The New York Times published an article today about how the new W Hotel in Hoboken and the Westin in Jersey City held high-profile openings last month despite the economic downturn.
The story says: “At the opening of the new $150 million W Hoboken Hotel last month, the guests carried on as if it were 2006, or maybe even 2005 — back when profits flowed on Wall Street and affluence was the straw that stirred the hospitality industry’s drink.
“The W is not the only large and sumptuous hotel to open recently on the New Jersey waterfront, even as demand has sharply contracted.. The Westin Jersey City Newport had its own opening celebration in February.
“The owners and operators of the new hotels insist that their properties have enough built-in appeal to attract a strong customer base and achieve healthy average occupancy rates of 70 to 75 percent.”
New hotels in Hob, JC defy recession
