Margaritaville was originally made famous by singer Jimmy Buffett’s 1977 song of the same name, which painted the picture of a man lounging in a beachy environment. Since then, restaurants and resorts have taken the sunny vibe and made it part of the business they offer to guests, typically in traditional resort environments.
Now, however, Margaritaville has announced plans that it would be opening a new hotel in New York’s central bustling hub of Times Square by the end of the year 2020, complete with 234 rooms that will be available to guests.
“Within New York City, Times Square was always the destination that made the most sense,” said Margaritaville Holdings CEO John Cohlan. “But we’re really about walking into an environment that takes you away. If you walk into our Hollywood [Florida] lobby, it doesn’t scream ‘beach’ at all. It’s about relaxation, fun, something that’s social.”
This strategy, however, isn’t unique to Margaritaville. It’s actually part of an ongoing trend sweeping the hospitality industry.
More Resorts Expanding Into Urban Areas
In addition to Margaritaville’s expansion into the heart of New York City, other hospitality providers are making similar moves. Last month, for example, Kerzner International Holdings’ One&Only Resorts announced the formation of its own Urban Resorts division, which already has plans to open a hotel as part of the mixed-use project One Za’abeel, which is slated to be completed in Dubai sometime in 2020.
Meanwhile, last October, Aman, which has long specialized in operating resorts in exotic locations across Europe, Asia and Africa, announced plans to open its own first New York City property in 2020.
The North American Market Overall
While companies known primarily for resort properties moving into New York City is a relatively new phenomenon, the hospitality market as a whole has been growing overall in North America for some time, according to numbers from the TOPHOTELCONSTRUCTION database.
In fact, a report from the TOPHOTELCONSTRUCTION database in April shows that the entire continent boasts a healthy and robust project pipeline, one that currently contains 5,703 hotel projects that once completed will yield a total of 1,340,643 new rooms for guests.
Currently, about 12 percent—or 138 projects with 21,623 rooms—are in the pre-opening phase, while another 40 percent are under construction, 34 percent are within the planning process, 11 percent are in pre-planning and 3 percent are just in the very preliminary vision phase.
Either way—be it by continued expansion in New York City or the more traditional resort hospitality route—the immediate future is bright in the North American hospitality market.
Let’s take a look at a few other projects currently underway in North America:
More information on hotel projects in North America can be found in the TOPHOTELPROJECTS database. TOPHOTELPROJECTS is the specialized service provider of cutting-edge information of the hospitality industry.