New York City has long been one of the most desirable hotel markets in the world and consistently produces the highest RevPARand ADR rates of any market in the United States. Tourism continues to be one of the key growth drivers for the city, and lends support to the strength of the greater NYC area as a global financial, media, entertainment, and cultural hub which leads to high levels of hotel room night demand. Approximately 60.3 million visitors came to the city in 2016, an all-time record. Numerous attractions and events across Manhattan continue to bring tourists, including: Times Square, Fifth Ave, the Theater District, museums, Central Park, many landmark buildings, universities, sporting events, and concerts. The emerging Hudson Yards District in Midtown South continues to be the largest development site in Manhattan. To date, over 5,300 residential units and 21 hotels have been constructed in the Hudson Yards District (the area between 8th Avenue and the Hudson River, and between 30th Street and 42nd Street), with many more in pre-development or planning stages. The district is expected to also become a major new office district of roughly 26.0 million square feet, particularly with its improved access via subway improvements. Currently, there are approximately 4,888 hotel rooms under construction in the Hudson Yards development alone.

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