New York has more than 8,000 hotel rooms under construction, and at least 100 hotels are in the planning stage. New York is still the most popular U.S. destination for foreign tourists after Orlando, Fla., but the city has always suffered from a hotel crunch.
The city is great for investors. But for tourists, it means a middling hotel costs $300 or $400 a night. So more and more are ending their day in Manhattan at a hotel in the nearby borough of Queens.