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Michael R. Bloomberg
Mayor of the City
of New York |
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Jonathan M. Tisch
Chairman & CEO, Loews Hotels
Chairman, NYC
& Company |
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Stephen Rushmore
President and Founder, HVS
International |
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Lalia Rach
Ed.D, Associate Dean, The
Preston Robert Tisch Center for Hospitality, Tourism, and Sports
Management |
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| Cristyne L. Nicholas President
& CEO, NYC
& Company |
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Mark Lomanno
President, Smith
Travel Research |
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Joseph Spinnato
President & CEO,
Hotel Association
of NYC |
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Thomas J. Travers
General Manager, Hotel Beacon
President, Hospitality
Sales & Marketing Association International Big Apple Chapter |
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Operating Statistics by Neighborhood
The following tables compare the performance of all reporting
hotels in Manhattan from 1999 through 2005; results are broken
down by neighborhood, including Midtown West, Midtown East, and
Downtown.
Midtown West
| Year |
Occupied Room Nights
|
% Change
|
Available Room Nights
|
% Change
|
Occupancy
|
% Change
|
Average Rate
|
% Change
|
RevPAR
|
% Change
|
| 2000 |
8,268,323
|
��
|
26,825
|
��
|
84.4%
|
��
|
$214.99
|
��
|
$181.55
|
��
|
| 2001 |
7,824,540
|
(5.4)%
|
28,140
|
4.9%
|
76.2%
|
(9.8)%
|
$189.49
|
(11.9)%
|
$144.35
|
(20.5)%
|
| 2002 |
8,090,892
|
3.4%
|
29,195
|
3.7%
|
75.9%
|
(0.3)%
|
$182.88
|
(3.5)%
|
$138.86
|
(3.8)%
|
| 2003 |
8,375,251
|
3.5%
|
29,980
|
2.7%
|
76.5%
|
0.8%
|
$180.08
|
(1.5)%
|
$137.83
|
(0.7)%
|
| 2004 |
9,166,013
|
9.4%
|
29,836
|
(0.5)%
|
84.2%
|
10.0%
|
$200.24
|
11.2%
|
$168.54
|
22.3%
|
| 2005 |
9,073,389
|
(1.0)%
|
29,098
|
(2.5)%
|
85.4%
|
1.5%
|
$232.62
|
16.2%
|
$198.73
|
17.9%
|
| Average Annual Compounded Change: 2000-2005 |
1.9%
|
|
1.6%
|
|
0.2%
|
|
1.6%
|
|
1.8%
|
Source: Smith Travel Research
Note: Some figures may be subject to small rounding errors
Note: Statistics based on selected hotels from a large database
Midtown East
| Year |
Occupied Room Nights
|
% Change
|
Available Room Nights
|
% Change
|
Occupancy
|
% Change
|
Average Rate
|
% Change
|
RevPAR
|
% Change
|
| 2000 |
5,382,412
|
��
|
17,922
|
��
|
82.3%
|
��
|
$265.43
|
��
|
$218.41
|
��
|
| 2001 |
4,686,829
|
(12.9)%
|
18,098
|
1.0%
|
70.9%
|
(13.8)%
|
$233.09
|
(12.2)%
|
$165.38
|
(24.3)%
|
| 2002 |
4,888,429
|
4.3%
|
18,092
|
(0.0)%
|
74.0%
|
4.3%
|
$217.70
|
(6.6)%
|
$161.16
|
(2.6)%
|
| 2003 |
4,934,096
|
0.9%
|
18,040
|
(0.3)%
|
74.9%
|
1.2%
|
$208.71
|
(4.1)%
|
$156.40
|
(3.0)%
|
| 2004 |
5,164,268
|
4.7%
|
17,487
|
(3.1)%
|
80.9%
|
8.0%
|
$234.65
|
12.4%
|
$189.85
|
21.4%
|
| 2005 |
5,436,989
|
5.3%
|
17,485
|
(0.0)%
|
85.2%
|
5.3%
|
$277.40
|
18.2%
|
$236.31
|
24.5%
|
| Average Annual Compounded Change:
2000-2005 |
0.2%
|
|
(0.5)%
|
|
0.7%
|
|
0.9%
|
|
1.6%
|
Source: Smith Travel Research
Note: Some figures may be subject to small rounding errors
Note: Statistics based on selected hotels from a large database
Downtown
| Year |
Occupied Room Nights
|
% Change
|
Available Room Nights
|
% Change
|
Occupancy
|
% Change
|
Average Rate
|
% Change
|
RevPAR
|
% Change
|
| 2000 |
758,282
|
��
|
2,532
|
��
|
82.1%
|
��
|
$267.45
|
��
|
$219.46
|
��
|
| 2001 |
720,566
|
(5.0)%
|
2,616
|
3.3%
|
75.5%
|
(8.0)%
|
$240.62
|
(10.0)%
|
$181.62
|
(17.2)%
|
| 2002 |
758,844
|
5.3%
|
2,744
|
4.9%
|
75.8%
|
0.4%
|
$230.08
|
(4.4)%
|
$174.34
|
(4.0)%
|
| 2003 |
911,047
|
20.1%
|
3,275
|
19.4%
|
76.2%
|
0.6%
|
$229.78
|
(0.1)%
|
$175.11
|
0.4%
|
| 2004 |
999,426
|
9.7%
|
3,347
|
2.2%
|
81.8%
|
7.4%
|
$251.38
|
9.4%
|
$205.67
|
17.4%
|
| 2005 |
1,029,638
|
3.0%
|
3,332
|
(0.4)%
|
84.7%
|
3.5%
|
$287.13
|
14.2%
|
$243.09
|
18.2%
|
| Average Annual Compounded Change:
2000-2005 |
6.3%
|
|
5.6%
|
|
0.6%
|
|
1.4%
|
|
2.1%
|
Source: Smith Travel Research
Note: Some figures may be subject to small rounding errors
Note: Statistics based on selected hotels from a large database
Lalia Rach
Ed.D, Associate Dean, The
Preston Robert Tisch Center for Hospitality, Tourism, and Sports
Management
The Manhattan hotel market is the beneficiary of surging demand,
diminished inventory, the weak dollar, and a positive economy.
It is the era of exuberance as measured by rates, occupancy,
and profits.
Dr. Lalia Rach Associate Dean and HVS International Chair Preston
Robert Tisch Center for Hospitality, Tourism and Sports Management
New York University.
A review of the previous tables reveals the following.
-
The Downtown neighborhood experienced the
most rapid supply growth between 1999 and 2005 at roundly 5.6%,
while the Midtown West neighborhood experienced some growth
and the Midtown East neighborhood decreased slightly during
the same period.
-
All of the neighborhoods were negatively
affected by the events of 9/11 as well as the adverse economic
climate in 2001. Nevertheless, all neighborhoods have shown
resilience in 2002 and 2003, recording slight to moderate increases
in occupancies, with the exception of the Midtown West neighborhood,
which recorded a slight decrease in occupancy in 2002.
-
In 2005, all of the neighborhoods recorded
significant growth in their respective occupancies, with all
neighborhoods exceeding their 2000 occupancy levels. The strong
growth in occupancy was coupled with double-digit growth in
average rates in all of the neighborhoods, which resulted in
double-digit RevPAR growth in all neighborhoods, ranging from
a low of roundly 17.9% in the Midtown West neighborhood to a
high of roundly 24.5% in the Midtown East neighborhood.
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