New York: Down, but definitely not out
By Lindsay Culbreath | hotelnewsnow.com
When you think of STR’s top U.S. hotel markets, New York is one that always comes to mind. It’s generally thought of as having strong occupancies and high rates, in good times and in bad. Because this current economic crisis is affecting everyone across the board, we’re going to see how the New York market has been affected and to what extent. It’s no surprise New York consistently has brought in rates well above US$200 for the past couple of years, but it’s unexpected how much of a rate premium it has within the top 25 markets. In the chart below, we’ve analyzed data on a 12-month moving average starting in 2002. Throughout the past six years, the smallest premium New York had on the top 25 markets was US$69.66 in September 2003, and it has only gone up from there.