It's been a long time coming. But starting October 21, Harlem is getting its first major hotel in more than 40 years. The hotel, called the Aloft (shown above), is a Starwood property that will be located on the famed Frederick Douglass Boulevard, near 124th Street. The presence of the Aloft will mark something of a re-birth for the hospitality industry in Harlem, which hasn't had a major hotel ever since the historic Hotel Theresa closed its doors in 1967.

In its heyday, the Teresa played host to prominent African American celebrities, athletes and others – including Lena Horne, Muhammad Ali and Malcolm X – at a time when blacks couldn't stay in other New York hotels because of racial segregation.

The Aloft has been designed as an urban, chic, boutique hotel. It's eco-friendly with lots of high-tech touches, such as an online registration system that lets you bypass the front desk at check in, and a jack box that allows you connect your iPod, iPad, camera or other devices to the flatscreen TV in your room.

City officials, business advocates and locals all hope that the new hotel will cement Harlem's place on the tourism scene. Harlem already attracts millions of visitors annually. But the thinking is that now, with a primary hotel venue, people will want to stay in Harlem for overnight visits or longer stays, as opposed to simply touring through neighborhood highlights.
Jose Garza, executive director of the East Harlem Business Capital Corporation, a non-profit organization which provides loans to area entrepreneurs and promotes tourism in Harlem, welcomed the impending opening of the Aloft. "It will create employment, which is badly needed in the area," said Garza, who lives in Harlem. "It also will bring tourists, and we need to bring in more money from the outside to circulate in the community."

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When asked whether he had any concerns about gentrification in the region, Garza said: "It may contribute to gentrification. But part of our responsibility is to ensure that gentrification is balanced with affordable housing and opportunities for people to work, develop businesses and stay in Harlem." On a personal level, Garza noted that he has children and grandchildren from San Antonio, Texas and Cincinnati, Ohio who plan to visit him during the December holidays. "So now I'll have a place to put them up," he said, adding: "It will be nice to have them be able to stay at a hotel here in Harlem and not have to go downtown."

Besides convenience, price will also likely lure hotel guests. Rates at the Aloft are substantially lower than similar midtown-based hotels in Manhattan. For instance, a king room at the Aloft is priced at just $239 for Dec. 2, versus $375 nightly at the Four Points, $499 for a room at the Sheraton Towers and $512 to stay overnight at the Westin Midtown.

What do you think about Harlem getting a new hotel? Would you stay at the Aloft?

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Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'