manhattan hotels
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 ...
Manhattan Lodging Index: Q4 2022
PwC’s Manhattan lodging index | February 14, 2023
Manhattan Lodging Overview Increases in occupancy, ADR and revenue per available room (“RevPAR”) continued to accelerate across Manhattan during the second half of 2022. Q4 RevPAR experienced a year-over-year increase of 54.2 percent, with the strongest gains in October - up 85.8 percent. Q3 RevPAR increased 75.1 percent from the same period in 2021. “RevPAR exceeded pre-pandemic levels at Manhattan hotels for the first time in 2H 2022, driven by outsized growth in average daily room rates. Hotels continue to struggle with replacing staff lost during the pandemic. With supply growth expected to be muted over the next several years, ...
Manhattan Lodging Index: First Quarter 2018
June 5, 2018
Continuing the momentum from the end of last year, RevPAR growth accelerated in the first quarter of 2018. Occupancy levels continued to increase due to accelerating demand growth and decelerating supply growth, with pricing power appearing to finally begin to return to Manhattan hotels. RevPAR increased 7.4 percent, driven equally by increasing occupancy and average daily rate ("ADR") levels. A combination of continued strength in lodging demand and a slowing of supply growth to 2.8 percent, the lowest supply increase since Q1 2015, led to a 3.7 percent year-over-year increase in occupancy levels. Q1 2018 may prove to be a turning poin...
