotel Armageddon: Huge Projects in Holding Patterns? - NBC New York

Hotel Armageddon: Huge Projects in Holding Patterns?

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    Hotel Armageddon: Huge Projects in Holding Patterns?

    It's no surprise that the credit crunch has wreaked havoc on the hotel boom that had threatened to turn all of Manhattan into one big pillow mint, but according to the Times, some highly-anticipated projects may be completely screwed. Sure, some new inns like the Cooper Square Hotel have had to slash their expected rates significantly, but that's child's play compared to these other problems. "Hotel professionals" told the Times that Larry Silverstein's Robert A.M. Stern-designed 80-story Four Seasons at 99 Church Street/30 Park Place (right) is "delayed or canceled," though a Silverstein rep denies it (and what about the building's condos?). There's more. The Lehman Brothers bankruptcy has stalled two projects: the Kent Swig/Robert De Niro/et al. Nobu Hotel in the Financial District, and the Norman Foster-designed Shangri-La in Midtown. Oh, and those two hotels planned for Pearl Street—the ones that caused the controversial demolition of historic 213 Pearl Street—well, the Lam Group hopes to "eventually" build on the site. Until then, they're open to suggestions!
    · Grand Plans for Manhattan Hotels Are Stalling [NYT via TRE]

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