BROOKLYN - The owner of a new Holiday Inn in Brooklyn says the hotel can supplement the rise of tourism in the area.

A ribbon-cutting ceremony was held Wednesday for the hotel, located on Schermerhorn Street.

The hotel's owner says it was strategically placed in the heart of Downtown Brooklyn.

"Downtown Brooklyn is exploding," says Sanjeev Mehta. "With the Barclays arena and what's going on here, cranes all over, this downtown is going to be the hottest area in the nation."

The hotel features 245 guest rooms and was designed by internationally acclaimed interior designer Andres Escobar.

The city's tourism board says Brooklyn has experienced an 8 percent increase in tourism so far in 2016, bringing commerce and investment to areas like Downtown Brooklyn.

Concerns about a lack of hotels in the area reportedly cost Brooklyn its bid for the Democratic National Convention last year.

With 75 new employees, the hotel hopes to boost the community by hiring locally.

Former Borough President Marty Markowitz helped cut the ribbon at Wednesday's grand opening and said the borough's renaissance was more than he could ever have dreamed about when he was in office.