Manhattan Hotel Performance – 2015
It would appear that even though tourists keep coming to Manhattan, some of their money has stayed at home, as a small drop in the average daily room rate accompanied close to flatline total room revenue gains in 2015, according to a TRData analysis of data from hotel research firm STR.
Total Manhattan hotel room revenue saw the most modest increase in recent years during 2015, rising a mere .3 percent (see above).
It was Q4 of 2015 that was particularly lagging. The fourth quarter, which typically brings the highest average daily revenue per room in a given year, saw a 2.1 percent drop in average daily revenue from the year previous, the largest fourth quarter drop since at least 2009.
Meanwhile, Manhattan hotel supply hit its highest point on record in December of 2015, but demand was below its October highpoint, which was also the highest level of demand for hotel rooms on record.
Will Parker and Eda Kouch compiled this report