Preservation of hotels

A Local Law to amend the administrative code of the city of New York, in relation to the preservation of certain hotels, a moratorium and report relating to such preservation, and the expiration and repeal of such amendments

This bill would place limitations on the conversion of certain hotel space for purposes other than use as a hotel. The bill would affect hotels having 150 units or more and would allow such a hotel to convert approximately 20 percent of the floor area used for sleeping accommodations to a different use. In order to convert additional hotel space, a hotel owner would have to apply to the Hotel Conversion Review Board, created by this bill, for a waiver and would have to demonstrate that the hotel was unable to earn a reasonable financial return. The Board would evaluate relevant financial information relating to the hotel and hold a public hearing with respect to each application for a waiver. If the Board found that the hotel was unable to earn a reasonable financial return, it would be authorized to allow the owner to convert additional hotel space for other uses to the minimum extent necessary to allow the hotel to earn a reasonable return. The waiver procedure would first become available 180 days after this bill became law.