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New York City hotel rates increase dramatically
Manhattan lodging market will have experienced the most spectacular come-back of any hotel market in the nation over the past twenty years if present trends continue through 2005, according to report released last week by Hotel Investment Management LLC, a hospitality consulting firm based in Maplewood, New Jersey.
Unprecedented growth in demand has helped average daily rate growth, which are expected to grow dramatically by over 14% to about $230 in 2005. This beats the previous high in October 2000.
One of the report’s most surprising findings is that the financial district’s lodging sector, despite the events of September 11th, is likely to be the least volatile sub-market in all of Manhattan over the next two to three years. Upper Manhattan, which includes hotels north of 58th Street, is likely to be the most volatile neighborhood in terms of forecast RevPAR.
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