Crisis delays, cancels Manhattan hotel projects

10/29/2008 |

Several Manhattan hotel projects that were unveiled when occupancy rates were at near record levels have been put on hold or canceled. The city still has about 8,000 rooms under construction. "Any hotel that is not under construction now, or does not have financing in place, will be delayed at least 12 to 18 months," said Bradley Burwell, a senior associate at CB Richard Ellis Hotels.

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