Cooper Square Hotel Drops Its Rates Out of The Gate

From The Times: "The glassy Cooper Square Hotel near Astor Place will initially charge $275 a night when it opens next month with 85 of its 146 rooms completed — a steep discount from the $425 rate it had projected for the finished hotel. One of the developers, Matt Moss, said he can afford to wait out the downturn because less than 60 percent of the cost was financed. ‘We have made a long-term commitment to this project, this neighborhood,’ he said. ‘We plan on being here for a long time. The cycle will come back.’"

More on the future of the city’s hotels with hospitality expert John Fox in this week’s print Observer.