Recent New York Post Article Mentions Thompson Central Park
The New York Post has recently published an interesting article illustrating how the NoMad Thompson Central Park is defying recession rumors with bookings at pre-pandemic levels.
Hospitality is typically the first to suffer and the first to recover during economic recessions. With the threat of a recession countering post-COVID shutdown recovery, will hotel developers throw up their hands in despair?
Not exactly. Not yet.
“We view the market long term,” said Joel Rosen, President of New York-based GFI Hospitality, a real estate development and investment company. “We’ve been here before and lived through a recession. Then, the pandemic was the worst situation, worse than a recession.”
Rosen said bookings at GFI hotels are just about at 2019 levels: “We’re seeing stability in the economy even with the high fuel costs and everything. So we don’t know yet. It’s still too early to say.”
According to NYC & Company, the city’s marketing and tourism body, seven hotels opened in New York City this year so far: six in Manhattan; one in Brooklyn. GFI’s latest hotel, Thompson Central Park is in its final opening stage as phase two is completed this fall. A great location such as Thompson’s is a big factor but, said Rosen, being market savvy is the key to longevity.
“Thompson’s proximity to Central Park is wonderful for business,” he said. “But the hotel filled a gap there: A lifestyle hotel was missing. There is the high-end market there, but nothing like what Thompson brings.”
To read the full New York Post article, click here.
