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NYC finally getting more high-priced hotel rooms
New York City has more overseas and domestic visitors than any other US destination except for Orlando. But it has fewer rooms than many less popular spots including Las Vegas, according to Smith Travel Research.
But now there are 8,500 hotel rooms under construction in the city — a growth of more than 10 percent — that crunch could ease slightly in the coming months. By comparison, it took from 1998 to 2007 to make a leap of the same size.
“One of the challenges that New York has always had is having enough rooms for tourists,” said Sean Hennessey, CEO of industry consulting firm Lodging Investment Advisors. “Most of the time the corporate travelers are willing to pay more than the tourists, and the tourists kind of get crowded out.”
“The resulting shortage leads many travelers to New York to look far afield of the usual tourist draws, and hotel developers have taken notice, according to the New York International Herald.
It’s far from unusual in NYC to pay $400 to $600 for a single night’s room.
The city’s occupancy rate is much higher than elsewhere around the US — averaging 85% in Manhattan during the first nine months of this year, compared to the national average of 65% according to Smith Travel Research.
Manhattan’s hotels are at or near capacity most nights of the year.
Will the current influx of new rooms glut the market and knock down prices? Probably not, observers say.
Report by David Wilkening
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