From the November issue: Hotel owners may award 2012 five stars. That’s because in the last year, Manhattan’s hospitality market has posted huge gains as tourists continued to flood the city and occupancy levels soared.
Yes, there’s a sense that the market has been here before: 2010 enjoyed similar growth on the hotel investment front before the calendar turned and the momentum petered out, largely because prices began to climb. Yet Manhattan rooms now average $275 a night and are projected to eclipse $280 a night by year’s end, which would be the highest they’ve been since 2008, when they averaged $310 a night, according to a recent study from the CBRE Group. [more]