New York City’s booming hotel inventory includes 113 new developments set to open in the next few years with just over half outside Manhattan.
That’s according to the latest hotel development report from NYC & Company, the city’s official marketing, tourism and partnership organization. The report projects that New York’s hotel inventory will reach 144,000 rooms by the end of 2021 — up 65 percent from the 87,000 rooms the city had in 2010, according to the New York Post.
Soaring tourism numbers have contributed to developers’ optimism, as 2019 saw a record of nearly 70 million tourists visit the Big Apple. But all of this new supply, as well as competition from Airbnb, has pushed occupancy down 1.4 percent, average room rates down 2.7 percent and RevPAR down 4 percent year to date, according to November data from STR.
Occupancy rate and average daily room rate, 2012–2019
|Year||Occupancy rate (%)||Year-over-year % change||Avg room rate||Year-over-year % change|
Total room revenue and revenue per room, 2012–2019
|Year||Total room revenue per year||Year-over-year % change||AVG revenue per room||Year-over-year % change|