New York City's Hotel Boom Is Keeping Prices Down

(WNYC.ORG) The Baccarat Hotel and Residences, an imposing high rise in Midtown where rooms go for $1,500 a night, is one of the city’s newest hotels. The 114-room hotel is dripping in crystal, from the champagne flutes it serves in the grand salon to the ornate vases that decorate the tables.

But while the Baccarat may be one of the city’s newest hotels, it certainly is not its only one. In fact, more than 13,000 rooms are under construction, a historic boom that is the equivalent of all of the hotels being built in Houston, Miami and Chicago combined.

The 'Grand Salon' of the recently opened Baccarat Hotel across the street from the MOMA. (Baccarat Hotel & Residences)