Dubai Doles Out Dollars for W

A small New York hotel goes for a really big price.

1 minute read

October 9, 2006, 1:00 PM PDT

"...Now, showing how older buildings can set new pricing standards, the W Union Square has been sold to Dubai's voracious Istithmar for more than $1 million a key.

Nationwide, hotels are booming, and the industry is in excellent shape, notes Bjorn Hanson, head of the leisure and hospitality practice at PricewaterhouseCoopers. "Occupancy is at the highest level since 1965," he says. Companies "are making a lot more money, room rates are higher while interest rates and debt levels are lower, properties are run better, and food and beverage margins are higher. It's a much better managed industry" than ever before."

Thanks to Peter Slatin

FULL STORY: Dubai Doles Out Dollars for W

Friday, October 6, 2006 in The Slatiin Report

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