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New York’s hotel boom to get bigger

In a sign of continued confidence in New York’s booming hotel market, the New York Observer reports that a developer wants to supersize a hotel planned on Broadway between 29th and 30th streets — an area being hyped as “NoMad.”

The goal is to build a 600-room hotel that appeals to business travelers and tourists alike with moderate rates, the article says.

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A few months ago, developer Jon Lam bought two buildings on Broadway (1205 and 1225) so he could raze them and erect a 250,000-square-foot hotel and retail tower, the Observer‘s real-estate oriented Commercial Observer reports.

But now, Lam is negotiating to buy two adjacent parcels so he can build a 360,000-square-foot tower with as many as 40 stories, the story says.

It’s not yet clear whether the hotel will bear the name of a chain or, if it does, whether it would be a Marriott, Hilton or other familiar brand.

The project is slated to rise directly across from the trendy Ace Hotel.

Will the hotel compete with the Ace?

Lam’s goal isn’t to build another hipster-friendly hotel like the Ace.

The Observer reports that Lam wants the hotel to serve a broader market: business travelers and tourists.

“I don’t want it to be too high end. I want it to be affordable and casual,” Lam told the Observer last Friday.

The hotel is slated to rise in an area that’s been known for “dingy shops and rough-and-tumble street sellers,” but that has been evolving into a trendy area.

The Ace opened in 2009 on the corner of 29th Street and Broadway, and the sexy-chic Gansevoort Park Avenue opened on 29th Street and Park Avenue South. Both hotels have become popular destinations for dining and nightlife.

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