City overtaken by first-place London on occupancy, but still beats other global competitors
Click image for larger versionFrom the May issue: New York hotels saw steep price declines last year and watched occupancy rates fall behind those of London, its main international rival. Still, the Big Apple fared better than Dubai and other high-end markets. Hotel occupancy, one of the key statistics tracked by the hospitality industry, dropped 5.7 percent to 77.2 percent in New York last year, putting it in third place behind London, which had an 80.5 percent occupancy rate, and Sydney, which logged 78.5 percent occupancy. That was a shift from 2008, when New York City had the highest hotel occupancy of all the cities tracked by The Real Deal, with an average of 81.9 percent of its rooms filled during the year, according to data from STR Global. [more]
