September 07, 2010 01:00PM
New York’s hotel industry is one of the country’s strongest, according to the Wall Street Journal. By the end of July, the occupancy rate for 2010 was 79.7 percent, up from 73.5 percent for the same period last year and close to the peak occupancy of 68.9 percent in 2008, according to Smith Travel Research. However, the higher occupancy rate was partly because owners have kept room rates down. By July, revenue per available room was $166.23 for the year, an increase from $144.14 in 2009, but way below the $213.47 figure from July 2008. [WSJ]
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