The Baccarat Hotel and Residences, an imposing high rise in Midtown where rooms go for $1,500 a night, is one of the city’s newest hotels. The 114-room hotel is dripping in crystal, from the champagne flutes it serves in the grand salon to the ornate vases that decorate the tables.

But while the Baccarat may be one of the city’s newest hotels, it certainly is not its only one. In fact, more than 13,000 rooms are under construction, a historic boom that is the equivalent of all of the hotels being built in Houston, Miami and Chicago combined.

“New York City from a development perspective is hot, hot, hot,” said Jan D. Freitag, a senior vice president at STR, which analyzes the hotel industry. He added, “We’re basically building a whole new city of hotels within New York City.”

All this competition, and additional supply from companies like AirBnB, is keeping room rates relatively low. In the first three months of the year, hotel rooms cost an average of $204 a night, or roughly $8 dollars less than last year.

That is welcome news for tourists, especially those from Europe. The U.S. dollar has been strengthening, which means that for them, America has suddenly become very expensive.

In response, NYC & Co., the city’s official tourism arm, is rolling out a new campaign this summer to tout all the ways that the city is affordable and even free. But while it acknowledges that some visitors will find the city costly, the organization believes that the impact from the strong dollar will be minimal. It is projecting that New York City will host a record 58.1-million tourists this year, and for a hotel industry bracing for a wave of new supply, it couldn’t come at a better time.