Manhattan’s hotel industry suffers first decline in years

From the January issue: In 2015, Manhattan was a little less hospitable to hotel owners than it was in 2014.

Indeed, at the end of last month, Manhattan’s $8 billion hotel market was on track to see its first decline since at least 2010, according to figures from hospitality analytics firm STR that The Real Deal reviewed.

Two of the industry’s key metrics — the average daily room rate (ADR) and the revenue per available room (RevPar) — were down year-over-year through November. That marked the first time since shortly after the recession that either of those figures trended negative. [more]