Brooklyn and Queens Hotel Market – 2015 | The Real Deal New York

The Real Deal New York

Brooklyn and Queens Hotel Market – 2015

February 04, 2016 01:00PM

Queens hotel revenue still twice as big as Brooklyn’s
Both posted substantial revenue gains last year, but Queens still king of the two
By Will Parker

 

Both the Brooklyn and Queens hotel markets made substantial room revenue gains in 2015, according to a TRData analysis of hotel research firm STR data.

The Brooklyn market cleared more than $200 million in revenue for the third year in a row, rising by 8.6 percent in 2015 after hitting a bit of a snag the year prior.

Source: TRD analysis of STR data

Source: TRD analysis of STR data

Average daily revenue per available room, finished the fourth quarter of 2015 up 3.36 percent year-over-year, the first such fourth quarter increase since 2012.

brooklyn-revpar

Source: TRD analysis of STR data

The average occupancy rate in Brooklyn was also up over last year, reaching 51 percent. That was just shy of 2013, when occupancy average 81.35 percent. This indicator has come a long way in just a short time for the borough. In 2009, the average rate was just 72.27 percent.

BrooklynHotelOccupancy

Source: TRD analysis of STR data

Meanwhile the Queens hotel market remains way out in front of its aforementioned neighbor, as total room revenue nearly reached half a billion in 2015, growing 12.4 percent over 2014 earnings.

QueensHotelRoomRevenue

TRData analysis of STR data.

In the fourth quarter of 2015, the Queens market got a 8.4 percent bump in average daily revenue per available room (RevPar), the largest such fourth quarter increase since 2012. The fourth quarter of 2012 is still the best performing quarter on record for Queens in this category.

TRData analysis of STR data.

TRData analysis of STR data.

While its total revenue is far and beyond Brooklyn, the Queens occupancy rate is similar, coming in at 82.80 percent in 2015, a substantial increase from 2014 (79.82 percent) and now way up from its 2009 number (72.11%).

TRData analysis of STR data.

TRData analysis of STR data.

Eda Kouch compiled data for this report.

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