PwC's Manhattan Lodging Index: Q4 2020
Declines in occupancy and revenue per available room ("RevPAR") continued to accelerate across Manhattan during the fourth quarter, as the COVID-19 pandemic curbed both holiday tourism and commercial traveler demand to the city. With tens of thousands of rooms temporarily closed, business and international travel all but suspended, and leisure demand drivers severely restricted, fourth quarter revenue per available room ("RevPAR") experienced a year-over-year decline of 85.2%.
Unprecedented number of permanent closures of Manhattan hotels grows
Manhattan's lodging sector continues to experience record permanent closures due to the COVID-19 pandemic. As of December 2020, 18 hotel properties consisting of 5,976 rooms in Manhattan were reported to stay closed permanently. This represents a 121% increase in the number of permanently closed rooms compared to the second quarter of 2020.
During the second half of 2020, 11 hotels permanently closed in Manhattan, including the 1,015-room Roosevelt Hotel, 876-room Hudson Hotel, 480-room Novotel Times Square, 460-room Hilton Times Square, 196-room Salisbury Hotel, 132-room AKA Wall Street, 109-room Marmara Manhattan, 102-room Best Western Bowery Hanbee, 100-room AKA Tribeca, 95-room AKA United Nations, and 60-room Comfort Inn Manhattan Bridge.
About PwC US
PwC US helps organizations and individuals create the value they're looking for. We're a member of the PwC network of firms in 157 countries with more than 195,000 people. We're committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com/US. PwC refers to the US member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.