From the October issue: Keeping heads in beds has not been easy for New York City’s hotel
industry in this economy. Not only are tourists cutting back on
expenses, but companies — including those that not too long ago
readily put up their employees at five-star hotels — are also
massively scaling back.
In this month’s Q & A, hotel experts and operators talked to The Real Deal about why the hospitality industry has fallen further here than it has nationally.
They said revenue per room, or RevPAR, is down between 20 and 30
percent and that the luxury hotel market (not surprisingly) is getting
crushed hardest.