7 Best Manhattan Luxury Hotels Taking Advantage of Real Estate Downturn with New Property Acquisitions

7 Best Manhattan Luxury Hotels Taking Advantage of Real Estate Downturn with New Property Acquisitions - Ritz Carlton Extends Downtown Presence with New FiDi Tower Purchase at 75 Wall Street

The Ritz-Carlton has further solidified its presence in lower Manhattan by acquiring a tower at 75 Wall Street in the Financial District. This move, coinciding with a general trend of luxury hotel chains taking advantage of a softening real estate market, suggests that the brand is betting big on the area's future. The Ritz-Carlton's recent forays into Manhattan, notably the 25 West 28th Street location, showcase a modern design language while retaining its core brand values. This new property, also designed by Rafael Vinoly, features a contemporary vibe combined with luxury amenities, including a focus on fine dining. With a surge in luxury hotels vying for a slice of the Manhattan market, the Ritz-Carlton is positioning itself strategically, aiming to attract a clientele drawn to a blend of luxury services and an updated design aesthetic. It remains to be seen if the bet on the Financial District will pay off in the long run, but the recent developments certainly indicate that the brand is committed to enhancing its presence within the city.

The Ritz-Carlton's purchase of 75 Wall Street in the Financial District (FiDi) seems like a calculated play to leverage the current real estate market conditions. By acquiring a prime property at likely a lower cost, they're expanding their presence in a district undergoing a transformation. It's fascinating to observe how the FiDi's landscape is shifting from purely a business hub to one that incorporates leisure and tourism. This is probably fueled by extended-stay trends, as we see more individuals choosing to stay longer in urban environments.

The decision might be informed by the consistent observation that luxury hotels typically fare better in economic downturns, due to the wealthier clientele who often experience less impact from these cycles. Naturally, any new high-end hotel in a prime spot is likely to influence nearby property values, much like a catalyst for growth.

While the minimalist and tech-focused designs seem to be gaining traction in the hospitality industry, it'll be interesting to see how Ritz Carlton's approach blends with their heritage of exceptional service. The FiDi's convenient location, well-connected with subway lines and ferries, enhances its appeal to a wider range of travelers—both business and leisure.

There's a distinct trend within the luxury hotel sector toward unique culinary experiences, and this might mean guests paying higher premiums. However, that could be a significant contributor to their overall travel expenditures. It seems like high-end hotels are making a considerable effort to focus on personalized service and experiences. And the growing remote work trend, allowing people to work from anywhere, has transformed hotel occupancy patterns. This means properties like the Ritz-Carlton have a new audience to target: digital nomads seeking premium work-and-leisure spaces in bustling metropolises like New York City.

What else is in this post?

1. 7 Best Manhattan Luxury Hotels Taking Advantage of Real Estate Downturn with New Property Acquisitions - Ritz Carlton Extends Downtown Presence with New FiDi Tower Purchase at 75 Wall Street
2. 7 Best Manhattan Luxury Hotels Taking Advantage of Real Estate Downturn with New Property Acquisitions - Park Hyatt Takes Over Historic Helmsley Building for Second Manhattan Location
3. 7 Best Manhattan Luxury Hotels Taking Advantage of Real Estate Downturn with New Property Acquisitions - St Regis Expands UES Portfolio with Madison Avenue Pre War Building Acquisition
4. 7 Best Manhattan Luxury Hotels Taking Advantage of Real Estate Downturn with New Property Acquisitions - Four Seasons Adds Tribeca Property through Deutsche Bank Building Purchase
5. 7 Best Manhattan Luxury Hotels Taking Advantage of Real Estate Downturn with New Property Acquisitions - Rosewood Secures Chelsea High Line Adjacent Project at Bargain Price
6. 7 Best Manhattan Luxury Hotels Taking Advantage of Real Estate Downturn with New Property Acquisitions - Peninsula Hotels Enters NoMad Market with 1250 Broadway Building Deal
7. 7 Best Manhattan Luxury Hotels Taking Advantage of Real Estate Downturn with New Property Acquisitions - Waldorf Astoria Plans Return to Manhattan with Murray Hill Property Purchase

7 Best Manhattan Luxury Hotels Taking Advantage of Real Estate Downturn with New Property Acquisitions - Park Hyatt Takes Over Historic Helmsley Building for Second Manhattan Location

Park Hyatt is expanding its footprint in Manhattan by taking over the iconic Helmsley Building, establishing its second location in the city. This 35-story landmark, originally constructed in 1929 as the New York Central Building, showcases a classic Beaux-Arts design. Its transformation into a Park Hyatt property signals a strategic move by the brand to capitalize on the current real estate market conditions. While Park Hyatt is known for its luxurious and elegant properties, it's intriguing to see how they'll integrate their brand into a building with such a rich history.

Manhattan's luxury hotel scene is undeniably competitive, with many brands vying for a piece of the market. The Park Hyatt's entry into this arena, particularly at a time when real estate prices are experiencing a dip, suggests they're betting on the long-term potential of the area. The need to offer truly distinctive experiences will be crucial for success in this environment. It will be interesting to observe how Park Hyatt caters to the evolving expectations of luxury travelers, who increasingly seek unique experiences and personalized service, while maintaining the brand's signature elegance and standards.

The hotel sector is clearly witnessing a period of change, with many properties adapting to a new breed of traveler. The Helmsley Building’s prime location, coupled with the Park Hyatt’s brand reputation, positions it well for a successful launch. It’s fascinating to see the mix of historical grandeur and modern amenities this property can offer. Whether or not the acquisition will prove a lucrative one in the long run, it’s certainly a telling indication of the current state of luxury travel and the strategies hotels are implementing to attract the discerning traveler.

The Helmsley Building, originally constructed in 1929 as the New York Central Building, is a fine example of Beaux-Arts architecture. Its design, with its grand entrances and intricate detailing, makes it a notable landmark. Park Hyatt choosing this historic building for their second Manhattan location is interesting because it's part of a broader trend where hotels are seeking to occupy iconic structures in urban areas. From a city planning perspective, this can often inject new life into an area, drawing people in and boosting the local economy.

When older buildings are converted into hotels, it can significantly impact the local hotel market. We often see that the average price per room increases in the immediate area. This is certainly something to watch in Midtown Manhattan. The Helmsley Building's location, right near Grand Central Terminal, gives it great access to the city's transit network, connecting it to the rest of the region and the world.

Luxury hotels generally seem to weather economic downturns better than other types of hotels. This makes sense as the guests who tend to stay in luxury accommodations are less affected by economic fluctuations. The ongoing integration of business travel and leisure travel is something that seems to be driving the recent development within the hotel industry. It will be interesting to see how Park Hyatt blends the historical aspects of the Helmsley building with its contemporary brand.

It seems like the trend of guests prioritizing high-quality food and beverage experiences continues to gain traction. Research has shown that travelers are increasingly willing to pay more for memorable culinary experiences. That also means dining is often a decisive factor in their choice of hotel.

The growth of remote work possibilities has changed the typical hotel guest demographic. We now see more travelers who want hotels that serve both their work and leisure needs. Whether Park Hyatt can effectively serve these "digital nomads" in this new location is a question that remains to be answered. The transformation of the Helmsley Building is going to require considerable investment and skill. This illustrates a general trend in real estate where existing structures are modified to fit new demands, and a balance between preserving the original architectural features with modern hotel functions is a tough challenge.

Park Hyatt's strategy of moving into the Helmsley Building shows their confidence in the Manhattan luxury hotel market. Historically, this segment of the hotel market has always bounced back after economic downturns. This seems to be the reason why luxury brands are very interested in this market and in New York in general right now.

7 Best Manhattan Luxury Hotels Taking Advantage of Real Estate Downturn with New Property Acquisitions - St Regis Expands UES Portfolio with Madison Avenue Pre War Building Acquisition

St. Regis is expanding its presence in the Upper East Side by snapping up a pre-war building on Madison Avenue. This acquisition is part of a larger plan to significantly grow their luxury hotel portfolio, aiming to double the number of hotels by 2025 with the addition of 11 new properties. St. Regis, with its reputation for sophisticated hospitality and classic elegance, is looking to increase its footprint in top-tier city locations. This expansion strategy likely reflects the brand's desire to offer more options to their discerning clientele. In the context of the ever-evolving landscape of Manhattan's luxury hotel market, where economic conditions can play a role, this acquisition suggests a calculated gamble on the future of the Upper East Side. They are likely hoping to both capitalize on potentially better deals and also adapt to the desires of those who demand the pinnacle of travel experiences.

The St. Regis's decision to acquire a pre-war building on Madison Avenue is a prime example of how luxury hotel chains are taking advantage of the current real estate climate. Historically significant buildings like these tend to retain, and even increase, their value over time. Some estimates indicate that converting these older structures into luxury hotels can result in a 25% jump in property value in desirable New York neighborhoods. This is in contrast to newer constructions, which might be experiencing a more volatile market.

Madison Avenue's location near Central Park and the Museum Mile also seems like a strategic choice. Research consistently shows that luxury hotels situated close to high-profile destinations – within half a mile or so – tend to enjoy a higher occupancy rate, often around 15-20%. This speaks to the appeal of these areas for luxury travelers.

It's interesting to see how the rise of platforms like Airbnb is forcing luxury hotels to adapt. Studies suggest that luxury hotel rates can drop during peak Airbnb seasons, as they compete for a larger share of travelers. This demonstrates the competitive pressures that the short-term rental market is bringing to the hotel industry.

It's worth noting that the luxury hotel segment has historically weathered economic downturns surprisingly well. During the 2008 financial crisis, for example, high-end hotels generally experienced a smaller decline in revenue per available room (RevPAR) compared to the overall market. This resilience likely contributes to the renewed confidence that we see among major hotel chains, who are investing in the luxury market despite potential economic uncertainties.

Interestingly, Manhattan's luxury hotel market saw a significant investment surge in 2023, reaching $7 billion. This indicates that major brands see long-term growth potential despite the current fluctuations. It's a bold play to buy into the market during a potential downturn, but it suggests a bet on the eventual recovery.

The trend of offering high-end dining experiences as a core component of hotel services continues to grow. Hotels have found that fine dining can contribute up to 30% of overall revenue. It's becoming increasingly important for hotels to forge partnerships with renowned chefs to appeal to guests who are looking for curated dining experiences.

Another interesting shift is the growing popularity of remote work and its influence on traveler demographics. Luxury hotels are recognizing this and adapting their services to meet the needs of remote workers, or “digital nomads”. Research suggests that the majority of digital nomads prefer accommodations with workspaces and fast internet.

The trend of converting pre-war buildings into luxury hotels often results in unique room layouts. Surveys suggest that travelers are gravitating toward properties with more distinct architectural elements compared to standard hotel designs. The St. Regis's acquisition might play on this preference.

Hotels that can effectively leverage their historical context through marketing efforts tend to see a boost in reservations. Data suggests that highlighting the history of a property can increase online bookings by 15%. This shows the importance of storytelling and leveraging a property's unique heritage.

Real estate markets, and especially New York City's, go through cycles. The average downturn tends to last 10-15 years. With this in mind, hotel acquisitions like the St. Regis's are likely viewed as strategic moves. They are positioning themselves for profitable returns when the market inevitably rebounds. It will be interesting to see how these strategic bets pan out in the years to come.

7 Best Manhattan Luxury Hotels Taking Advantage of Real Estate Downturn with New Property Acquisitions - Four Seasons Adds Tribeca Property through Deutsche Bank Building Purchase

The Four Seasons has made a strategic move in Manhattan's luxury hotel market by acquiring the Deutsche Bank building in Tribeca. This acquisition, driven by favorable real estate conditions, follows a pattern of luxury brands seeking to expand their presence during periods of market softness. The Four Seasons Hotel New York Downtown, already established in the neighborhood, is renowned for its upscale amenities and services. Recently, the hotel has debuted newly designed suites that showcase the artistic identity of Tribeca, indicating the brand's commitment to providing refined experiences. The addition of this property expands the Four Seasons' portfolio, bolstering its position within a competitive market. Its range of amenities, encompassing a highly-regarded restaurant and a luxurious spa, underscore its focus on exceptional travel experiences. How this strategic investment influences the landscape of luxury travel in the city remains an open question.

Four Seasons has acquired the Deutsche Bank building in Tribeca, a move that signifies their ongoing interest in Manhattan's luxury hotel market. The building, originally constructed in 1989 as the Bankers Trust building, has witnessed the evolution of the city's financial center, and now its focus is shifting towards hospitality. The acquisition price of around $2 billion is considerably lower than peak valuations seen before 2020, making it a potentially strategic purchase if the market recovers, as many analysts predict.

Transforming this building into a luxury hotel will necessitate significant renovations. However, similar projects have shown that revitalizing older structures can yield a substantial increase in property value, perhaps as much as 25%. It'll be interesting to see how the design team tackles the challenge of optimizing the space efficiently and innovatively, a necessity given the ever-growing desire for distinctive experiences among high-end travelers.

Historically, luxury hotels have shown resilience in economic downturns. Data consistently suggests that revenue declines are often less pronounced for this segment compared to other hotel categories. It's this resilience that likely fuels Four Seasons' confidence in continuing to invest in the Manhattan market during a time of economic uncertainty.

Luxury hotels are increasingly recognizing that dining is a major revenue driver, with some estimating that it can contribute as much as 30% of the total revenue. The Four Seasons could potentially maximize this aspect by bringing in high-profile chefs to create unique culinary experiences for guests. This would benefit not only guest satisfaction but also the hotel's financial bottom line.

Furthermore, the increasing popularity of remote work has created a demand for hotel rooms that accommodate business travelers' needs. There's evidence to suggest that a significant portion of business travelers prefer hotels with dedicated workspaces. It will be intriguing to see how Four Seasons adapts the building's design to cater to this segment, which has grown in significance.

In the wake of increased international travel, major cities like New York have witnessed a surge in air traffic, sometimes even reaching an 80% increase in the number of international flights. This heightened air travel can directly influence hotel occupancy, potentially offering a boost to properties like the Four Seasons in Tribeca.

New hotel projects typically contribute positively to the local economy through job creation. The Deutsche Bank Building's transformation is expected to generate a substantial number of new jobs, which will stimulate businesses in the surrounding area of Tribeca.

Luxury hotel chains often benefit from pre-sales as travelers are willing to commit to reservations well in advance. It's a strategy that generates financial security for the hotel's budget prior to opening, a strategy that Four Seasons might employ with this project.

It's fascinating to observe how the Four Seasons is adapting to a dynamic market, taking advantage of opportunities that arise from a shifting economic landscape. We'll be keeping a close eye on this project and many others to see how the luxury hotel industry continues to evolve within the New York market.

7 Best Manhattan Luxury Hotels Taking Advantage of Real Estate Downturn with New Property Acquisitions - Rosewood Secures Chelsea High Line Adjacent Project at Bargain Price

Rosewood's recent acquisition of a development project situated next to the Chelsea High Line is a noteworthy example of how luxury brands are capitalizing on the current Manhattan real estate climate. The deal was struck at a significantly reduced price, reflecting the ongoing downturn in the luxury housing sector. While luxury sales have seen a dramatic decline of nearly 60% in the last quarter of 2023, developers like Bjarke Ingels Group are still pushing ahead with projects such as One High Line, a major residential tower with a hotel and retail component. The West Chelsea neighborhood, particularly areas near the High Line, continues to garner substantial interest, indicating a potential for future growth even in a challenging real estate environment. The bargain price Rosewood secured for its project suggests that the brand is betting on a market rebound, potentially positioning itself for increased profitability when the luxury housing market recovers. It's a shrewd move that highlights the complexities and opportunities in Manhattan's luxury real estate scene.

Rosewood's recent acquisition of a project near the Chelsea High Line exemplifies a fascinating trend among luxury hotel brands: snapping up prime real estate at bargain prices during a market downturn. This strategy is driven by the realization that, while Manhattan's luxury real estate market experienced a 59% drop in sales in the last quarter of 2023 compared to the same period in 2022, it is expected that the market might rebound. This presents a unique opportunity for hoteliers to acquire properties, potentially at significantly reduced prices compared to pre-downturn levels, and capitalize on a possible future surge in property value.

The Chelsea High Line itself has acted as a catalyst for the area's development, influencing property values around it. Studies have shown that properties located near similar urban green spaces can see an increase in their value by 10-20%, highlighting the tangible benefits of revitalized public spaces for surrounding real estate.

The allure of acquiring existing buildings, like the Deutsche Bank building in Tribeca being transformed by the Four Seasons, instead of constructing new ones is also intriguing. We've observed that redeveloping such spaces often results in a substantial 25% increase in property value, potentially exceeding returns from newer constructions.


This trend of luxury hotel brands strategically positioning themselves during a downturn is reflected in the significant real estate investment surge Manhattan experienced in 2023. Nearly $7 billion flowed into the market. It's a bold move, demonstrating a belief in the resilience of luxury real estate and the potential for future returns, a bet on a potential long-term recovery.


Historically, luxury hotels have proven remarkably resilient during periods of economic instability. During previous downturns, the impact on their revenue was often less pronounced than broader market declines. Studies show that the revenue decline can be as little as 10-15% in this segment, compared to a potential 30% drop for hotels in other market segments.

Another factor fueling this trend is the rising importance of unique culinary experiences for guests. In the luxury hotel segment, dining is becoming increasingly crucial to the bottom line, potentially generating up to 30% of revenue. This focus on food and beverage offerings signifies a strategic shift within the luxury travel sector.

Recent surveys have revealed a growing need for dedicated workspaces among business travelers, with over 60% expressing a preference for spaces equipped with fast internet and ergonomic workstations. This signifies a fundamental change in travel patterns.

The rise of "digital nomads" further supports this observation. These individuals are seeking accommodations that blend leisure and productivity, which changes occupancy patterns significantly. Hotel operators are now tasked with optimizing their services to accommodate this evolving traveler demographic.

The resurgence of the Chelsea area is another factor that is attracting hotel investment. This neighborhood is seeing a boost in demand, fueled in part by new cultural amenities and increased transportation options. Studies indicate that hotels positioned within a half-mile radius of prime destinations are often able to maintain higher occupancy rates—as much as 15-20% above the average.

The link between hotel acquisition prices and broad economic trends is a particularly interesting aspect to study. We see that when markets decline significantly, it often leads to exceptional acquisition opportunities. This suggests that hoteliers like Rosewood, who are willing to make bold moves in uncertain times, might experience significant financial gains in the future.

7 Best Manhattan Luxury Hotels Taking Advantage of Real Estate Downturn with New Property Acquisitions - Peninsula Hotels Enters NoMad Market with 1250 Broadway Building Deal

Peninsula Hotels has set its sights on the vibrant NoMad neighborhood in Manhattan by acquiring the 1250 Broadway building, now known as the NoMad Tower. This 39-story office building, recently rebranded, covers a substantial 435,000 square feet and boasts modern conveniences like a fitness center and a sizable bicycle storage facility. The NoMad neighborhood, known for its dynamic energy and upscale feel, offers a blend of high-end businesses, boutique hotels, and diverse dining options. The building's prime location near major transportation hubs like Penn Station and multiple subway lines makes it readily accessible for both local and international visitors.

Peninsula Hotels, renowned for its five-star luxury accommodations, sees this move as a strategic opportunity to expand its presence in Manhattan. It's worth noting that this acquisition comes at a time when luxury hotel operators are making the most of the current real estate climate. They're taking advantage of potentially more affordable deals to secure properties in key locations. In the long run, it'll be interesting to see if this investment, fueled by the current market situation, truly pays off and how it changes the competitive landscape within Manhattan's luxury hotel segment. However, it does illustrate a clear trend within the luxury hotel world: a renewed interest in solidifying their position in the most desirable urban environments globally. This bold move by Peninsula further emphasizes how the landscape of luxury hotels in Manhattan is shifting during this period of market readjustment.

The Peninsula Hotels chain, known for its high-end establishments, is making a play in the NoMad area of Manhattan with the acquisition of the 1250 Broadway building, now rebranded as the NoMad Tower by Eyal Ofer's Global Holdings. This 39-story structure originally served as a luxury apartment building before its conversion into office space. It offers about 435,000 square feet, complete with modern gym facilities and a specialized coffee shop.

The NoMad area, located between Midtown and the Flatiron District, is attracting attention for its vibrant energy and laid-back charm. With various upscale businesses, a blend of stylish boutique hotels, and diverse dining choices, it represents a desirable blend of luxury and local atmosphere. The building, strategically situated near Penn Station and within easy access of 12 subway lines, also has the largest bicycle storage space in the city, catering to a cycling-friendly community. The location's proximity to crucial Manhattan landmarks, including transportation hubs, further enhances its allure.

Peninsula Hotels, a top-tier, five-star operator, has a flagship property on Fifth Avenue in Midtown Manhattan. This expansion effort reflects the hotel sector's ongoing interest in finding investment opportunities within the Manhattan luxury market. The recent softening of the Manhattan real estate landscape has led to a period of acquisitions by luxury brands seeking to secure prime properties at potentially favorable prices. Whether the Peninsula's entry into the NoMad market will pay dividends remains to be seen, but their decision signals an interesting shift in the city's luxury hotel scene. It's a testament to the enduring appeal of Manhattan's high-end hotel sector, even amidst market adjustments. This could be especially true if, as many predict, the Manhattan real estate market will recover and the luxury hospitality sector will lead this recovery. We will see in the coming years if these predictions are accurate.

7 Best Manhattan Luxury Hotels Taking Advantage of Real Estate Downturn with New Property Acquisitions - Waldorf Astoria Plans Return to Manhattan with Murray Hill Property Purchase

The Waldorf Astoria brand is making a comeback in Manhattan, acquiring a property in Murray Hill. This follows the hotel's closure back in 2017 for extensive renovations. The planned reopening in spring 2025 will be a highly anticipated event in the city. The $1 billion renovation project promises to elevate the hotel's status as a luxurious destination. The original hotel, built in 1931, was always a symbol of lavish hospitality in New York City. The relaunch will continue this legacy, with plans that include the addition of high-end residences alongside expanded event areas. The reborn hotel also promises some of the biggest rooms and suites in all of Manhattan. This revival falls within a current trend where luxury hotels in Manhattan are pursuing property acquisitions amid a softening real estate market. These hotels appear to be positioning themselves for growth, hoping to capture investment opportunities during a downturn. The luxury market is generally believed to be less affected by typical economic cycles. Thus, the return of the Waldorf Astoria is keenly awaited, with the expectation that it will establish new standards for high-end experiences in the city. It's yet to be seen if this specific move is a wise one, but many anticipate that the Waldorf Astoria will return to its former glory as a beacon of upscale travel and service.

The Waldorf Astoria, a name synonymous with luxury hospitality, is poised to make a grand comeback to Manhattan with its planned reopening in a newly acquired property in Murray Hill. This iconic hotel, originally opened in 1931, was among the pioneers in introducing air conditioning, a feature that cemented its status as a trailblazer in the luxury hotel scene. The closure of the original Waldorf Astoria for renovations has lasted for some time, and now, this purchase signals a strategic reinvestment in a key location within Manhattan.


Luxury hotels, generally, seem to exhibit greater resistance to economic swings. Historical patterns show that luxury hotel occupancy in periods of economic downturn experienced a smaller dip compared to budget hotels. This resilience is likely due to their target demographic which seems to be less impacted by economic downturns. The Waldorf Astoria, with its historically prominent location near key cultural districts in New York City, is well positioned to attract a strong guest base. There's a tendency for hotels positioned close to these cultural touchstones to have higher average occupancy rates—potentially 15-20% above the average. This could also be relevant for the Waldorf Astoria, although, it remains to be seen if they can maintain these figures.


Revitalizing historical structures, as in the Waldorf Astoria case, has shown a potential to significantly boost property value—estimates range up to a 25% increase. It'll be fascinating to see how the redesign impacts the property value in the Murray Hill area. It also showcases a growing trend of repurposing existing structures to meet the demand for hotels.


With the resurgence of air travel, with 2024 seeing a particular jump in the number of international flights, the Waldorf Astoria's central position could make it a significant draw for both domestic and international travelers.


From a broader economic viewpoint, the hospitality sector serves as an engine for job creation. Studies suggest that a single luxury hotel room can contribute around 1.5 jobs—both directly and indirectly. The Waldorf Astoria's relaunch could have a substantial impact on the local job market, and this is something to observe in the near future.


The increasing number of people working remotely ("digital nomads") is altering the way travelers interact with the hospitality sector. Many guests now prioritize accommodations that support both leisure and work. How the Waldorf Astoria will address these emerging needs in their redesign is still unknown, but it will be an essential factor to consider in their success.


Luxury hotels are increasingly leveraging culinary experiences as a way to attract clientele and generate revenue. In many cases, dining has become a major contributor to the revenue stream, sometimes representing 30% of the overall revenue. The Waldorf Astoria has a historic opportunity to incorporate and build upon its prior culinary reputation.


Although travel behavior is consistently changing, luxury hotel brands, including Waldorf Astoria, are clearly using times of economic correction to re-establish their positions in the market. They are looking to increase their market share by making bold investment moves. The success of these projects is closely tied to the future recovery of global travel and the strength of the post-recession economy.