manhattan lodging index
PwC’s Manhattan Lodging Index: Q2 2024
PwC’s Manhattan lodging index | August 27, 2024
Manhattan Lodging Overview The rate of growth in occupancy, average daily rate (“ADR”) and revenue per available room (“RevPAR”), while robust, continued to decelerate. Luxury hotel occupancy benefitted from increased demand, while ADR growth levels for lower priced properties continued to show significant improvements. For the overall Manhattan hotel market, Q1 RevPAR increased 9.4 percent while Q2 increased 6.8 percent, from the same respective periods in 2023. "The Manhattan hotel market averaged an occupancy level of 87.2 percent in Q2 2024, solidifying a return to stabilized pre-covid levels. While RevPAR growth decelerated sig...
PwC’s Manhattan Lodging Index: Q4 2023
PwC’s Manhattan lodging index | February 12, 2024
The rate of growth in occupancy, average daily rate (“ADR”) and revenue per available room (“RevPAR”), while strong, continued to decelerate as the market moves on a path towards stabilization. Lower-priced hotels benefited from the customer's level of rate fatigue being felt in the market, with ADR growth levels for midscale properties triple that of higher-priced hotels in Q4. 2023 RevPAR experienced a year-over-year increase of 16.5 percent, with Q3 seeing an increase of 13.6 percent and Q4 being up 11.5 percent. “The Manhattan hotel market maintained an occupancy level above 80 percent in each month of the final three quarter...
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: Q2 2022
PwC | August 29, 2022
Manhattan Lodging Overview Increases in occupancy, ADR and revenue per available room (“RevPAR”) continued to accelerate across Manhattan during the first half of 2022. Q2 RevPAR experienced a year-over-year increase of 166.8 percent, with the strongest gains in April, which experienced a year-over-year increase of 220.4 percent. Q1 RevPAR was also up 135.7 percent from the same period in 2021. “Manhattan hotels are finally experiencing a sustaining recovery. While RevPAR was still down 11.7% in 1H 2022 from the same period in 2019, it was a significant improvement from a year ago, when RevPAR during 1H was down 57.2% from the same pe...
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...
Unprecedented Closures Continue to Impact Manhattan Hotels
PwC | September 14, 2020
Manhattan Lodging Overview The COVID-19 pandemic continued to severely impair Manhattan hotels in the second quarter, as travel restrictions and business closures remained the new normal. With over 60,000 hotel rooms currently closed, widespread cancellation of group travel, and heightened economic uncertainty, second quarter revenue per available room (“RevPAR”) experienced a year-over-year decline of 81.6%. This represents the largest decline in RevPAR in modern history for the market. Six months since the start of the COVID-19 pandemic, Manhattan’s lodging sector continues to experience record closures. As of early September, app...
PwC Manhattan Lodging Index – Q4 2018
PwC US | March 1, 2019
Revenue per available room ("RevPAR") reached the highest fourth quarter average since 2006, as growth in average daily room rate ("ADR") rebounded at Manhattan hotels. During the quarter, lodging supply, which continued to outpace growth in demand, resulted in declines in occupancy. With strong commercial traveler demand during the first half of the quarter, coupled with price-elastic holiday tourism in the latter half, Manhattan room rates finished the quarter at an average of $328 per night. ...
