Manhattan’s Luxury and First-Class Hotel Market: A Ten-Year Review

By Jonathan B. Sebbane, Vice President, Roland de Milleret, Senior Vice President and Nicolas S. Graf, Ph.D., University of Houston. For most U.S. hotel markets, 2008 represented the first year of the recession; however, the Manhattan lodging market was able to weather the economic recession during the first nine months of the year, closing 2008 with moderate growth and remaining the top-performing market in the U.S.