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6 Years Later, Lower Manhattan Thrives

NEW YORK CITY It is arguably the financial capital of the world, but hoteliers have always had a tough time making money in Lower Manhattan. Near Wall Street and around the areas that once housed the twin towers of the World Trade Center, the neighborhood teems with business people between 9 a.m. and 5 p.m. Monday through Friday-but with few entertainment venues in the immediate neighborhood and relatively little residential housing, the area historically has turned into a ghost town at night and on weekends.”There is nothing happening down there on the weekends everything close up-so from a hotel perspective, it has been hard to drive the weekend occupancy,” says Jeff Davis, a consultant at Jones Lang LaSalle Hotels who follows the New York market.
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