Manhattan hotel market


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

YearOccupancy rate (%)Year-over-year % changeAvg room rateYear-over-year % change
20120.860.029277.550.026
20130.8660.007285.840.03
20140.870.005292.430.022
20150.862-0.009286.69-0.02
20160.8660.005278.52-0.028
20170.8730.008274.15-0.016
20180.8810.009279.920.021
20190.869-0.014271.86-0.027

Total room revenue and revenue per room, 2012–2019

YearTotal room revenue per yearYear-over-year % changeAVG revenue per roomYear-over-year % change
2012$7.0B0.076238.640.056
2013$7.4B0.064247.780.038
2014$8.1B0.087254.490.027
2015$8.1B-0.004247.08-0.029
2016$8.3B0.024241.18-0.024
2017$8.4B0.021239.84-0.006
2018$8.9B0.054246.350.027
2019$8.8B-0.012236.25-0.04
Source: STR data used for all charts. Data for 2019 is through November. *Room availibility refers to the number of nightly rooms that are available (supply) or occupied (demand) over the course of the year. All numbers are rounded to the nearest decimal point, which may skew in year-over-year’s % change figures.

Loading...