I know I'm opening a can of worms by what I'm about to type, but...
I think this area has the potential to be the most New Yorkish, mmm Manhattany, hmmm Tribeca-y-ish part of this town.* By that I mean that it has a mix of some remaining older housing stock, some shiny new insertions, offices and warehousing, a pile of restaurants and clubs, some galleries, etc., all of mixture that in mostly mid-rise buildings. Tribeca as of late has been getting its share of new hotels too, and that's what has called it to mind for me here. I think it's not unreasonable that people will want stay in hotels in this area - it's close to everything (except the subway, oh if only I could change that) without being in the heart of the noise of the core.
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* For those who go nuts over New York comparisons: calm down. A comparison does not necessarily indicate insecurity on the part of the one making it (although an anaphylactic response to it may indicate insecurity on the part of the reader); its purpose in this case is merely to cite an instance of a similar, well known, neighbourhood that works. If there isn't a similar example here, why wouldn't one invoke an example from New York if it felt best suited?