Here’s How Badly NYC’s Hotels Did Over The Holidays
Occupancy, ADR and RevPAR were all down in NYC between Dec. 20 and Dec. 26 against the same span a year earlier, according to a report from STR Global. Occupancy dipped 4%, to 75.1% in Manhattan, Brooklyn, Queens and Staten Island (there aren’t enough hotels in the Bronx at this point to give data worth citing). ADR in those four boroughs was even worse, taking a 10% hit and coming in at $209.75 per night, according to the Commercial Observer.
It gets worse: RevPAR took a 13.5% dive, settling at $157.54. While it’s just one week, it’s an important week—historically one of the busiest of the year for the hotel trade, and it caps a year in which factors like a strong US dollar, a ton of new supply and competition from Airbnb have produced some headwinds for the industry. All this has meant that NYC wasn’t alone in posting weak Christmas season numbers; the STR report shows dips in the same three key metrics nationwide. Only four of the top 25 US markets saw increases in RevPAR over last year over the six-day period examined in the report. [CO]