Hotel development booms in Big Apple

Jones Lang LaSalle Hotels predicts that there will be 10% more hotel rooms in Manhattan by the end of 2014, raising questions about whether the city can absorb all of the development. The city expects to see 55 million visitors by 2015, up from the 52 million last year. Smith Travel Research says the average occupancy rate has hit pre-crisis levels, coming in at 84%.

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