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Hotel uptick drives Chang, Hidary to build

“The unexpectedly fast recovery in the Manhattan hotel market has spurred developers such as Sam Chang and Hidrock Realty to dust off once-stalled projects or start new ones as room rates and occupancy levels have grown over the last year. “We are seeing renewed interest in projects that have been stalled,” hotel consultant John Fox, a senior vice president at Colliers PKF Consulting, said. “Despite significant additions to the supply of rooms over the past few years, occupancies are at levels approximating those before the declines that started in September of 2008.” To make the projects more financially stable, hotel developers in some cases added rooms and in others cut them back or just cut down on high-cost extras, said architect Gene Kaufman, who was one of the city’s most active hotel architects during the boom years. “The conventional wisdom was that the hotel industry would be back in 2013 but in New York, the market has already been back for quite some time,” he said. “The five-year plan happened in two years.”[read more at TheRealDeal.com].