In the past few years hundreds of hotel rooms in New York City  have been converted into condominium apartments, including space at some of the city’s most historic and elegant hotels.

The list includes The Plaza, St. Regis, Stanhope and the St. Moritz. This started taking place 2000, there was a rise in conversions starting  in 2005 at close to One thousand rooms in just that a year.

This was made passable by intense market demand for luxury apartments and homes.

This ultimate luxury, effortless, carefree way of living main due to the hotel like services that these condominiums support such at Housekeeping and valley parking this all take place in a modern complex hectic city.

A successful hotel has an occupancy rate of 80 percent, and these conversions help with the 20 percent that is not occupied.

For hotel chains, condominium conversions help smooth out markets fluctuation occupancy rates. A hotel room in New York City has a market value of $1,200 a square foot, while the value of a residential condominium is $2,400 a square foot.

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