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Kremer: NYC Hostel Bill Could Boost Tax Revenue, Economy

EGS Chairman Arthur “Jerry” Kremer was quoted in The Bond Buyer on new legislation pending before the New York City Council, that would spur the creation and development of hostels attracting young travelers from across the globe.

“New York’s City Council is considering a bill to relax restrictions on European-style youth hostels and, according to its backers, generate tax revenue and $280 million in annual economic activity to the city.

Councilman Mark Weprin from Queens introduced the bill before the city council on Monday while visiting hostel executives from Europe met with Mayor Bill de Blasio.

“The meeting with the mayor was positive,” Feargal Mooney, chief executive of online booking platform Hostelworld International, said in an interview in The Bond Buyer‘s newsroom. “He had an open mind and was quite pleased. He realized that a lot of work went into the legislation and that it was well-thought out.”

Paul Halpenny, group director of supply for Hostelworld, said the $280 million would include ancillary spending such as restaurants, bars and other entertainment.”

Read the complete article here