New York Hotels Hurting
Things are not looking good for New York City’s once untouchable hotel market. According to NYC & Co, city hotel occupancy rates were at a dismal 63 percent in January — down 13 percent over 2008.
What’s more, rooms that were occupied were 15 percent cheaper than last year, resulting in upwards of 30 percent less revenue for Gotham properties. Forty seven million tourists visited NYC last year pumping a full $9 billion into the economy. With tourist numbers expected to drop even further and thousands of new hotel rooms now coming to market, it looks as if NYC hotel prices will continue to tumble.