manhattan hotel performance
Post-Pandemic Momentum in Manhattan
Roland de Milleret | February 22, 2024
By Roland deMilleret, Patricia Shih The Manhattan market, which demonstrated resilience during the decade ending 2019, was severely affected by the COVID-19 pandemic. The city reopened in June 2021 when restrictions on gatherings were lifted, and tourist attractions reopened; Broadway theaters reopened in September 2021. Despite a minor setback in late 2021 due to the COVID-19 variants, the market has been experiencing a continued recovery since, primarily driven by strong gains in average rate over the last three years. In 2023, the average daily rate (ADR) peaked, surpassing the 2019 level by over 20%. Conversely, occupancy continued to ...
PwC’s Manhattan Lodging Index: Q4 2021
PwC’s Manhattan lodging index | February 22, 2022
Manhattan Lodging Overview Increases in occupancy, ADR and revenue per available room (“RevPAR”) accelerated across Manhattan during the fourth quarter, as vaccination levels increased across the city during second half of the year and the city continued to reopen following the depths of the pandemic. Fourth quarter RevPAR experienced a year-over-year increase of 389.1 percent, heavily weighted to performance during the last two months of the year. “While RevPAR continued to rebound throughout 2H 2021, November and December showed the most significant year-over-year increases. However, omicron’s impact on hotel metrics in Manhatta...
HVS Manhattan Lodging Report Q4-2017
Roland deMilleret | March 8, 2018
by Roland deMilleret and Nicole Roantree The New York City borough of Manhattan is among the strongest, most diverse, and most dynamic hotel markets in the world. Manhattan's resiliency has been borne out over the course of recovery from three national recessions since 1989. The following report examines the effects of past recessions on hotel performance in Manhattan, as well as the dynamics of hotel supply and demand and forecasts for the health of the local lodging industry in the near term. Historical Hotel Performance in Manhattan Through year-end 2016, demand growth modestly outpaced increases in supply; on a twelve-month moving a...
