NYC Hotel Market Analysis
Existing Conditions and 15-Year Outlook
New York City Department of City Planning
NEW YORK CITY HOTEL MARKET ANALYSIS
N
Prepared for New York City Department of City Planning by
โ€ข BJH Advisors (bjhadvisors.com)
โ€ข BAE Urban Economics (bae1.com)
ยฉ 2020 City of New York
New York City Department of City Planning
CENTRAL OFFICE
120 Broadway
31st Floor
New York, NY 10271
Tel . 1-212-720-3300
Fax. 1-212-720-3488
http://www.New York City.gov/planning
New York City Hotel Market Analysis
and M1 Zone Impacts
Table of Contents
EXECUTIVE SUMMARY I
INTRODUCTION 1
COVID Pandemic Shutdown 1
Purpose of Study 2
Methodology 3
Data Sources 3
Approach 5
Key Definitions 6
DEFINING THE NYC LODGING MARKET 8
Lodging Typologies 8
Existing Clientele and Customer Base 13
Hotel Development, Ownership and Management 15
Geographies: Defining NYC Borough Markets and Submarkets 24
Land Use Controls and New Regulation 25
NYC AND SUB-AREA HOTEL MARKET EXISTING CONDITIONS 28
Impact of COVID-19 on the New York City Hotel Market 28
HOTEL CLOSURES: THE STATE OF THE NYC HOTEL MARKET IN OCTOBER 2020 34
ROLE OF THE SHORT-TERM RENTAL MARKET 60
ECONOMIC IMPACTS, 2019 63
RECOVERY PROJECTIONS 65
NEW YORK CITY HOTEL MARKET OUTLOOK 72
New York City Projected Hotel Demand 72
Outlook and Future Trends 75
APPENDIX I: LITERATURE REVIEW 87
APPENDIX II: HOTEL ASSET CLASSES 89
APPENDIX III: HOTEL SUBMARKET MAP 91
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
Table of Tables
TABLE 1: PERMANENT HOTEL CLOSURES IN NEW YORK CITY CONFIRMED BY HANYC, OCTOBER 2020 35
TABLE 2: PERMANENT HOTEL CLOSURES REPORTED IN THE PRESS BUT NOT CONFIRMED BY HANYC,
OCTOBER 2020
36
TABLE 3: BUSINESS AND LEISURE TRAVEL, NYC AND U.S. 73
TABLE 4: EXISTING HOTEL DEMAND, SEPTEMBER 2020 74
TABLE 5: PRE-COVID NYC HOTEL DEMAND, JANUARY 2020 75
TABLE 6: LEISURE HOTEL DEMAND PROJECTIONS BY BOROUGH, 2020โ€“2035 77
TABLE 7: BUSINESS HOTEL DEMAND PROJECTIONS BY BOROUGH, 2020โ€“2035 78
TABLE 8: PROJECTED ROOM DEMAND BY BOROUGH AND TRAVEL TYPE, 2025โ€“2035 79
TABLE 9: ROOM CLOSURES AND REOPENINGS, FALL 2020 80
TABLE 10: GROSS UNMET ROOM DEMAND BY BOROUGH, TEMPORARILY CLOSED ROOMS REOPEN,
2025โ€“2035
81
TABLE 11: GROSS UNMET ROOM DEMAND BY BOROUGH, TEMPORARILY CLOSED ROOMS PERMANENTLY CLOSE,
2025โ€“2035
82
TABLE 12: RESIDUAL ROOM DEMAND BY BOROUGH, 2020-2035 84
TABLE 13: ADJUSTED ROOM DEMAND BY BOROUGH, 2020-2035 85
Table of Figures
FIGURE ES-1: NYC HOTEL ROOM SUPPLY AND DEMAND, 2020-2035, TEMPORARILY CLOSED
ROOMS REOPEN
II
FIGURE ES-2: NYC HOTEL ROOM SUPPLY AND DEMAND, 2020-2035, TEMPORARILY CLOSED
ROOMS BECOME PERMANENTLY CLOSED
II
FIGURE 1: NET IMPACT OF COVID-19 ON NEW YORK CITY HOTELS AND ROOMS,
JANUARYโ€“SEPTEMBER 2020
29
FIGURE 2: GEOGRAPHIC DISTRIBUTION OF HOTEL ROOMS IN NEW YORK CITY BY BOROUGH,
JANUARYโ€“SEPTEMBER 2020
30
FIGURE 3: DISTRIBUTION OF HOTEL ROOMS IN NEW YORK CITY BY CLASSIFICATION,
JANUARYโ€“SEPTEMBER 2020
31
FIGURE 4: PERCENTAGE OF ROOMS CLOSED BY CLASSIFICATION, NEW YORK CITY,
JANUARYโ€“SEPTEMBER 2020
32
FIGURE 5: NEW YORK CITY REVPAR TRENDS, JANUARY 2018โ€“SEPTEMBER 2020 33
FIGURE 6: NEW YORK CITY REVPAR TRENDS, JANUARY 2018โ€“SEPTEMBER 2020 34
FIGURE 7: PERCENTAGE CHANGE IN ROOM CLASS TYPE BY BOROUGH, JANUARYโ€“SEPTEMBER 2020 38
FIGURE 8: MANHATTAN HOTEL MARKET REVPAR TRENDS, JANUARY 2018โ€“SEPTEMBER 2020 40
FIGURE 9: UPPER EAST SIDE/UPPER WEST SIDE/HARLEM/UPTOWN HOTEL MARKET REVPAR TRENDS,
JANUARY 201โ€“SEPTEMBER 2020
41
FIGURE 10: MIDTOWN WEST/TIMES SQUARE HOTEL MARKET REVPAR TRENDS, JANUARY 2018โ€“
SEPTEMBER 2020
43
FIGURE 11: MIDTOWN EAST HOTEL MARKET REVPAR TRENDS, JANUARY 2018โ€“SEPTEMBER 2020 45
FIGURE 12: MIDTOWN SOUTH HOTEL MARKET TRENDS, JANUARY 2018 โ€“ SEPTEMBER 2020 47
FIGURE 13: SOHO/UNION SQUARE/VILLAGE/TRIBECA/LOWER EAST SIDE HOTEL MARKET TRENDS,
JANUARY 2018โ€“SEPTEMBER 2020
49
FIGURE 14: FINANCIAL DISTRICT HOTEL MARKET TRENDS, JANUARY 2018โ€“SEPTEMBER 2020 50
FIGURE 15: QUEENS HOTEL MARKET TRENDS, JANUARY 2018โ€“SEPTEMBER 2020 52
FIGURE 16: BROOKLYN HOTEL MARKET TRENDS, JANUARY 2018โ€“SEPTEMBER 2020 55
FIGURE 17: BRONX HOTEL MARKET TRENDS, JANUARY 2018โ€“SEPTEMBER 2020 58
FIGURE 18: STATEN ISLAND HOTEL MARKET TRENDS, JANUARY 2018 โ€“ SEPTEMBER 2020 60
FIGURE 19: NEW YORK CITY AIRBNB LISTINGS, JANUARY 2020 โ€“ SEPTEMBER 2020 62
FIGURE 20: DIRECT SPENDING, LEISURE VS. BUSINESS AND DOMESTIC VS. INTERNATIONAL TRAVELERS,
2019
63
FIGURE 21: VISITOR SPENDING BY CATEGORY (IN BILLIONS), 2019 64
FIGURE 22: NYC HOTEL ROOM SUPPLY AND DEMAND, 2020-2035, TEMPORARILY CLOSED
ROOMS REOPEN
82
FIGURE 23: NYC HOTEL ROOM SUPPLY AND DEMAND, 2020-2035, TEMPORARILY CLOSED
ROOMS BECOME PERMANENTLY CLOSED
83
III
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
Executive Summary
T
his report presents an overview of the hotel industry and accommodation market in New York City, pre-COVID
and post-COVID, as well as current and projected future conditions. It is intended to provide guidance to the
New York City Department of Planning (DCP) regarding the potential impacts of imposing a Special Permit
for hotel development throughout New York City. It analyzes trends related to hotel development patterns and
typologies, demand drivers, occupancy and revenue and projected development pipeline for hotel construction
and delivery, with particular focus on the current and projected impacts of COVID-19 on the hotel industry.
Key Findings
New York Cityโ€™s robust visitor numbers before the COVID-19 pandemic generated strong demand for hotel
๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚๎†ฃ๎„ช๎‡ต๎…ง๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎†ฃ๎„ช๎„œ๎„ช๎…ฒ๎†ธ๎€‚ ๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚ ๎‡๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎…ฐ๎…ผ๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚ ๎…Š๎…๎…ƒ๎…Š๎„ช๎†ซ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎‡€๎†ฃ๎„›๎ƒฟ๎…ฒ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚
๎ƒƒ๎…ฒ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎†ซ๎œ๎€‚๎ƒ ๎…๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎†ธ๎…Š๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎…ผ๎‡€๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎œ๎‚ฎ๎œ๎€‚๎†ซ๎‡€๎‡ณ๎…‚๎„ช๎†ฃ๎„ช๎„ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚
๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ‰๎€‚๎ƒฟ๎†ซ๎€‚๎ƒฟ๎€‚๎†ฃ๎„ช๎†ซ๎‡€๎…ง๎†ธ๎€‚๎…ผ๎…‚๎€‚๎…๎†ธ๎†ซ๎€‚๎„œ๎…Š๎ƒฟ๎†ฃ๎ƒฟ๎„œ๎†ธ๎„ช๎†ฃ๎…๎†ซ๎†ธ๎…๎„œ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎„œ๎…๎„ช๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎…๎…ฒ๎†ธ๎„ช๎†ฃ๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚
broader tourism infrastructure (e.g., Broadway), experienced an even greater drop in demand relative to national
levels. Several industry analysts project that the New York City tourism sector and related hotel demand will not
recover until 2025. While a return to pre-COVID levels of tourism by 2025 is projected, it is dependent on a variety
of factors that make predicting a recovery year challenging.
๎‚ผ๎…Š๎„ช๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚๎†ซ๎…๎„ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎†ซ๎„ช๎„ช๎…ฒ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎…ฒ๎„ช๎…ƒ๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎†ซ๎œ๎€‚๎€Ÿ๎„ช๎„œ๎ƒฟ๎‡€๎†ซ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ซ๎„ช๎„ช๎…ฒ๎€‚
๎…ฒ๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎š๎šŒ๎œ‰๎šŒ๎šŒ๎šŒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…ƒ๎…ผ๎€‚๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎€‚๎„›๎„ช๎…ƒ๎ƒฟ๎…ฒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒฟ๎…ฒ๎ƒฟ๎…ง๎‡ฃ๎†ซ๎…๎†ซ๎€‚๎„ช๎‡œ๎ƒฟ๎…ง๎‡€๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎ƒฟ๎€‚๎† ๎…ผ๎†ธ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎€‚๎†ฃ๎ƒฟ๎…ฒ๎…ƒ๎„ช๎€‚๎…ผ๎…‚๎€‚
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚๎†ธ๎…ผ๎€‚๎…ฐ๎„ช๎„ช๎†ธ๎€‚๎…‚๎‡€๎†ธ๎‡€๎†ฃ๎„ช๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„›๎…ผ๎…ผ๎…ค๎„ช๎…ฒ๎„ฃ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎†ธ๎‡๎…ผ๎€‚๎†ซ๎„œ๎„ช๎…ฒ๎ƒฟ๎†ฃ๎…๎…ผ๎†ซ๎œ๎€‚๎‚ฎ๎„œ๎„ช๎…ฒ๎ƒฟ๎†ฃ๎…๎…ผ๎€‚๎š๎€‚๎ƒฟ๎†ซ๎†ซ๎‡€๎…ฐ๎„ช๎†ซ๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎†ฃ๎…ฐ๎„ช๎„ฃ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚
remain out of the hotel inventory, but all temporarily closed hotels return by 2025. Scenario 2 assumes all hotels
that were closed either permanently or temporarily as of Fall 2020 permanently close.
1
๎€ƒ๎†ซ๎€‚๎†ซ๎„ช๎„ช๎…ฒ๎€‚๎…๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚๎…‚๎…ผ๎…ง๎…ง๎…ผ๎‡๎…๎…ฒ๎…ƒ๎€‚๎‡ฟ๎…ƒ๎‡€๎†ฃ๎„ช๎†ซ๎œ‰๎€‚๎„ฃ๎„ช๎†ซ๎† ๎…๎†ธ๎„ช๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚ ๎†ฃ๎„ช๎„ฃ๎‡€๎„œ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎œ‰๎€‚๎„ช๎…๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎†ฃ๎„ช๎†ซ๎‡€๎…ง๎†ธ๎…๎…ฒ๎…ƒ๎€‚ ๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎…๎…ฐ๎…ฐ๎„ช๎„ฃ๎…๎ƒฟ๎†ธ๎„ช๎€‚
closures in the wake of the pandemic or other factors detailed in this report and given a projected 2025 return to
๎† ๎†ฃ๎„ช๎œซ๎€ ๎ฟ๎ƒŸ๎“๎€ง๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎†ธ๎…Š๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒฟ๎…ฒ๎ƒฟ๎…ง๎‡ฃ๎†ซ๎…๎†ซ๎€‚๎‡ฟ๎…ฒ๎„ฃ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎„›๎‡ฃ๎€‚๎šŽ๎šŒ๎š๎š‘๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎‡๎…๎…ง๎…ง๎€‚๎„›๎„ช๎€‚๎…ฒ๎„ช๎†ธ๎€‚๎†ฃ๎„ช๎†ซ๎…๎„ฃ๎‡€๎ƒฟ๎…ง๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎œ ๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚๎…‚๎‡€๎†ธ๎‡€๎†ฃ๎„ช๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚
minus todayโ€™s existing and permitted supply) for between 21,500 additional hotel rooms (Scenario 1) and 52,400
additional hotel rooms (Scenario 2) citywide.
๎“๎†ธ๎€‚๎…๎†ซ๎€‚๎…๎…ฐ๎† ๎…ผ๎†ฃ๎†ธ๎ƒฟ๎…ฒ๎†ธ๎€‚๎†ธ๎…ผ๎€‚๎…ฒ๎…ผ๎†ธ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…ฒ๎„ช๎†ธ๎€‚๎†ฃ๎„ช๎†ซ๎…๎„ฃ๎‡€๎ƒฟ๎…ง๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ฐ๎ƒฟ๎‡ฃ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎„›๎„ช๎€‚๎…ฐ๎„ช๎†ธ๎€‚๎…๎…‚๎€‚๎ƒฟ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎† ๎…ผ๎†ฃ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎‡€๎†ฃ๎†ฃ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚
๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎‡€๎…ฒ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎†ธ๎…ผ๎€‚๎†ฃ๎„ช๎…ผ๎† ๎„ช๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎œ•๎…ผ๎†ฃ๎€‚๎…๎…‚๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚๎…๎†ซ๎€‚๎‡€๎…ฒ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎†ธ๎…ผ๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎€‚๎„ฃ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎‡ฃ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎†ธ๎…๎…ฐ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎…‚๎€‚
recovery will require getting to positive public health outcomes, as well as other market factors supporting new
hotel development, which are subject to many variables. We have noted these risk factors in the analysis.
1
๎๎€ƒ๎†ซ๎€‚๎† ๎†ฃ๎„ช๎†ซ๎„ช๎…ฒ๎†ธ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎‚ฎ๎„ช๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎š๎œ‰๎€‚๎ƒฟ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†๎ƒฟ๎…ง๎…ง๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎š๎œ‰๎š‘๎šŒ๎šŒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎…ฒ๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎š๎š๎œ‰๎š๎šŒ๎šŒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚
temporarily closed. Temporarily closed rooms include those that have not issued WARN notices to the City and
๎‡๎„ช๎†ฃ๎„ช๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎‡๎…๎†ซ๎„ช๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎†ฃ๎…ฐ๎„ช๎„ฃ๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎†ซ๎†ธ๎ƒฟ๎…ค๎„ช๎…Š๎…ผ๎…ง๎„ฃ๎„ช๎†ฃ๎†ซ๎œ
FIGURE ES-1: NYC HOTEL ROOM SUPPLY AND DEMAND, 2020-2035, TEMPORARILY CLOSED ROOMS REOPEN
0
34,000
68,000
102,000
136,000
170,000
203520302025Sept. 2020Jan. 2020
DEMAND SUPPLY
Scenario 1: Assume all temporarily closed hotel rooms reopen and pipeline rooms delivered by 2025.
Assume demand recovery in 2025 and historic 3.7% annual growth rate in demand for 2025โ€“2035.
SOURCES: STR; HANYC; BJH; BAE; all 2020.
FIGURE ES-2: NYC HOTEL ROOM SUPPLY AND DEMAND, 2020-2035, TEMPORARILY CLOSED ROOMS
BECOME PERMANENTLY CLOSED
0
34,000
68,000
102,000
136,000
170,000
203520302025Sept. 2020Jan. 2020
DEMAND SUPPLY
Scenario 2: Assume no temporarily closed hotel rooms reopen and pipeline rooms delivered by 2025.
Assume demand recovery in 2025 and historic 3.7% annual growth rate in demand for 20252035.
SOURCES: STR; HANYC; BJH; BAE; all 2020.
IVIII
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
Methodology
A general New York City market overview is followed by a more in-depth analysis of hotel submarkets within
๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎„ช๎€‚๎„ช๎ƒฟ๎„œ๎…Š๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎‡๎„ช๎…ง๎…ง๎€‚๎ƒฟ๎†ซ๎€‚๎…๎…ฒ๎†ธ๎†ฃ๎ƒฟ๎œซ๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ง๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎€‚
provides an outlook for hotel development based on an analysis of supply and demand recovery projections, as
well as forecasts as to how projected future New York City hotel room supply would be able to meet projected
future demand, absent any land use restrictions on future hotel development in the city. Demand drivers include
visitor projections; supply drivers include estimation of the number of hotels that will permanently close due to
the pandemic and how many hotel projects are in the development pipeline.
In preparing this report, the Consultant Team relied on both primary and secondary data sources, including
stakeholder interviews, proprietary data from Smith Travel Research (STR) regarding the New York City lodging
industry, and a literature review that included market reports and periodicals.
New York City Hotel Supply and Trends
According to Smith Travel Research (STR), a third-party data vendor that provides hotel industry data, as of
๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎š๎šŽ๎š“๎œ‰๎š”๎š๎šŒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎š“๎šŒ๎š‘๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎€‚๎…ผ๎…‚๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ๎€‚
๎€ง๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š‘๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎†ซ๎ƒฟ๎‡๎€‚๎ƒฟ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎†ธ๎…Š๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎ƒฟ๎€‚๎š๎šŒ๎€‚
๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎…๎…ฒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎„œ๎…ผ๎…ฐ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎…ฒ๎œซ๎…ง๎…๎…ฒ๎„ช๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎†ฃ๎„ช๎‡œ๎…๎…ผ๎‡€๎†ซ๎€‚๎‡ฟ๎‡œ๎„ช๎œซ๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎€‚๎† ๎„ช๎†ฃ๎…๎…ผ๎„ฃ๎œ๎€‚๎€ƒ๎…ฒ๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎…‚๎„ช๎ƒฟ๎†ธ๎‡€๎†ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎† ๎„ช๎†ฃ๎…๎…ผ๎„ฃ๎€‚๎‡๎ƒฟ๎†ซ๎€‚
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎„œ๎†ฃ๎…ผ๎†ซ๎†ซ๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎…ก๎‡€๎†ซ๎†ธ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚
๎“๎…ฒ๎€‚๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚ ๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎ด๎„ช๎‡๎€‚ ๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚ ๎€ ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚ ๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎…ฐ๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…ผ๎†ฃ๎œ‰๎€‚ ๎ƒฟ๎…ง๎…ผ๎…ฒ๎…ƒ๎€‚ ๎‡๎…๎†ธ๎…Š๎€‚ ๎…ฐ๎‡€๎„œ๎…Š๎€‚๎…ผ๎…‚๎€‚ ๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎€‚๎…ผ๎…‚๎€‚ ๎†ธ๎…Š๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚๎„ช๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎œ‰๎€‚ ๎„œ๎ƒฟ๎…ฐ๎„ช๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎€‚
sudden halt as the global coronavirus pandemic spread widely in the city. Hotels shuttered, some temporarily
and some permanently, as travel to the city abruptly ceased. As of October 2020, over 37,000 hotel rooms in the
city remained closed, over ten percent of them closed permanently.
Projected Pipeline of Hotels
According to data from the New York City Department of Buildings that was provided to the Consultant Team
by the DCP, there are currently 30,300 pre-construction hotel rooms in the development pipeline. These are
๎„œ๎…ผ๎…ฒ๎†ซ๎…๎„ฃ๎„ช๎†ฃ๎„ช๎„ฃ๎€‚๎ƒฟ๎„œ๎†ธ๎…๎‡œ๎„ช๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎‡ฟ๎…ง๎„ช๎„ฃ๎€‚๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎† ๎† ๎…ง๎…๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ‰๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎…Š๎ƒฟ๎„ฃ๎€‚๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎† ๎† ๎…ง๎…๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎‡œ๎„ช๎„ฃ๎œ‰๎€‚๎…ผ๎†ฃ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚
been permitted for construction.
2
2
Hotels permitted for construction include those that have begun construction but have not achieved
๎†ซ๎‡€๎„›๎†ซ๎†ธ๎ƒฟ๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎€‚๎„œ๎…ผ๎…ฐ๎† ๎…ง๎„ช๎†ธ๎…๎…ผ๎…ฒ๎€‚๎œ ๎š”๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎…ง๎„ช๎†ธ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎œ•๎…ผ๎†ฃ๎€‚๎ƒฟ๎„œ๎…Š๎…๎„ช๎‡œ๎„ช๎„ฃ๎€‚๎„œ๎„ช๎†ฃ๎†ธ๎…๎‡ฟ๎„œ๎ƒฟ๎†ธ๎„ช๎€‚๎…ผ๎…‚๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎œก๎œ๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎†ฃ๎„ช๎„œ๎…ผ๎†ฃ๎„ฃ๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚
period show no hotels that have achieved substantial completion but are not yet open.
Hotel Demand Drivers
The hotel industry in New York City depends on demand from both domestic United States-based travelers and
overseas visitors. As New York City is a larger international destination than most other markets in the United
States, New York City hotels have historically been more dependent on international visitors, who tend to stay
longer and spend more. In 2019, New York City drew a record 66.6 million visitors, a 2.4 percent increase over 2018
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ฃ๎„ช๎‡ต๎…ง๎„ช๎„œ๎†ธ๎…๎‡œ๎„ช๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ฒ๎€‚๎‡€๎…ฒ๎…๎…ฒ๎†ธ๎„ช๎†ฃ๎†ฃ๎‡€๎† ๎†ธ๎„ช๎„ฃ๎€‚๎š๎šŽ๎œซ๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎€‚๎†ฃ๎‡€๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎„ช๎„œ๎‡€๎†ธ๎…๎‡œ๎„ช๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎‡œ๎…๎†ซ๎…๎†ธ๎…ผ๎†ฃ๎€‚๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎†ซ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎…๎…ฒ๎„ฃ๎„ช๎‡ฟ๎…ฒ๎…๎†ธ๎„ช๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎„›๎ƒฟ๎…ฒ๎€‚
imposed by the U.S. government on travelers from many countries due to the pandemic means that international
travel, a vital component of the cityโ€™s hotel demand, has virtually disappeared. The closure of attractions,
entertainment and restaurants in the city has served as a discouragement for domestic travelers as well. By the
end of 2020, New York City is expected to see only 22.2 million visitors, a 67 percent decline from 2019.
There are two major hotel demand drivers in New York City and the nation as a whole - leisure travel, which
includes both tourism and visitation of family and friends, and business travel, which includes conference and
group travel as well as individual business travel. According to both NYC & Company and U.S. Travel Association
data, leisure travel in New York City historically comprises approximately 79 percent of room demand while
business travel has historically made up the remainder, or approximately 21 percent. Both leisure and business
travel to New York City are currently severely diminished.
Occupancy and Room Rates
New York Cityโ€™s robust visitor numbers before the pandemic had led to a strong demand for hotel rooms,
๎†ฃ๎„ช๎‡ต๎…ง๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎…ฒ๎‡€๎ƒฟ๎…ง๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎…ฐ๎…ผ๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ซ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎‡€๎†ฃ๎„›๎ƒฟ๎…ฒ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎…ฒ๎…๎†ธ๎„ช๎„ฃ๎€‚
States, ranging from 85-90 percent.
The pandemicโ€™s impacts have drastically decreased hotel occupancy. To date, the NYC hotel market has seen
๎…ฒ๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎š๎šŒ๎œ‰๎šŒ๎šŒ๎šŒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…ƒ๎…ผ๎€‚๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎œ‰๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎…ƒ๎…ผ๎…ฒ๎„ช๎€‚๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎ฟ๎…‚๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎œ‰๎€‚๎š๎œ‰๎š๎š”๎š๎€‚
are permanently closed and not expected to return to the market, while another 3,390 that were temporarily
closed in Fall 2020 have already reopened in that they are accepting reservations for 2021. This leaves a net total
of 34,288 temporarily closed rooms that could come back online as demand recovers.
However, some industry stakeholders interviewed indicate that up to 25 percent of rooms may not reopen at all.
While the summer of 2020 saw some tourism return to New York City, hotel occupancy only reached 30 percent,
with two-thirds of that occupancy rate is attributable to government contracts to accommodate homeless
residents and healthcare workers at below-market rates. Room rates are also at historically low levels.
VIV
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
Recovery Projections
The hotel industry has been among the hardest hit sectors by the pandemic and New York City hotels have
experienced greater negative impacts than hotels across the United States as a whole. Several industry analysts
and independent economic and real estate analyses project that the US hotel sector will likely recover by 2023; yet,
๎„›๎„ช๎„œ๎ƒฟ๎‡€๎†ซ๎„ช๎€‚๎…ผ๎…‚๎€‚๎…๎†ธ๎†ซ๎€‚๎„œ๎…Š๎ƒฟ๎†ฃ๎ƒฟ๎„œ๎†ธ๎„ช๎†ฃ๎…๎†ซ๎†ธ๎…๎„œ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎„œ๎…๎„ช๎†ซ๎œ‰๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…ผ๎†ฃ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎‡€๎…ฒ๎†ธ๎…๎…ง๎€‚๎šŽ๎šŒ๎šŽ๎š‘๎œ
While 2025 is the projected year of recovery, a return to pre-COVID levels of tourism depends on a variety of
๎…‚๎ƒฟ๎„œ๎†ธ๎…ผ๎†ฃ๎†ซ๎œ‰๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎„ฃ๎„ช๎…ฒ๎„œ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎† ๎…ผ๎†ซ๎…๎†ธ๎…๎‡œ๎„ช๎€‚๎† ๎‡€๎„›๎…ง๎…๎„œ๎€‚๎…Š๎„ช๎ƒฟ๎…ง๎†ธ๎…Š๎€‚๎…ผ๎‡€๎†ธ๎„œ๎…ผ๎…ฐ๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…ผ๎…ฐ๎…๎…ฒ๎…ƒ๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ๎€‚๎ƒ ๎…๎†ธ๎…Š๎…๎…ฒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚
recovery, it is estimated that leisure travel will return before business travel and domestic travel will return before
๎…๎…ฒ๎†ธ๎„ช๎†ฃ๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎œ๎€‚๎€ƒ๎…ง๎…ง๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎ƒฟ๎†ซ๎†ซ๎‡€๎…ฐ๎„ช๎€‚๎…ฒ๎…ผ๎€‚๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎‡ฃ๎€‚๎‡€๎…ฒ๎†ธ๎…๎…ง๎€‚๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎ƒฟ๎€‚๎‡œ๎ƒฟ๎„œ๎„œ๎…๎…ฒ๎„ช๎€‚๎…๎†ซ๎€‚๎‡๎…๎„ฃ๎„ช๎…ง๎‡ฃ๎€‚๎ƒฟ๎‡œ๎ƒฟ๎…๎…ง๎ƒฟ๎„›๎…ง๎„ช๎œ๎€‚๎€Ÿ๎„ช๎„œ๎ƒฟ๎‡€๎†ซ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚
๎…‚๎ƒฟ๎„œ๎†ธ๎…ผ๎†ฃ๎€‚๎…๎…ฒ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎‡€๎…ฐ๎„ช๎†ฃ๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎„ฃ๎„ช๎…ฒ๎„œ๎„ช๎œ‰๎€‚๎…๎†ธ๎€‚๎…๎†ซ๎€‚๎ƒฟ๎†ซ๎†ซ๎‡€๎…ฐ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎‡ฃ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎„›๎„ช๎€‚๎†ซ๎…ง๎…ผ๎‡๎„ช๎†ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎„ช๎†ฃ๎…๎…ผ๎„ฃ๎€‚๎šŽ๎šŒ๎šŽ๎š๎€‚๎œจ๎€‚๎šŽ๎šŒ๎šŽ๎š๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚
will then accelerate before stabilizing to pre-COVID levels in 2025.
New York City Hotel Market Outlook
Using historic pre-COVID visitation projection data, along with national tourism demand trends and New York
City hotel development pipeline information from the Department of Buildings, the reportโ€™s market outlook
analysis evaluates projected hotel room demand and supply growth for New York City through 2035. As noted
above, based on data and recovery projections for the New York City hotel market, this analysis assumes that the
cityโ€™s hotel market will have fully recovered, reaching pre-COVID January 2020 demand levels, in 2025.
Assuming a range of hotel room supply reductions, those resulting from immediate observed closures in the
wake of the pandemic, and other factors detailed in this report, the analysis shows that by 2035, there will be
residual, or net, demand for between 21,500 and 52,400 additional hotel rooms citywide that may not be met
unless hotel owners are able to reopen hotel rooms and/or grow supply via new development. Some additional
new hotel closures could yet occur, as government contracts for temporary housing expire or demand for short-
term, COVID related stays dissipates. These potential closures are not possible to anticipate. However, the ranges
presented account for a variety of likely permanent closure possibilities, which could include new, additional
closures.
๎“๎†ธ๎€‚๎†ซ๎…Š๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎„›๎„ช๎€‚๎…ฒ๎…ผ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…‚๎‡€๎†ธ๎‡€๎†ฃ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎† ๎ƒฟ๎†ฃ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎† ๎…๎† ๎„ช๎…ง๎…๎…ฒ๎„ช๎€‚๎…ฐ๎ƒฟ๎‡ฃ๎€‚๎„ช๎…ฒ๎„ฃ๎€‚
๎‡€๎† ๎€‚๎„›๎„ช๎…๎…ฒ๎…ƒ๎€‚๎„ฃ๎„ช๎…ง๎ƒฟ๎‡ฃ๎„ช๎„ฃ๎€‚๎…ผ๎†ฃ๎€‚๎‡€๎…ฒ๎„›๎‡€๎…๎…ง๎†ธ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ƒฟ๎€‚๎‡œ๎ƒฟ๎†ฃ๎…๎„ช๎†ธ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎„ช๎ƒฟ๎†ซ๎…ผ๎…ฒ๎†ซ๎œ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎„ฃ๎…๎‡ณ๎‡ฟ๎„œ๎‡€๎…ง๎†ธ๎€‚๎†ฃ๎„ช๎ƒฟ๎…ง๎€‚๎„ช๎†ซ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎„œ๎†ข๎‡€๎…๎†ฃ๎„ช๎€‚
๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎…ฒ๎…ƒ๎œ๎€‚๎“๎…‚๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎„ฃ๎…ผ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎† ๎†ฃ๎…ผ๎„œ๎„ช๎„ช๎„ฃ๎€‚๎…ผ๎†ฃ๎€‚๎„›๎„ช๎„œ๎…ผ๎…ฐ๎„ช๎€‚๎…Š๎‡ฃ๎„›๎†ฃ๎…๎„ฃ๎€‚๎†ฃ๎„ช๎†ซ๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎œ•๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎†ซ๎€‚๎…๎…ฒ๎€‚๎…ผ๎†ฃ๎„ฃ๎„ช๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎†ธ๎†ธ๎†ฃ๎ƒฟ๎„œ๎†ธ๎€‚
funding, the unmet demand could be substantially higher than projected here. Additionally, it is unknown how
deep or long of a recession the global, national, and NYC economies will face due to COVID-19.
If tourists delay travel because of economic losses or declining income, some pipeline hotels could be delayed or
๎…ฒ๎…ผ๎†ธ๎€‚๎„›๎‡€๎…๎…ง๎†ธ๎œ๎€‚๎†๎‡€๎†ฃ๎†ธ๎…Š๎„ช๎†ฃ๎œ‰๎€‚๎„œ๎‡€๎†ฃ๎†ฃ๎„ช๎…ฒ๎†ธ๎€‚๎…ง๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‡€๎†ซ๎„ช๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚๎†ธ๎…ผ๎€‚๎…ฒ๎„ช๎‡๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…ฒ๎…ผ๎‡๎€‚๎„›๎„ช๎…๎…ฒ๎…ƒ๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎…๎„ฃ๎„ช๎†ฃ๎„ช๎„ฃ๎€‚
by the DCP, may also impede future hotel supply in the city.
๎†๎…๎…ฒ๎ƒฟ๎…ง๎…ง๎‡ฃ๎œ‰๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎…Š๎…ผ๎†ฃ๎†ธ๎œซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ฐ๎…๎„ฃ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ฃ๎…๎‡ณ๎‡ฟ๎„œ๎‡€๎…ง๎†ธ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎…ผ๎„›๎†ธ๎ƒฟ๎…๎…ฒ๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎†ฃ๎€‚๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎‡œ๎ƒฟ๎…ง๎€‚๎…ฐ๎ƒฟ๎‡ฃ๎€‚๎†ซ๎†ธ๎…๎‡ต๎…ง๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚
๎†ฃ๎„ช๎†ธ๎‡€๎†ฃ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎œ๎€‚๎‚ผ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎†ธ๎†ซ๎€‚๎‡๎…Š๎…ผ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎‡๎…๎…ง๎…ง๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎„›๎…ง๎„ช๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎†ธ๎…ผ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…ฐ๎ƒฟ๎‡ฃ๎€‚๎‡ฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…ฒ๎…ผ๎†ธ๎€‚
enough rooms available, as supply increases lag demand while banks become more pessimistic on the return of
the tourism and lodging markets.
21
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
A
s of January 2020, New York City remained one of the worldโ€™s most popular travel destinations, the
๎†ธ๎…Š๎…๎†ฃ๎„ฃ๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎…ฒ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎จ๎ƒฟ๎†ซ๎€‚๎ƒŸ๎„ช๎…ƒ๎ƒฟ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฟ๎†ฃ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎…ผ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚
pipeline in the nation according to Lodging Magazine.
1
In 2019, New York City drew a record 66.6 million
๎‡œ๎…๎†ซ๎…๎†ธ๎…ผ๎†ฃ๎†ซ๎œ‰๎€‚๎ƒฟ๎€‚๎šŽ๎œ๎š๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎š๎š”๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ฃ๎„ช๎‡ต๎…ง๎„ช๎„œ๎†ธ๎…๎‡œ๎„ช๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ฒ๎€‚๎‡€๎…ฒ๎…๎…ฒ๎†ธ๎„ช๎†ฃ๎†ฃ๎‡€๎† ๎†ธ๎„ช๎„ฃ๎€‚๎š๎šŽ๎œซ๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎€‚๎†ฃ๎‡€๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎„ช๎„œ๎‡€๎†ธ๎…๎‡œ๎„ช๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚
visitor counts. 28 million of those visitors stayed in hotels in the city, accounting for over $13 billion in direct and
indirect business sales.
2019 also saw the continuation of an unprecedented boom in hotel development in New York City that had begun
in 2007 and has added over 54,100 hotel rooms since that year, a 73 percent increase in supply. This growth was
๎†ฃ๎„ช๎…ฐ๎ƒฟ๎†ฃ๎…ค๎ƒฟ๎„›๎…ง๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…๎†ธ๎†ซ๎€‚๎„ช๎…ฒ๎„ฃ๎‡€๎†ฃ๎ƒฟ๎…ฒ๎„œ๎„ช๎€‚๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š‘๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎š๎š•๎€‚๎†ซ๎ƒฟ๎‡๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎šŽ๎š๎œ‰๎šŒ๎šŒ๎šŒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎„œ๎…ผ๎…ฐ๎„ช๎€‚๎…ผ๎…ฒ๎…ง๎…๎…ฒ๎„ช๎€‚
๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎œ‰๎€‚๎ƒฟ๎€‚๎š๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎„œ๎ƒฟ๎…ฐ๎„ช๎€‚๎…ผ๎…ฒ๎…ง๎…๎…ฒ๎„ช๎€‚๎„ฃ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎†ฃ๎„ช๎‡œ๎…๎…ผ๎‡€๎†ซ๎€‚๎‡ฟ๎‡œ๎„ช๎œซ๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎€‚๎† ๎„ช๎†ฃ๎…๎…ผ๎„ฃ๎œ๎€‚
๎€ƒ๎†ซ๎€‚๎ƒฟ๎€‚๎…ƒ๎…ง๎…ผ๎„›๎ƒฟ๎…ง๎€‚๎„ฃ๎„ช๎†ซ๎†ธ๎…๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ‰๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎…๎…ฒ๎‡€๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎€‚๎…๎…ฒ๎€‚๎† ๎…ผ๎† ๎‡€๎…ง๎ƒฟ๎†ฃ๎…๎†ธ๎‡ฃ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎œ‰๎€‚๎…ฒ๎…ผ๎†ธ๎ƒฟ๎„›๎…ง๎‡ฃ๎œ‰๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚
๎† ๎…ผ๎† ๎‡€๎…ง๎ƒฟ๎†ฃ๎…๎†ธ๎‡ฃ๎€‚๎…ฒ๎…ผ๎‡๎€‚๎„ช๎‡ข๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎„ฃ๎€‚๎„›๎„ช๎‡ฃ๎…ผ๎…ฒ๎„ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎œ๎€‚๎‚ฆ๎„ช๎‡ต๎…ง๎„ช๎„œ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎†ธ๎†ฃ๎„ช๎…ฒ๎„ฃ๎œ‰๎€‚๎ƒฟ๎…ฒ๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎…‚๎„ช๎ƒฟ๎†ธ๎‡€๎†ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚
๎†ธ๎…Š๎…๎†ซ๎€‚๎† ๎„ช๎†ฃ๎…๎…ผ๎„ฃ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎†ธ๎…Š๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎…๎†ธ๎†ซ๎€‚๎…ผ๎„œ๎„œ๎‡€๎†ฃ๎†ฃ๎„ช๎…ฒ๎„œ๎„ช๎€‚๎ƒฟ๎„œ๎†ฃ๎…ผ๎†ซ๎†ซ๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎œ๎€‚๎‚ฎ๎…๎…ฒ๎„œ๎„ช๎€‚๎šŽ๎šŒ๎š๎šŒ๎œ‰๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚
have both seen hotel room count increases of over 50 percent, with similar growth rates in the smaller markets
of the Bronx and Staten Island. Also noteworthy has been the expansion of hotel development into areas of the
city that had never supported substantial hotel development before, including light manufacturing districts in
every borough.
๎‚ผ๎…Š๎„ช๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎ƒฟ๎…ง๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎…๎†ธ๎€‚๎†ฃ๎„ช๎†ข๎‡€๎…๎†ฃ๎„ช๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…ฒ๎„ช๎‡๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎ฒ๎š๎€‚๎‡ญ๎…ผ๎…ฒ๎…๎…ฒ๎…ƒ๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎†ซ๎œ‰๎€‚๎…๎…ฒ๎†ซ๎†ธ๎…๎†ธ๎‡€๎†ธ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ช๎…ฒ๎„ฃ๎€‚
of 2018, has halted new hotel development in these areas that wasnโ€™t grandfathered by the text amendment.
However, 2019 saw almost 6,000 new hotel rooms added to the cityโ€™s supply with almost 20 percent of the
๎„œ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚๎…ผ๎‡€๎†ธ๎†ซ๎…๎„ฃ๎„ช๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚๎€ง๎„ช๎†ซ๎† ๎…๎†ธ๎„ช๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎…ฒ๎„ช๎‡๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎œ‰๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚
remained among the highest in the nation at over 88 percent.
COVID Pandemic Shutdown
๎“๎…ฒ๎€‚๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚ ๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎ด๎„ช๎‡๎€‚ ๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚ ๎€ ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚ ๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎…ฐ๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…ผ๎†ฃ๎œ‰๎€‚ ๎ƒฟ๎…ง๎…ผ๎…ฒ๎…ƒ๎€‚ ๎‡๎…๎†ธ๎…Š๎€‚ ๎…ฐ๎‡€๎„œ๎…Š๎€‚๎…ผ๎…‚๎€‚ ๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎€‚๎…ผ๎…‚๎€‚ ๎†ธ๎…Š๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚๎„ช๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎œ‰๎€‚ ๎„œ๎ƒฟ๎…ฐ๎„ช๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎€‚
sudden halt as the global coronavirus pandemic reached the Tri-State region and spread widely in the city. Hotels
shuttered, some temporarily and some permanently, as both leisure and business travel to the city abruptly
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„ช๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎…๎‡œ๎„ช๎…ง๎‡ฃ๎€‚๎„œ๎„ช๎ƒฟ๎†ซ๎„ช๎„ฃ๎œ๎€‚ ๎‚ผ๎…Š๎„ช๎€‚๎„œ๎…ง๎…ผ๎†ซ๎‡€๎†ฃ๎„ช๎€‚ ๎…ผ๎…‚๎€‚๎€Ÿ๎†ฃ๎…ผ๎ƒฟ๎„ฃ๎‡๎ƒฟ๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎ƒฟ๎†ธ๎„ช๎†ฃ๎†ซ๎œ‰๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎ƒฟ๎‡€๎†ฃ๎ƒฟ๎…ฒ๎†ธ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎ƒฟ๎†ธ๎†ธ๎†ฃ๎ƒฟ๎„œ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ‰๎€‚
๎…๎…ฒ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…๎…ฒ๎„ฃ๎„ช๎‡ฟ๎…ฒ๎…๎†ธ๎„ช๎€‚ ๎…Š๎ƒฟ๎…ง๎†ธ๎€‚๎†ธ๎…ผ๎€‚ ๎ƒฟ๎€‚๎…ฐ๎ƒฟ๎…ก๎…ผ๎†ฃ๎…๎†ธ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎…๎…ฒ๎†ธ๎„ช๎†ฃ๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎†ธ๎…ผ๎€‚ ๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎…ฒ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚ ๎…ฐ๎„ช๎ƒฟ๎…ฒ๎†ธ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎ƒฟ๎€‚ ๎‡œ๎…๎†ธ๎ƒฟ๎…ง๎€‚
component of the cityโ€™s hotel demand completely disappeared. In 2018, international visitors accounted for over
37 percent of all hotel guests in the city, an all-time record, with Canada, Europe, Brazil and China accounting for
the majority of these travelers.
2
๎€‚๎ƒ ๎…๎†ธ๎…Š๎€‚๎…ฒ๎…ผ๎€‚๎„ฃ๎„ช๎‡ฟ๎…ฒ๎…๎†ธ๎…๎‡œ๎„ช๎€‚๎†ธ๎…๎…ฐ๎„ช๎†ธ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ฃ๎„ช๎…ง๎ƒฟ๎‡ข๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎…๎…ฒ๎†ธ๎„ช๎†ฃ๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎œ‰๎€‚
๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…ผ๎†ฃ๎€‚๎†ฃ๎„ช๎…ฐ๎ƒฟ๎…๎…ฒ๎†ซ๎€‚๎…‚๎ƒฟ๎†ฃ๎€‚๎…ผ๎‡ณ๎…‚๎œ
1
๎€‚๎œ’๎†๎…๎‡œ๎„ช๎€‚๎ƒƒ๎œ๎‚ฎ๎œ๎€‚๎ฒ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎จ๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎‚ฃ๎…๎† ๎„ช๎…ง๎…๎…ฒ๎„ช๎†ซ๎œ‰๎œ’๎€‚Lodging Magazine, August 5, 2019.
2
NYC & Company, Hotel Visitors: Visitor Market Pro๎‡พle, August. 2019.
Introduction
While the summer of 2020 saw some tourism return to New York City, hotel occupancy only reached 30 percent.
Two-thirds of that occupancy rate was attributable to government contracts to accommodate homeless residents
and healthcare workers at below-market rates, making the impact on hotels even more severe. By the end of
๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…๎†ซ๎€‚๎„ช๎‡ข๎† ๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎†ซ๎„ช๎„ช๎€‚๎…ผ๎…ฒ๎…ง๎‡ฃ๎€‚๎šŽ๎šŽ๎œ๎šŽ๎€‚๎…ฐ๎…๎…ง๎…ง๎…๎…ผ๎…ฒ๎€‚๎‡œ๎…๎†ซ๎…๎†ธ๎…ผ๎†ฃ๎†ซ๎œ‰๎€‚๎ƒฟ๎€‚๎š’๎š“๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎„ฃ๎„ช๎„œ๎…ง๎…๎…ฒ๎„ช๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎ƒฟ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚
portion being day-trippers from the Tri-State region. As of October 2020, over 37,000 hotel rooms in the city
remained closed, over ten percent of them permanently.
Current forecasts estimate the recovery of the New York City tourism sector to 2019 levels will not take place
until the end of 2024 or the beginning of 2025. NYC & Company estimates that full recovery of the international
visitorsโ€™ segment may take longer. A variety of factors, including positive public health outcomes and consumer
๎„œ๎…ผ๎…ฒ๎‡ฟ๎„ฃ๎„ช๎…ฒ๎„œ๎„ช๎€‚๎…ฐ๎ƒฟ๎…ค๎„ช๎†ซ๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎€‚๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎‡ฃ๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎€‚๎„œ๎…Š๎ƒฟ๎…ง๎…ง๎„ช๎…ฒ๎…ƒ๎…๎…ฒ๎…ƒ๎œ๎€‚๎ƒ ๎…๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„œ๎…Š๎„ช๎„ฃ๎‡€๎…ง๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…ผ๎†ฃ๎€‚๎‡€๎…ฒ๎„œ๎„ช๎†ฃ๎†ธ๎ƒฟ๎…๎…ฒ๎œ‰๎€‚
some hotel owners are actively looking to convert their hotels to other uses. When tourism and conventions do
๎†ฃ๎„ช๎†ธ๎‡€๎†ฃ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎œ‰๎€‚๎…Š๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎…๎†ธ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎„›๎„ช๎€‚๎…ฒ๎„ช๎„œ๎„ช๎†ซ๎†ซ๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎†ซ๎‡€๎‡ณ๎‡ฟ๎„œ๎…๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎…ฐ๎…ฐ๎…ผ๎„ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎†ธ๎…Š๎„ช๎…ฐ๎œ
Purpose of Study
The New York City Department of City Planning (DCP) is studying the introduction of a Special Permit for all new
hotel development citywide. The restriction under study may have potential long-term impacts on the tourism
industry, an important economic driver in New York City that generated $71 billion in economic activity and $7
๎„›๎…๎…ง๎…ง๎…๎…ผ๎…ฒ๎€‚๎…๎…ฒ๎€‚ ๎…ง๎…ผ๎„œ๎ƒฟ๎…ง๎€‚๎†ธ๎ƒฟ๎‡ข๎€‚๎†ฃ๎„ช๎‡œ๎„ช๎…ฒ๎‡€๎„ช๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š•๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎† ๎†ฃ๎…ผ๎† ๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎ƒฟ๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎„œ๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎† ๎…ผ๎†ธ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎€‚๎„ช๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎†ซ๎€‚๎…ผ๎…ฒ๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…ผ๎†ฃ๎†ซ๎€‚
beyond hotels that are reliant on tourism, including food and beverage, retail, entertainment, and transportation.
Accordingly, a detailed study of the hotel industry in New York City - including recent pre-COVID development
trends, the impacts of the COVID pandemic, and forecasts for recovery and future demandโ€”is warranted.
This report provides an overview of the pre-COVID hotel industry in New York City over the last decade and trends
related to hotel development patterns and typologies, factors that drive hotel demand, occupancy and revenue
and projected development pipeline, including analyses of pre-COVID hotel markets in each borough and
๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ๎€‚๎€ƒ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎…ง๎‡ฃ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎„ช๎†ซ๎€‚๎„ช๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎…๎„œ๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎€‚๎ƒฟ๎…ฒ๎ƒฟ๎…ง๎‡ฃ๎†ซ๎…๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎œ
The report then examines the impact of the COVID pandemic on the cityโ€™s hotel industry and current conditions
as of the fall of 2020, including hotel closures and trends in closures, trends in occupancy and room rates, the role
of the short-term rental market and economic impacts. The report also includes a detailed New York City hotel
๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚๎† ๎†ฃ๎…ผ๎‡ฟ๎…ง๎„ช๎€‚๎ƒฟ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎ฟ๎„œ๎†ธ๎…ผ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ
Finally, the report provides recovery projections for leisure, business, domestic and international travel and
uses these projections to inform a post-recovery New York City hotel market outlook that assumes no special
permit restrictions. This outlook includes projected hotel demand drivers for leisure and business travel, existing
room demand and future hotel demand projections for leisure and business travel, projected room demand by
borough and travel type, and residual room demand.
43
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
Methodology
In analyzing current market trends and outlook related to projected hotel development patterns in New York City
and projected forecasts for post-COVID recovery of the cityโ€™s tourism and hotel sectors, this report relies on both
primary and secondary data sources. Primary data sources used by the Consultant Team include interviews with
hotel developers, tourism industry representatives and local economic development professionals, in addition
to NYC & Company. The principal secondary data source used was STRโ€™s proprietary database on New York City
hotel inventory, supplemented by data from NYC & Company and the City of New York. The Consultant Team
also reviewed numerous reports and media articles related to the New York City and national hotel industry
and economic forecasts for the recovery of the New York City, national and global tourism and hotel sectors. A
detailed description of major data sources follows.
Data Sources
Primary Data
The Consultant Team collected original primary data through an interview process that extended over several
weeks in the fall of 2020. In total, the Consultant Team undertook interviews with hotel developers, local
๎„ช๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎…๎„œ๎€‚ ๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚ ๎…ง๎„ช๎ƒฟ๎„ฃ๎„ช๎†ฃ๎†ซ๎œ‰๎€‚ ๎ด๎ƒฆ๎€ ๎€‚ ๎ž ๎€‚ ๎€ ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎€‚ ๎†ซ๎†ธ๎ƒฟ๎‡ณ๎…‚๎œ‰๎€‚ ๎†ฃ๎„ช๎ƒฟ๎…ง๎€‚ ๎„ช๎†ซ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚ ๎† ๎†ฃ๎…ผ๎…‚๎„ช๎†ซ๎†ซ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎†ซ๎œ‰๎€‚ ๎…ง๎„ช๎ƒฟ๎„ฃ๎„ช๎†ฃ๎†ซ๎…Š๎…๎† ๎€‚ ๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚
Association of New York, and others who are able to speak knowledgeably about hotel development in New York
City, trends and outlook, demand drivers, supply, and impacts.
Secondary Data
๎‚ผ๎…Š๎„ช๎€‚๎€ ๎…ผ๎…ฒ๎†ซ๎‡€๎…ง๎†ธ๎ƒฟ๎…ฒ๎†ธ๎€‚๎‚ผ๎„ช๎ƒฟ๎…ฐ๎€‚๎‡€๎†ซ๎„ช๎„ฃ๎€‚๎†ซ๎„ช๎„œ๎…ผ๎…ฒ๎„ฃ๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎„ฃ๎ƒฟ๎†ธ๎ƒฟ๎€‚๎†ซ๎…ผ๎‡€๎†ฃ๎„œ๎„ช๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚๎ƒฟ๎…ฒ๎ƒฟ๎…ง๎‡ฃ๎†ซ๎„ช๎†ซ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„œ๎…๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎…ผ๎‡€๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎œ๎€‚
The main secondary data sources used in the report are proprietary datasets from STR, which the Consultant
Team analyzed in depth at various geographic and hotel typology levels, in addition to the impact that the COVID
๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎€‚๎…Š๎ƒฟ๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎„ช๎…ฐ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„œ๎…ง๎…ผ๎†ซ๎‡€๎†ฃ๎„ช๎†ซ๎€‚๎„›๎„ช๎…ƒ๎…๎…ฒ๎…ฒ๎…๎…ฒ๎…ƒ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎…ผ๎…‚๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎‚ฎ๎‚ผ๎‚ฆ๎€‚๎„ฃ๎ƒฟ๎†ธ๎ƒฟ๎†ซ๎„ช๎†ธ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎œˆ
โ€ข STR Hotel Inventory for New York City for the 2009โ€”2019 Period: This dataset describes historic and
existing hotel inventory as well as pipeline hotel developments in New York City for the requested period.
The Consultant Team purchased an updated version of this dataset directly from STR in January 2020.
โ€ข STR Hotel Inventory for New York for 2020: The Consultant Team purchased an updated version of the
Hotel Inventory for New York City from STR in October 2020 in order to document changes to hotel
inventory since the onset of the COVID pandemic. STR inventory notes those hotels that have ceased
๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎„ฃ๎ƒฟ๎†ธ๎ƒฟ๎€‚๎„›๎‡€๎†ธ๎€‚๎„ฃ๎…ผ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎„ช๎‡ข๎† ๎…ง๎…๎„œ๎…๎†ธ๎…ง๎‡ฃ๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎†ฃ๎…ฐ๎€‚๎…๎…‚๎€‚๎ƒฟ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎œ
โ€ข STR Trends Data: This dataset compiles and averages hotel operating statements from participating
hotels in order to provide aggregated occupancy rates ADR (average daily rates), RevPAR (revenue per
available room) and revenue year-over-year with percentage changes. The Consultant Team originally
purchased this dataset directly from STR in January 2020, which gave a ten-year trends overview through
the end of 2019. The Consultant Team then purchased an updated dataset in October 2020 in order to
review the impacts that the COVID pandemic had on hotel occupancy, rates and revenue in New York City.
The Consultant Team used additional secondary data sources, including:
โ€ข New York City Department of Building (DOB) Data: The Consultant Team reviewed DOB permit data
provided by the New York City Department of City Planning that showed building permits or hotel
projects under construction and in the pre-construction process as of October 2020
โ€ข NYC & Company Reports: The Consultant Team reviewed NYC & Company's 2019 Travel & Tourism
Trend Report, which covered the tourism industry in the city through 2018 and the 2020 report All in
NYC: Roadmap for Tourismโ€™s Reimagining and Recovery, which provided an overview of the cityโ€™s
tourism industry in 2019. These summaries provide an overview of New York City travel and tourism
trends, including total domestic and international visitors and visitation by segment, in addition to hotel
performance. NYC & Company also provided the Consultant Team with economic impact data for the
tourism and lodging sectors. It should be noted that, because of COVIDโ€™s unprecedented impact on the
cityโ€™s tourism and hotel sectors, NYC & Company did not issue a report or economic overview for 2020.
โ€ข ๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚๎€ง๎„ช๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎จ๎ƒฟ๎„›๎…ผ๎†ฃ๎€‚๎ƒ ๎…ผ๎†ฃ๎…ค๎„ช๎†ฃ๎€‚๎€ƒ๎„ฃ๎…ก๎‡€๎†ซ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฆ๎„ช๎†ธ๎†ฃ๎ƒฟ๎…๎…ฒ๎…๎…ฒ๎…ƒ๎€‚๎ด๎…ผ๎†ธ๎…๎‡ฟ๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎œ ๎ƒ ๎€ƒ๎‚ฆ๎ด๎œก๎€‚๎‚ฆ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎†ซ๎œˆ๎€‚The
New York State Worker Adjustment and Retraining Act requires covered businesses in New York State to
๎† ๎†ฃ๎…ผ๎‡œ๎…๎„ฃ๎„ช๎€‚๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎‡๎ƒฟ๎†ฃ๎…ฒ๎…๎…ฒ๎…ƒ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎„œ๎…ง๎…ผ๎†ซ๎‡€๎†ฃ๎„ช๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ง๎ƒฟ๎‡ฃ๎…ผ๎‡ณ๎…‚๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎‡๎…ผ๎†ฃ๎…ค๎„ช๎†ฃ๎†ซ๎œ‰๎€‚๎„ช๎…ฐ๎† ๎…ง๎…ผ๎‡ฃ๎„ช๎„ช๎€‚๎†ฃ๎„ช๎† ๎†ฃ๎„ช๎†ซ๎„ช๎…ฒ๎†ธ๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚๎€ง๎„ช๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚
๎…ผ๎…‚๎€‚๎จ๎ƒฟ๎„›๎…ผ๎†ฃ๎€‚๎œ ๎ด๎ƒฆ๎‚ฎ๎€ง๎ฟ๎จ๎œก๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ง๎…ผ๎„œ๎ƒฟ๎…ง๎€‚๎‡๎…ผ๎†ฃ๎…ค๎…‚๎…ผ๎†ฃ๎„œ๎„ช๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎„›๎…ผ๎ƒฟ๎†ฃ๎„ฃ๎†ซ๎œ๎€‚๎€ƒ๎†ซ๎€‚๎…ฐ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…‚๎ƒฟ๎„œ๎„ช๎„ฃ๎€‚๎†ซ๎‡€๎„ฃ๎„ฃ๎„ช๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‡€๎…ฒ๎„ช๎‡ข๎† ๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚
๎„œ๎…ง๎…ผ๎†ซ๎‡€๎†ฃ๎„ช๎†ซ๎€‚๎…ผ๎†ฃ๎€‚๎„ช๎‡ข๎†ธ๎†ฃ๎„ช๎…ฐ๎„ช๎€‚๎†ซ๎…ง๎…ผ๎‡๎„ฃ๎…ผ๎‡๎…ฒ๎†ซ๎€‚๎…๎…ฒ๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎„ฃ๎‡€๎„ช๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎œ‰๎€‚๎ƒ ๎€ƒ๎‚ฆ๎ด๎€‚๎…ฒ๎…ผ๎†ธ๎…๎„œ๎„ช๎†ซ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎‡ฟ๎…ง๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚
๎…ง๎ƒฟ๎…๎„ฃ๎€‚ ๎…ผ๎‡ณ๎…‚๎€‚ ๎…ผ๎†ฃ๎€‚ ๎…‚๎‡€๎†ฃ๎…ง๎…ผ๎‡€๎…ƒ๎…Š๎„ช๎„ฃ๎€‚ ๎„ช๎…ฐ๎† ๎…ง๎…ผ๎‡ฃ๎„ช๎„ช๎†ซ๎œ๎€‚ ๎‚ผ๎…Š๎„ช๎€‚ ๎€ ๎…ผ๎…ฒ๎†ซ๎‡€๎…ง๎†ธ๎ƒฟ๎…ฒ๎†ธ๎€‚ ๎‚ผ๎„ช๎ƒฟ๎…ฐ๎€‚ ๎†ฃ๎„ช๎‡œ๎…๎„ช๎‡๎„ช๎„ฃ๎€‚ ๎ด๎ƒฆ๎‚ฎ๎€ง๎ฟ๎จ๎œน๎†ซ๎€‚ ๎ƒ ๎€ƒ๎‚ฆ๎ด๎€‚ ๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎†ซ๎€‚ ๎†ธ๎…ผ๎€‚ ๎„ฃ๎„ช๎†ธ๎„ช๎†ฃ๎…ฐ๎…๎…ฒ๎„ช๎€‚
those hotels that were no longer operating as of October 2020. WARN notices by themselves, however, are not
indicative of a hotelโ€™s permanent closure and the Consultant Team worked with the Hotel Association of New
๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎†ธ๎…ผ๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎†ฃ๎…ฐ๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ซ๎…Š๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎„›๎„ช๎€‚๎†ฃ๎„ช๎…ฐ๎…ผ๎‡œ๎„ช๎„ฃ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎œ
โ€ข ๎จ๎…๎†ธ๎„ช๎†ฃ๎ƒฟ๎†ธ๎‡€๎†ฃ๎„ช๎€‚๎‚ฆ๎„ช๎‡œ๎…๎„ช๎‡๎œˆ The Consultant Team undertook an overview and analysis of published sources that
provided an overview of trends in the tourism and hotel sectors both in New York City and nationally,
in addition to projections and forecasts related to recovery and trends moving forward. Sources
included third party market evaluation and outlook reports, industry reports and outlook projections,
in addition to relevant recent news articles in local and national newspapers, magazines and industry
trade publications that focus on the travel and hospitality industry and New York City real estate. A
bibliography of literature is attached in Appendix I.
65
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
Approach
This market study evaluates projected hotel room demand and supply growth in New York City, both citywide
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…๎…ฒ๎€‚๎„ช๎ƒฟ๎„œ๎…Š๎€‚๎…ผ๎…‚๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎‡ฟ๎‡œ๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎œ‰๎€‚ ๎†ธ๎…Š๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎šŽ๎šŒ๎š๎š‘๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚ ๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…ผ๎‡€๎†ธ๎…ง๎…ผ๎…ผ๎…ค๎€‚๎†ฃ๎„ช๎…ง๎…๎„ช๎†ซ๎€‚๎…ผ๎…ฒ๎€‚ ๎…Š๎…๎†ซ๎†ธ๎…ผ๎†ฃ๎…๎„œ๎€‚๎† ๎†ฃ๎„ช๎œซ๎€ ๎ฟ๎ƒŸ๎“๎€ง๎€‚ ๎œ ๎† ๎†ฃ๎„ช๎œซ๎šŽ๎šŒ๎šŽ๎šŒ๎œก๎€‚
visitation projection data along with national tourism demand trends.
Based on recovery projections and industry analysis related to the New York City, national and international hotel
markets, described in detail in Section 3, the hotel market outlook analysis for New York City assumes 2025 as
the recovery year for the New York City hotel market, when demand levels will return to those of January 2020.
Once the New York City hotel market reaches recovery in 2025, the market outlook analysis projects hotel demand
by market segmentโ€”both leisure and business travelโ€”and then subtracts the total future projected hotel
๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎œ‰๎€‚๎„œ๎…ผ๎…ฐ๎† ๎†ฃ๎…๎†ซ๎…๎…ฒ๎…ƒ๎€‚๎„ช๎‡ข๎…๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…‚๎ƒฟ๎…ง๎…ง๎€‚๎…ผ๎…‚๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎† ๎…ง๎‡€๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚
pipeline, to estimate a residual future demand for hotel rooms.
Hotel Supply: Existing and Future Outlook
To determine existing hotel supply conditions, the Consultant Team analyzed data from STR and other sources for
๎†ธ๎…Š๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎ƒฟ๎€‚๎‡๎…Š๎…ผ๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚๎…ƒ๎„ช๎…ผ๎…ƒ๎†ฃ๎ƒฟ๎† ๎…Š๎…๎„œ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ๎€‚๎‚ฎ๎‚ผ๎‚ฆ๎€‚๎„ฃ๎ƒฟ๎†ธ๎ƒฟ๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎„ช๎†ซ๎€‚๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„ช๎‡ข๎…๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚
counts by geography. In addition, the Consultant Team compared STR data for the New York City market from
October 2020 with STR data from January 2020 in order to determine those hotels that were no longer reporting
data to STR and were likely to be closed, either temporarily or permanently, due to the COVID pandemic. To
identify hotel closures, the Consultant Team also reviewed WARN reports from the New York State Department
๎…ผ๎…‚๎€‚๎จ๎ƒฟ๎„›๎…ผ๎†ฃ๎œ‰๎€‚๎…ฐ๎„ช๎„ฃ๎…๎ƒฟ๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎†ซ๎€‚๎ƒฟ๎„›๎…ผ๎‡€๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„œ๎…ง๎…ผ๎†ซ๎‡€๎†ฃ๎„ช๎†ซ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎†ฃ๎…ฐ๎„ช๎„ฃ๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„œ๎…ง๎…ผ๎†ซ๎‡€๎†ฃ๎„ช๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎€ƒ๎†ซ๎†ซ๎…ผ๎„œ๎…๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚
of New York City.
Data on pipeline hotel development (hotels that are either currently under development or in pre-construction
phase) were provided by the Department of City Planning and based on data from the New York City Department
๎…ผ๎…‚๎€‚๎€Ÿ๎‡€๎…๎…ง๎„ฃ๎…๎…ฒ๎…ƒ๎†ซ๎œ๎€‚๎“๎…ฒ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…ผ๎…ฒ๎†ซ๎‡€๎…ง๎†ธ๎ƒฟ๎…ฒ๎†ธ๎€‚๎‚ผ๎„ช๎ƒฟ๎…ฐ๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎†ฃ๎…ฐ๎„ช๎„ฃ๎€‚๎† ๎…๎† ๎„ช๎…ง๎…๎…ฒ๎„ช๎€‚๎„ฃ๎ƒฟ๎†ธ๎ƒฟ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…ง๎„ช๎ƒฟ๎„ฃ๎„ช๎†ฃ๎†ซ๎…Š๎…๎† ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ซ๎†ธ๎ƒฟ๎‡ณ๎…‚๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎…ฐ๎‡€๎…ง๎†ธ๎…๎† ๎…ง๎„ช๎€‚
๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎…๎…ฐ๎† ๎†ฃ๎…ผ๎‡œ๎„ช๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎œ
Because the New York City hotel market has lost more than 40,000 hotel rooms since the COVID pandemic began
๎…๎…ฒ๎€‚๎…ฐ๎…๎„ฃ๎œซ๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎ƒฟ๎…ฒ๎ƒฟ๎…ง๎‡ฃ๎†ซ๎…๎†ซ๎€‚๎ƒฟ๎†ซ๎†ซ๎‡€๎…ฐ๎„ช๎†ซ๎€‚๎ƒฟ๎€‚๎†ฃ๎ƒฟ๎…ฒ๎…ƒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎…‚๎‡€๎†ธ๎‡€๎†ฃ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚๎„›๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎‡๎…ผ๎€‚๎†ซ๎„œ๎„ช๎…ฒ๎ƒฟ๎†ฃ๎…๎…ผ๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚
๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎‡€๎†ฃ๎„ช๎†ซ๎œง๎…ผ๎…ฒ๎„ช๎€‚๎‡๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎†ฃ๎…ฐ๎„ช๎„ฃ๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†๎ƒฟ๎…ง๎…ง๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎†ฃ๎„ช๎…ฐ๎ƒฟ๎…๎…ฒ๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎…ผ๎‡€๎†ธ๎€‚๎…ผ๎…‚๎€‚
the hotel room inventory and a second scenario where all hotels, both permanently and temporarily, as of Fall
2020 will be permanently closed as of the 2025 recovery. It is recognized that the probable hotel room supply in
2025 will likely be somewhere within that range.
Hotel Demand: Existing and Future Outlook
As noted above, this market analysis assumes that demand for hotel rooms in New York City will recover to pre-
COVID January 2020 levels in the year 2025 and will resume pre-COVID growth rates from that year moving
forward. Future hotel demand in New York City was estimated through observation of several pre-COVID
indicators, including tourism trends, business trends, and occupancy and pricing data. The pre-COVID strength
and direction of the New York City hotel market was determined using data from NYC & Companyโ€”including
๎…๎†ธ๎†ซ๎€‚๎† ๎†ฃ๎„ช๎œซ๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎€ง๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎‚ฆ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎†ซ๎œ‰๎€‚๎ƒฟ๎…ฒ๎…ฒ๎‡€๎ƒฟ๎…ง๎€‚๎‡œ๎…ผ๎…ง๎‡€๎…ฐ๎„ช๎€‚๎†ซ๎†ธ๎‡€๎„ฃ๎…๎„ช๎†ซ๎œ‰๎€‚๎‡œ๎…๎†ซ๎…๎†ธ๎…ผ๎†ฃ๎€‚๎† ๎†ฃ๎…ผ๎‡ฟ๎…ง๎„ช๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎‚ผ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎…ฐ๎€‚๎“๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎€‚
๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎œง๎† ๎…ง๎‡€๎†ซ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎†ธ๎…Š๎…๎†ฃ๎„ฃ๎€‚๎† ๎ƒฟ๎†ฃ๎†ธ๎‡ฃ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎†ซ๎†ธ๎‡€๎„ฃ๎…๎„ช๎†ซ๎€‚๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎† ๎ƒฟ๎†ฃ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎…๎†ธ๎„ช๎†ฃ๎ƒฟ๎†ธ๎‡€๎†ฃ๎„ช๎€‚๎†ฃ๎„ช๎‡œ๎…๎„ช๎‡๎œ
Quantitative Analysis Projecting Outlook to 2035
The Consultant Team undertook a quantitative analysis in order to evaluate whether projected future hotel
supply can absorb projected demand. Residual hotel room demand represents the number of rooms, if any, that
๎‡๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎„›๎„ช๎€‚๎„ช๎‡ข๎† ๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎„›๎„ช๎€‚๎„ฃ๎„ช๎…ง๎…๎‡œ๎„ช๎†ฃ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ธ๎„ช๎…ฒ๎œซ๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎€‚๎† ๎„ช๎†ฃ๎…๎…ผ๎„ฃ๎€‚๎…‚๎…ผ๎…ง๎…ง๎…ผ๎‡๎…๎…ฒ๎…ƒ๎€‚๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎‡ฃ๎œ‰๎€‚๎…ผ๎†ฃ๎€‚๎„›๎‡ฃ๎€‚๎šŽ๎šŒ๎š๎š‘๎œ‰๎€‚๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚
market absorbs the current pipeline of hotel rooms. The analysis assumes a market equilibrium in 2035 where
the supply of hotel rooms will meet projected demand; the analysis also supposes that January 2020 pre-COVID
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎‡ข๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚๎š”๎š’๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎„›๎„ช๎€‚๎†ฃ๎„ช๎‡ต๎…ง๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎šŽ๎šŒ๎š๎š‘๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎œ
Key Definitions
The STR data reports on three key hotel market indicators that the Consultant Team uses throughout the analysis.
These indicators are Occupancy Rate, Average Daily Rate (ADR) and Revenue per Available Room (RevPAR), all
๎…ผ๎…‚๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎…ค๎„ช๎‡ฃ๎€‚๎† ๎„ช๎†ฃ๎…‚๎…ผ๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„œ๎„ช๎€‚๎…๎…ฒ๎„ฃ๎…๎„œ๎ƒฟ๎†ธ๎…ผ๎†ฃ๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎œ๎€‚๎†๎‡€๎†ฃ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎…๎…ฒ๎…‚๎…ผ๎†ฃ๎…ฐ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎ƒฟ๎„›๎…ผ๎‡€๎†ธ๎€‚๎„ช๎ƒฟ๎„œ๎…Š๎€‚๎…ผ๎…‚๎€‚
these indicators follows:
โ€ข Occupancy Rate refers to the ratio of rooms that are booked or occupied compared to the total amount
๎…ผ๎…‚๎€‚๎ƒฟ๎‡œ๎ƒฟ๎…๎…ง๎ƒฟ๎„›๎…ง๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎ƒฟ๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚๎† ๎„ช๎†ฃ๎…๎…ผ๎„ฃ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…๎…ฐ๎„ช๎œ‰๎€‚๎‡€๎†ซ๎‡€๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎„œ๎ƒฟ๎…ง๎„œ๎‡€๎…ง๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎…ฒ๎‡€๎ƒฟ๎…ง๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎œ๎€‚๎“๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎…ฒ๎…๎†ธ๎„ช๎„ฃ๎€‚
States, an occupancy rate of 76 percent or higher has traditionally indicated a tight hotel market. In the
decade pre-COVID, New York City reported annual occupancy rates above 85 percent, the highest in the
country. In a market with high occupancy rates, hotel rooms continue to be built and absorbed; however,
occupancy rates alone do not indicate whether new hotel development is feasiblea hotel market should
๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎†ซ๎‡€๎‡ณ๎‡ฟ๎„œ๎…๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎…Š๎…๎…ƒ๎…Š๎€‚๎†ฃ๎„ช๎‡œ๎„ช๎…ฒ๎‡€๎„ช๎€‚๎†ธ๎…ผ๎€‚๎†ซ๎‡€๎† ๎† ๎…ผ๎†ฃ๎†ธ๎€‚๎…ฒ๎„ช๎‡๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎†ธ๎†ฃ๎‡€๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎†ฃ๎€‚๎†ฃ๎„ช๎…ฒ๎…ผ๎‡œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ
โ€ข Average Daily Rate (ADR) is a metric that is widely used in the hotel industry to indicate the average
๎†ฃ๎„ช๎ƒฟ๎…ง๎…๎‡ญ๎„ช๎„ฃ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎†ฃ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎€‚๎† ๎„ช๎†ฃ๎€‚๎† ๎ƒฟ๎…๎„ฃ๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎…๎„ช๎„ฃ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎† ๎„ช๎†ฃ๎€‚๎„ฃ๎ƒฟ๎‡ฃ๎œ๎€‚๎“๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ‰๎€‚๎€ƒ๎€ง๎‚ฆ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎…ง๎…๎…ค๎„ช๎…ง๎‡ฃ๎€‚๎†ธ๎…ผ๎€‚๎‡ต๎…ง๎‡€๎„œ๎†ธ๎‡€๎ƒฟ๎†ธ๎„ช๎€‚
๎…ผ๎†ฃ๎€‚ ๎†ซ๎†ธ๎ƒฟ๎…ƒ๎…ฒ๎ƒฟ๎†ธ๎„ช๎€‚ ๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚ ๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚ ๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎œ๎€‚ ๎€Ÿ๎„ช๎„œ๎ƒฟ๎‡€๎†ซ๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎† ๎†ฃ๎…๎„œ๎„ช๎†ซ๎€‚๎„œ๎ƒฟ๎…ฒ๎€‚ ๎‡ต๎…ง๎‡€๎„œ๎†ธ๎‡€๎ƒฟ๎†ธ๎„ช๎€‚ ๎„ฃ๎ƒฟ๎…๎…ง๎‡ฃ๎œ‰๎€‚ ๎„›๎‡ฃ๎€‚๎„ฃ๎ƒฟ๎‡ฃ๎€‚ ๎…ผ๎…‚๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎‡๎„ช๎„ช๎…ค๎€‚ ๎…ผ๎†ฃ๎€‚ ๎„›๎‡ฃ๎€‚
season, hotels can quickly adjust ADRs to maintain high occupancy rates.
87
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
โ€ข Revenue per Available Room (RevPAR) shows the impact of room vacancy rates on average daily rates
and is calculated by multiplying a hotelโ€™s ADR by its occupancy rate or by taking a hotelโ€™s gross room
revenue and dividing it by the total available room nights, calculated as the number of rooms in the hotel
multiplied by 365. As RevPAR incorporates both occupancy rates and ADR, it is useful for tracking market
๎† ๎„ช๎†ฃ๎…‚๎…ผ๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„œ๎„ช๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎†ธ๎…๎…ฐ๎„ช๎œ๎€‚๎€ƒ๎€‚๎†ฃ๎…๎†ซ๎…๎…ฒ๎…ƒ๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎„œ๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎†ฃ๎„ช๎‡ต๎…ง๎„ช๎„œ๎†ธ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎œ‰๎€‚๎€ƒ๎€ง๎‚ฆ๎œ‰๎€‚๎…ผ๎†ฃ๎€‚๎„›๎…ผ๎†ธ๎…Š๎œ‰๎€‚๎„›๎‡€๎†ธ๎€‚๎‡๎…ผ๎‡€๎…ง๎„ฃ๎€‚
show that the market is strengthening. If ADRs and occupancy rates are moving inversely, but RevPAR is
still increasing, it indicates that the market is still strong despite a declining ADR or occupancy rate. A
๎‡ต๎…ง๎ƒฟ๎†ธ๎€‚๎…ผ๎†ฃ๎€‚๎„ฃ๎„ช๎„œ๎…ง๎…๎…ฒ๎…๎…ฒ๎…ƒ๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎…๎…ฒ๎„ฃ๎…๎„œ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎…ค๎„ช๎„ช๎† ๎…๎…ฒ๎…ƒ๎€‚๎‡€๎† ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…ƒ๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎…ง๎€‚๎…๎…ฒ๎‡ต๎…ง๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„œ๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎„›๎„ช๎€‚
weakening. A market with continued declining RevPAR is unlikely to support new hotel development.
Defining the NYC Lodging Market
T
he following section provides an overview of the New York City lodging market as of the end of calendar
year 2019 and before the impacts of the COVID-19 pandemic were in place. By January 2020, the New York
City tourism and lodging market were in the thirteenth year of a continuous growth pattern that came to
๎ƒฟ๎€‚๎†ซ๎‡€๎„ฃ๎„ฃ๎„ช๎…ฒ๎€‚๎…Š๎ƒฟ๎…ง๎†ธ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎€ƒ๎…ฒ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎‡œ๎…๎„ช๎‡๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎‡€๎†ฃ๎†ฃ๎„ช๎…ฒ๎†ธ๎€‚๎„œ๎…ผ๎…ฒ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎…ผ๎†ซ๎†ธ๎œซ๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚
market and the impacts of the pandemic is provided in Section III.
Lodging Typologies
As of January 2020, the lodging sector in New York City comprised the third largest hotel market in the United States
๎„›๎‡ฃ๎€‚๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚๎„›๎„ช๎…Š๎…๎…ฒ๎„ฃ๎€‚๎จ๎ƒฟ๎†ซ๎€‚๎ƒŸ๎„ช๎…ƒ๎ƒฟ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฟ๎†ฃ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎…ผ๎œ๎€‚๎ฟ๎‡œ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎„ฃ๎„ช๎„œ๎ƒฟ๎„ฃ๎„ช๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ธ๎†ฃ๎ƒฟ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎€‚
was also joined by a short-term rental market that is now the largest in the country and one of the largest in the world.
Hotels
As of December 2019, New York City had approximately 670 individual hotels with a total of almost 122,000 rooms.
These hotels consisted of a broad array of service types, from full-service luxury to limited-service economy.
๎‚ผ๎…Š๎„ช๎€‚๎ƒƒ๎…ฒ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎„ฃ๎…ผ๎„ช๎†ซ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎ƒฟ๎…ฒ๎€‚๎…ผ๎‡ณ๎‡ฟ๎„œ๎…๎ƒฟ๎…ง๎€‚๎„œ๎…ผ๎…ฐ๎…ฐ๎…ผ๎…ฒ๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎†ซ๎†ธ๎ƒฟ๎…ฒ๎„ฃ๎ƒฟ๎†ฃ๎„ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎„œ๎ƒฟ๎†ธ๎„ช๎…ƒ๎…ผ๎†ฃ๎…๎‡ญ๎…๎…ฒ๎…ƒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎…ง๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚
facilities, as exists in the European Union and the United Kingdom. However, while there is no standardized
๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚ ๎…ผ๎…‚๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎†ธ๎‡ฃ๎† ๎…ผ๎…ง๎…ผ๎…ƒ๎…๎„ช๎†ซ๎œ‰๎€‚ ๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚ ๎ƒฟ๎†ฃ๎„ช๎€‚ ๎„œ๎…ผ๎…ฐ๎…ฐ๎…ผ๎…ฒ๎…ง๎‡ฃ๎€‚ ๎ƒฟ๎„œ๎„œ๎„ช๎† ๎†ธ๎„ช๎„ฃ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎„œ๎ƒฟ๎†ธ๎„ช๎…ƒ๎…ผ๎†ฃ๎…๎„ช๎†ซ๎œ‰๎€‚ ๎†ซ๎‡€๎„œ๎…Š๎€‚ ๎ƒฟ๎†ซ๎€‚ ๎„›๎‡€๎„ฃ๎…ƒ๎„ช๎†ธ๎œ‰๎€‚ ๎…ฐ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎œ‰๎€‚
upscale and luxury. Additional descriptive categories that are commonly used for hotels, include such terms as
boutique, extended stay, inn/B&B, and, increasingly, micro-hotels.
๎“๎…ฒ๎€‚๎…ง๎…๎„ช๎‡€๎€‚๎…ผ๎…‚๎€‚๎†ซ๎†ธ๎ƒฟ๎…ฒ๎„ฃ๎ƒฟ๎†ฃ๎„ฃ๎…๎‡ญ๎„ช๎„ฃ๎€‚๎†ธ๎‡ฃ๎† ๎…ผ๎…ง๎…ผ๎…ƒ๎…๎„ช๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…ผ๎…ฒ๎†ซ๎‡€๎…ง๎†ธ๎ƒฟ๎…ฒ๎†ธ๎€‚๎‚ผ๎„ช๎ƒฟ๎…ฐ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ธ๎‡€๎†ฃ๎…ฒ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎‚ฎ๎‚ผ๎‚ฆ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œน๎†ซ๎€‚๎† ๎†ฃ๎„ช๎…ฐ๎…๎„ช๎†ฃ๎€‚๎‡ฟ๎†ฃ๎…ฐ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ธ๎†ฃ๎ƒฟ๎„œ๎…ค๎…๎…ฒ๎…ƒ๎€‚
supply and demand data for multiple hotel markets. STR uses a six-tier categorization system that is primarily
based on Average Daily Rate (ADR) rather than on general assumptions related to hotel quality, amenities, or
other features within the local markets it examines. STRโ€™s tiers are described below:
ECONOMY
โ€ข Examples: ๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎€‚๎จ๎…ผ๎„ฃ๎…ƒ๎„ช๎œ‰๎€‚๎‚ฆ๎…ผ๎„ฃ๎„ช๎‡๎ƒฟ๎‡ฃ๎€‚๎“๎…ฒ๎…ฒ๎œ‰๎€‚๎€ง๎ƒฟ๎‡ฃ๎†ซ๎€‚๎“๎…ฒ๎…ฒ
MID-SCALE
โ€ข Examples: ๎€Ÿ๎„ช๎†ซ๎†ธ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎„ช๎†ฃ๎…ฒ๎œ‰๎€‚๎‚ฅ๎‡€๎ƒฟ๎…ง๎…๎†ธ๎‡ฃ๎€‚๎“๎…ฒ๎…ฒ๎œ‰๎€‚๎‚ฆ๎ƒฟ๎…ฐ๎ƒฟ๎„ฃ๎ƒฟ
UPPER MID-SCALE
โ€ข Examples: Best Western Plus, Comfort Inn, Clarion,
Hampton Inn
UPSCALE
โ€ข Examples: Best Western Premier, Radisson, Hyatt
Place, DoubleTree, Hilton Garden Inn
UPPER UPSCALE
โ€ข Examples: Hilton, Radisson Blu, Kimpton, Sheraton,
๎Ž๎‡ฃ๎ƒฟ๎†ธ๎†ธ๎€‚๎‚ฆ๎„ช๎…ƒ๎„ช๎…ฒ๎„œ๎‡ฃ๎œ‰๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎œ‰๎€‚๎ƒ ๎‡ฃ๎…ฒ๎„ฃ๎…Š๎ƒฟ๎…ฐ
LUXURY
โ€ข Examples: ๎‚ฆ๎…๎†ธ๎‡ญ๎€‚๎€ ๎ƒฟ๎†ฃ๎…ง๎†ธ๎…ผ๎…ฒ๎œ‰๎€‚๎ค๎ƒ ๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎œ‰๎€‚๎€ ๎…ผ๎…ฒ๎†ฃ๎ƒฟ๎„ฃ๎œ‰๎€‚๎€ƒ๎…ฒ๎„ฃ๎ƒฟ๎‡ญ๎œ‰๎€‚
Grand Hyatt, Intercontinental
109
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
๎€Ÿ๎„ช๎„œ๎ƒฟ๎‡€๎†ซ๎„ช๎€‚๎‚ฎ๎‚ผ๎‚ฆ๎œน๎†ซ๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎†ซ๎…ผ๎€‚๎…‚๎…ผ๎„œ๎‡€๎†ซ๎„ช๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎† ๎…ผ๎†ซ๎…๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎…๎„ฃ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎œ‰๎€‚
๎†ธ๎…Š๎„ช๎€‚๎€ ๎…ผ๎…ฒ๎†ซ๎‡€๎…ง๎†ธ๎ƒฟ๎…ฒ๎†ธ๎€‚๎‚ผ๎„ช๎ƒฟ๎…ฐ๎€‚๎„ฃ๎„ช๎„œ๎…๎„ฃ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎‡€๎…ƒ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฎ๎‚ผ๎‚ฆ๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎„ฃ๎„ช๎‡ฟ๎…ฒ๎…๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎†ธ๎…Š๎†ฃ๎„ช๎„ช๎€‚๎„›๎†ฃ๎…ผ๎ƒฟ๎„ฃ๎€‚๎ƒฟ๎†ซ๎†ซ๎„ช๎†ธ๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎„ช๎†ซ๎€‚
used by the hotel industry that are based more on featured services and amenities. These asset class categories
๎ƒฟ๎†ฃ๎„ช๎€‚๎œ ๎š๎œก๎€‚๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎œ‰๎€‚๎œ ๎šŽ๎œก๎€‚๎‚ฎ๎„ช๎…ง๎„ช๎„œ๎†ธ๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎œ ๎š๎œก๎€‚๎†๎‡€๎…ง๎…ง๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎œ
โ€ข Limited-Service๎€‚ ๎…๎†ซ๎€‚ ๎„ฃ๎„ช๎‡ฟ๎…ฒ๎„ช๎„ฃ๎€‚ ๎ƒฟ๎†ซ๎€‚ ๎ƒฟ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎‡๎…๎†ธ๎…Š๎…ผ๎‡€๎†ธ๎€‚
restaurants or banquet facilities. The services
๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎ƒฟ๎…ฐ๎„ช๎…ฒ๎…๎†ธ๎…๎„ช๎†ซ๎€‚ ๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎„ช๎„ฃ๎€‚ ๎†ธ๎…ผ๎€‚ ๎…ƒ๎‡€๎„ช๎†ซ๎†ธ๎†ซ๎€‚ ๎…ผ๎…‚๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚ ๎…๎…ฒ๎€‚ ๎†ธ๎…Š๎…๎†ซ๎€‚
asset class are typically simple and might include
๎ƒฟ๎€‚ ๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚ ๎„œ๎„ช๎…ฒ๎†ธ๎„ช๎†ฃ๎œ‰๎€‚ ๎ƒฟ๎€‚ ๎‡ฟ๎†ธ๎…ฒ๎„ช๎†ซ๎†ซ๎€‚ ๎†ฃ๎…ผ๎…ผ๎…ฐ๎œ‰๎€‚ ๎ƒฟ๎€‚ ๎…ƒ๎‡€๎„ช๎†ซ๎†ธ๎€‚ ๎…ง๎ƒฟ๎‡€๎…ฒ๎„ฃ๎†ฃ๎‡ฃ๎€‚
facility, a market pantry, an indoor and/or outdoor
pool and small meeting rooms.
โ€ข Select-Service๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„ฃ๎„ช๎‡ฟ๎…ฒ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎€‚
๎†ธ๎…Š๎„ช๎€‚๎…‚๎‡€๎…ฒ๎„ฃ๎ƒฟ๎…ฐ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎…ผ๎†ซ๎„ช๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎€‚
together with a limited selection of the services and
amenities characteristic of Full-Service properties.
โ€ข Full-Service๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚ ๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎€‚ ๎ƒฟ๎…ฒ๎€‚ ๎ƒฟ๎„›๎‡€๎…ฒ๎„ฃ๎ƒฟ๎…ฒ๎†ธ๎€‚ ๎† ๎†ฃ๎…ผ๎‡œ๎…๎†ซ๎…๎…ผ๎…ฒ๎€‚ ๎…ผ๎…‚๎€‚
food and beverage services suitable for both guests
and groups. Full-Service hotels, unlike hotels in other
๎„œ๎ƒฟ๎†ธ๎„ช๎…ƒ๎…ผ๎†ฃ๎…๎„ช๎†ซ๎œ‰๎€‚๎†ธ๎‡ฃ๎† ๎…๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎† ๎…ง๎ƒฟ๎‡ฃ๎€‚๎ƒฟ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎†ฃ๎…ผ๎…ง๎„ช๎€‚๎…๎…ฒ๎€‚๎†ซ๎„ช๎†ฃ๎‡œ๎…๎„œ๎…๎…ฒ๎…ƒ๎€‚
the meeting and special events needs in their market
area. A more detailed description of the three asset
๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎„ช๎†ซ๎œ‰๎€‚๎ƒฟ๎†ซ๎€‚๎„ฃ๎„ช๎‡ฟ๎…ฒ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎ƒƒ๎œ๎‚ฎ๎œ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎€ƒ๎† ๎† ๎†ฃ๎ƒฟ๎…๎†ซ๎ƒฟ๎…ง๎†ซ๎œ‰๎€‚๎…ผ๎…ฒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚
๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œน๎†ซ๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎‡ฟ๎†ฃ๎…ฐ๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎‡ฃ๎€‚๎‡œ๎ƒฟ๎…ง๎‡€๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ‰๎€‚๎…๎†ซ๎€‚
presented in Appendix II.
โ€ข
โ€ข
๎ƒ ๎…Š๎…๎…ง๎„ช๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎ƒฟ๎€‚๎† ๎„ช๎†ฃ๎…‚๎„ช๎„œ๎†ธ๎€‚๎„œ๎…ผ๎†ฃ๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ‰๎€‚๎…๎†ธ๎€‚๎„œ๎ƒฟ๎…ฒ๎€‚๎…ƒ๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎„›๎„ช๎€‚๎ƒฟ๎†ซ๎†ซ๎‡€๎…ฐ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎„›๎‡ฃ๎€‚๎‚ฎ๎‚ผ๎‚ฆ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎†๎‡€๎…ง๎…ง๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎‚ฎ๎„ช๎…ง๎„ช๎„œ๎†ธ๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚
๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎œ๎€‚๎Ž๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎…ผ๎‡๎„ช๎†ฃ๎€‚๎„ช๎…ฒ๎„ฃ๎€‚๎…ฐ๎ƒฟ๎‡ฃ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎„›๎„ช๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎œซ
๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…ฐ๎ƒฟ๎‡ฃ๎€‚๎„›๎„ช๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎…๎„ฃ๎„ช๎†ฃ๎„ช๎„ฃ๎€‚๎‚ฎ๎„ช๎…ง๎„ช๎„œ๎†ธ๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎œ๎€‚๎“๎…ฒ๎€‚๎…ผ๎†ฃ๎„ฃ๎„ช๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎„ฃ๎„ช๎…ง๎…๎…ฒ๎„ช๎ƒฟ๎†ธ๎„ช๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎„œ๎…ง๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎„ฃ๎„ช๎‡ฟ๎…ฒ๎„ช๎„ฃ๎€‚
asset classes that better align with the purposes of this study, the Consultant Team collapsed STRโ€™s six categories
as described above into four typologies:
ECONOMY
๎‚ผ๎…Š๎…๎†ซ๎€‚๎„œ๎ƒฟ๎†ธ๎„ช๎…ƒ๎…ผ๎†ฃ๎‡ฃ๎€‚๎„ฃ๎„ช๎†ซ๎„œ๎†ฃ๎…๎„›๎„ช๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎…ผ๎‡๎„ช๎†ซ๎†ธ๎€‚๎†ธ๎…๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎€‚๎†ธ๎„ช๎†ฃ๎…ฐ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎† ๎†ฃ๎…๎„œ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ซ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎†ซ๎œ•๎ƒฟ๎…ฐ๎„ช๎…ฒ๎…๎†ธ๎…๎„ช๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ๎€‚๎ฒ๎ƒฟ๎…ฒ๎‡ฃ๎€‚
๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎„ช๎‡๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎†ฃ๎„ช๎„œ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎ƒฟ๎†ฃ๎„ช๎ƒฟ๎†ซ๎€‚๎…ผ๎‡€๎†ธ๎†ซ๎…๎„ฃ๎„ช๎€‚ ๎…ผ๎…‚๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎„ช๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎…‚๎ƒฟ๎„œ๎…๎…ง๎…๎†ธ๎…๎„ช๎†ซ๎œ๎€‚
๎“๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎†ซ๎†ธ๎€‚ ๎†ธ๎‡๎…ผ๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ธ๎†ฃ๎„ช๎…ฒ๎„ฃ๎€‚๎…ผ๎…‚๎€‚๎œถ๎…ฐ๎…๎„œ๎†ฃ๎…ผ๎œซ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œท๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ซ๎† ๎†ฃ๎„ช๎ƒฟ๎„ฃ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ‰๎€‚ ๎† ๎†ฃ๎…๎…ฐ๎ƒฟ๎†ฃ๎…๎…ง๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚๎‚ผ๎…Š๎„ช๎†ซ๎„ช๎€‚
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎€‚๎‡œ๎„ช๎†ฃ๎‡ฃ๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎œ ๎š๎š‘๎šŒ๎œจ๎š๎šŒ๎šŒ๎€‚๎†ซ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎€‚๎…‚๎„ช๎„ช๎†ธ๎œก๎€‚๎ƒฟ๎†ธ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎ƒฟ๎‡ณ๎…‚๎…ผ๎†ฃ๎„ฃ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎…ผ๎‡ฝ๎†ธ๎„ช๎…ฒ๎€‚๎„œ๎…Š๎ƒฟ๎†ฃ๎ƒฟ๎„œ๎†ธ๎„ช๎†ฃ๎…๎‡ญ๎„ช๎„ฃ๎€‚
by high levels of design and onsite amenities that distinguish them from other economy hotels. Despite their
๎ƒฟ๎…ฐ๎„ช๎…ฒ๎…๎†ธ๎…๎„ช๎†ซ๎œ‰๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎‡€๎…ฒ๎…๎†ข๎‡€๎„ช๎€‚๎„›๎…ผ๎‡€๎†ธ๎…๎†ข๎‡€๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†๎†ฃ๎„ช๎„ช๎…Š๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฃ๎…ผ๎„ฃ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎„ฃ๎‡€๎„ช๎€‚
๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎€‚๎†ซ๎…๎‡ญ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎…๎†ฃ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎…๎†ฃ๎€‚๎ƒฟ๎‡ณ๎…‚๎…ผ๎†ฃ๎„ฃ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎œ
MIDSCALE
๎‚ผ๎…Š๎…๎†ซ๎€‚๎„œ๎ƒฟ๎†ธ๎„ช๎…ƒ๎…ผ๎†ฃ๎‡ฃ๎€‚๎„ฃ๎„ช๎†ซ๎„œ๎†ฃ๎…๎„›๎„ช๎†ซ๎€‚๎…ฐ๎…๎„ฃ๎†ฃ๎ƒฟ๎…ฒ๎…ƒ๎„ช๎œ‰๎€‚๎† ๎†ฃ๎…๎…ฐ๎ƒฟ๎†ฃ๎…๎…ง๎‡ฃ๎€‚๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎„ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎ƒฟ๎†ธ๎†ธ๎†ฃ๎…๎„›๎‡€๎†ธ๎„ช๎†ซ๎œ‰๎€‚
๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎„›๎†ฃ๎„ช๎ƒฟ๎…ค๎…‚๎ƒฟ๎†ซ๎†ธ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎œ‰๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎„œ๎„ช๎…ฒ๎†ธ๎„ช๎†ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎† ๎„ช๎†ฃ๎…Š๎ƒฟ๎† ๎†ซ๎€‚๎ƒฟ๎€‚๎‡ฟ๎†ธ๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎„œ๎„ช๎…ฒ๎†ธ๎„ช๎†ฃ๎œ๎€‚๎ฒ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…ผ๎† ๎„ช๎…ฒ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎€‚
๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎œ‰๎€‚๎‡๎…ผ๎‡๎ƒฟ๎…ฒ๎‡€๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎จ๎…ผ๎…ฒ๎…ƒ๎€‚๎“๎†ซ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎„ฃ๎„ช๎„œ๎ƒฟ๎„ฃ๎„ช๎€‚๎„œ๎ƒฟ๎…ฒ๎€‚๎„›๎„ช๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎œ
UPSCALE
Upscale hotels are generally Full-Service properties with restaurants and, potentially, banquet facilities. This is the
๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎„œ๎ƒฟ๎†ธ๎„ช๎…ƒ๎…ผ๎†ฃ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ฐ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎…ฒ๎„ช๎‡๎„ช๎†ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎จ๎…ผ๎…ฒ๎…ƒ๎€‚๎“๎†ซ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ‰๎€‚๎€ง๎…ผ๎‡๎…ฒ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎œ‰๎€‚๎ค๎ƒฟ๎…ฐ๎ƒฟ๎…๎„œ๎ƒฟ๎€‚
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†๎…ง๎‡€๎†ซ๎…Š๎…๎…ฒ๎…ƒ๎€‚๎…‚๎ƒฟ๎…ง๎…ง๎€‚๎…๎…ฒ๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎„œ๎ƒฟ๎†ธ๎„ช๎…ƒ๎…ผ๎†ฃ๎‡ฃ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎…ฒ๎„ช๎‡๎€‚๎„œ๎…ผ๎…Š๎…ผ๎†ฃ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ด๎…ผ๎†ฃ๎†ธ๎…Š๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎…๎†ซ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎œ‰๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚
than in any other submarket. Properties in North Brooklyn tend to be independent rather than branded.
LUXURY
๎‚ผ๎…Š๎„ช๎†ซ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ซ๎†ธ๎€‚๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎„ช๎‡ข๎† ๎„ช๎…ฒ๎†ซ๎…๎‡œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎œ‰๎€‚๎„ช๎†ข๎‡€๎…๎‡œ๎ƒฟ๎…ง๎„ช๎…ฒ๎†ธ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎œถ๎‡ฟ๎‡œ๎„ช๎œซ๎†ซ๎†ธ๎ƒฟ๎†ฃ๎œท๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚
๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎ƒฟ๎†ธ๎†ธ๎†ฃ๎ƒฟ๎„œ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ƒ๎…ง๎…ผ๎„›๎ƒฟ๎…ง๎€‚๎„ช๎…ง๎…๎†ธ๎„ช๎œ๎€‚๎€ƒ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…ผ๎„ฃ๎ƒฟ๎‡ฃ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…ฒ๎…ผ๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎…ผ๎‡€๎†ธ๎†ซ๎…๎„ฃ๎„ช๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚
new hotel properties in Brooklyn, such as the 1 Hotel Brooklyn Bridge and the William Vale, are categorized by
STR as Upper Upscale.
1
๎๎ฟ๎‡ณ๎‡ฟ๎„œ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎ด๎ƒฆ๎€ ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎†ธ๎†ฃ๎…ผ๎…ง๎…ง๎„ช๎†ฃ๎€‚๎‚ฎ๎„œ๎…ผ๎†ธ๎†ธ๎€‚๎‚ฎ๎†ธ๎†ฃ๎…๎…ฒ๎…ƒ๎„ช๎†ฃ๎œ‰๎€‚Impact of Airbnb on NYC Rents, April 2018.
2
๎๎ด๎ƒฆ๎€ ๎€‚๎ฟ๎‡ณ๎‡ฟ๎„œ๎„ช๎€‚๎…ผ๎…‚๎€‚๎‚ฎ๎† ๎„ช๎„œ๎…๎ƒฟ๎…ง๎€‚๎€ฏ๎…ฒ๎…‚๎…ผ๎†ฃ๎„œ๎„ช๎…ฐ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎…Š๎†ธ๎†ธ๎† ๎†ซ๎œˆ๎œ•๎œ•๎‡๎‡๎‡๎š๎œ๎…ฒ๎‡ฃ๎„œ๎œ๎…ƒ๎…ผ๎‡œ๎œ•๎†ซ๎…๎†ธ๎„ช๎†ซ๎† ๎„ช๎„œ๎…๎ƒฟ๎…ง๎„ช๎…ฒ๎…‚๎…ผ๎†ฃ๎„œ๎„ช๎…ฐ๎„ช๎…ฒ๎†ธ๎œ•๎†ซ๎†ธ๎ƒฟ๎‡ฃ๎œซ๎…๎…ฒ๎œซ๎†ธ๎…Š๎„ช๎œซ๎…ค๎…ฒ๎…ผ๎‡๎œ•
information-for-hosts.page.
Short-Term Rentals
The New York City lodging market, like many urban lodging markets in the United States and elsewhere, has been
๎†ฃ๎„ช๎†ซ๎…Š๎ƒฟ๎† ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎†ฃ๎„ช๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎€‚๎„›๎‡ฃ๎€‚๎ƒฟ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎†ซ๎…Š๎…ผ๎†ฃ๎†ธ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚๎†ฃ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎†ซ๎œ‰๎€‚๎…ฐ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎…ฒ๎„ช๎…๎…ƒ๎…Š๎„›๎…ผ๎†ฃ๎…Š๎…ผ๎…ผ๎„ฃ๎†ซ๎€‚
that have not had or are not zoned for hotel development. While there are a number of online platforms that
๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎€‚ ๎ƒฟ๎„œ๎„œ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎†ซ๎…Š๎…ผ๎†ฃ๎†ธ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚๎†ฃ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎†ซ๎œ‰๎€‚ ๎†ธ๎…Š๎„ช๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎€‚๎…ฐ๎ƒฟ๎…ก๎…ผ๎†ฃ๎…๎†ธ๎‡ฃ๎€‚ ๎…๎…ฒ๎€‚ ๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚ ๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎„ช๎„ฃ๎€‚ ๎†ธ๎…Š๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎€ƒ๎…๎†ฃ๎„›๎…ฒ๎„›๎œ
1
Recently,
๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎† ๎…ง๎ƒฟ๎†ธ๎…‚๎…ผ๎†ฃ๎…ฐ๎†ซ๎œ‰๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎จ๎‡ฃ๎†ฃ๎…๎„œ๎œ‰๎€‚๎€ง๎…ผ๎…ฐ๎…๎…ผ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฎ๎…ผ๎…ฒ๎„ฃ๎„ช๎†ฃ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„ช๎…ฒ๎†ธ๎„ช๎†ฃ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ๎€‚
๎ƒƒ๎…ฒ๎„ฃ๎„ช๎†ฃ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…ง๎ƒฟ๎‡๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚๎ฒ๎‡€๎…ง๎†ธ๎…๎† ๎…ง๎„ช๎€‚๎€ง๎‡๎„ช๎…ง๎…ง๎…๎…ฒ๎…ƒ๎€‚๎จ๎ƒฟ๎‡๎œ‰๎€‚๎‡€๎…ฒ๎…Š๎…ผ๎†ซ๎†ธ๎„ช๎„ฃ๎€‚๎†ซ๎…Š๎…ผ๎†ฃ๎†ธ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚๎†ฃ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎†ซ๎œ‰๎€‚๎…ฐ๎„ช๎ƒฟ๎…ฒ๎…๎…ฒ๎…ƒ๎€‚
rentals of less than 30 days where the permanent resident is not present at the property, are strictly prohibited
๎…๎…ฒ๎€‚ ๎€ ๎…ง๎ƒฟ๎†ซ๎†ซ๎œซ๎€ƒ๎€‚ ๎…ฐ๎‡€๎…ง๎†ธ๎…๎† ๎…ง๎„ช๎€‚ ๎„ฃ๎‡๎„ช๎…ง๎…ง๎…๎…ฒ๎…ƒ๎€‚ ๎„›๎‡€๎…๎…ง๎„ฃ๎…๎…ฒ๎…ƒ๎†ซ๎œ‰๎€‚ ๎‡๎…Š๎…๎„œ๎…Š๎€‚ ๎ƒฟ๎†ฃ๎„ช๎€‚ ๎„ฃ๎„ช๎‡ฟ๎…ฒ๎„ช๎„ฃ๎€‚ ๎ƒฟ๎†ซ๎€‚ ๎„›๎‡€๎…๎…ง๎„ฃ๎…๎…ฒ๎…ƒ๎†ซ๎€‚ ๎‡๎…๎†ธ๎…Š๎€‚ ๎†ธ๎…Š๎†ฃ๎„ช๎„ช๎€‚ ๎…ผ๎†ฃ๎€‚ ๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚ ๎†ซ๎„ช๎† ๎ƒฟ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚ ๎‡€๎…ฒ๎…๎†ธ๎†ซ๎œ๎€‚ ๎€ƒ๎€‚
๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎€‚๎†ฃ๎„ช๎†ซ๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎…๎†ซ๎€‚๎„ฃ๎„ช๎‡ฟ๎…ฒ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎ƒฟ๎€‚๎œถ๎…ฒ๎ƒฟ๎†ธ๎‡€๎†ฃ๎ƒฟ๎…ง๎€‚๎† ๎„ช๎†ฃ๎†ซ๎…ผ๎…ฒ๎œท๎€‚๎†ซ๎…ผ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎„œ๎…ผ๎†ฃ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎…Š๎…ผ๎†ซ๎†ธ๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…ง๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎š๎šŒ๎€‚๎„ฃ๎ƒฟ๎‡ฃ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎…๎…ง๎…ง๎„ช๎…ƒ๎ƒฟ๎…ง๎œ
2
Peer-to-Peer Platforms
๎‚ฃ๎„ช๎„ช๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎† ๎„ช๎„ช๎†ฃ๎€‚๎†ซ๎…Š๎ƒฟ๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎…‚๎€‚๎†ซ๎…Š๎…ผ๎†ฃ๎†ธ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚๎†ฃ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎†ซ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎†ซ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎‡๎…ผ๎†ฃ๎…ง๎„ฃ๎‡๎…๎„ฃ๎„ช๎œ‰๎€‚
particularly in global travel destinations such as New York.
AIRBNB
Airbnb is the dominant platform in this industry and New York City is its largest market in the United States. By
๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎„ช๎†ซ๎†ธ๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎‡ข๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚๎š‘๎šŒ๎œ‰๎šŒ๎šŒ๎šŒ๎€‚๎€ƒ๎…๎†ฃ๎„›๎…ฒ๎„›๎€‚๎…ง๎…๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎€‚๎ƒฟ๎†ธ๎€‚๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎…ƒ๎…๎‡œ๎„ช๎…ฒ๎€‚๎†ธ๎…๎…ฐ๎„ช๎œ‰๎€‚๎ƒฟ๎€‚๎‡ฟ๎…ƒ๎‡€๎†ฃ๎„ช๎€‚
that is approximately 40 percent of the total number of traditional hotel rooms in the city. As Airbnb expanded
๎ƒฟ๎…ƒ๎…ƒ๎†ฃ๎„ช๎†ซ๎†ซ๎…๎‡œ๎„ช๎…ง๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎†ซ๎„ช๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ง๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎…ง๎ƒฟ๎†ธ๎…‚๎…ผ๎†ฃ๎…ฐ๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎‡œ๎…๎„ช๎‡๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎…ฐ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎„œ๎†ฃ๎…๎†ธ๎…๎„œ๎†ซ๎€‚๎ƒฟ๎†ซ๎€‚๎„œ๎†ฃ๎„ช๎ƒฟ๎†ธ๎…๎…ฒ๎…ƒ๎€‚
a de facto, shadow hotel market.
1211
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
๎ฒ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎€ƒ๎…๎†ฃ๎„›๎…ฒ๎„›๎€‚๎…Š๎…ผ๎†ซ๎†ธ๎†ซ๎œ‰๎€‚๎„›๎…ผ๎†ธ๎…Š๎€‚๎„œ๎…ผ๎†ฃ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…ผ๎†ฃ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…๎…ฒ๎„ฃ๎…๎‡œ๎…๎„ฃ๎‡€๎ƒฟ๎…ง๎€‚๎…Š๎…ผ๎†ซ๎†ธ๎†ซ๎œ‰๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎…‚๎…ผ๎‡€๎…ฒ๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎„›๎„ช๎€‚๎…๎…ง๎…ง๎„ช๎…ƒ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎†ฃ๎„ช๎…ฒ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚
๎†ธ๎…Š๎‡€๎†ซ๎€‚ ๎†ซ๎…Š๎†ฃ๎…๎…ฒ๎…ค๎…๎…ฒ๎…ƒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎ƒฟ๎‡œ๎ƒฟ๎…๎…ง๎ƒฟ๎„›๎…๎…ง๎…๎†ธ๎‡ฃ๎€‚ ๎…ผ๎…‚๎€‚ ๎ƒฟ๎‡ณ๎…‚๎…ผ๎†ฃ๎„ฃ๎ƒฟ๎„›๎…ง๎„ช๎€‚ ๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎€‚ ๎…Š๎…ผ๎‡€๎†ซ๎…๎…ฒ๎…ƒ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎…ฒ๎„ช๎…ƒ๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎…ง๎‡ฃ๎€‚ ๎ƒฟ๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎…๎…ฒ๎…ƒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎†ข๎‡€๎ƒฟ๎…ง๎…๎†ธ๎‡ฃ๎€‚ ๎…ผ๎…‚๎€‚ ๎…ง๎…๎…‚๎„ช๎€‚
๎…‚๎…ผ๎†ฃ๎€‚๎…ฒ๎„ช๎…๎…ƒ๎…Š๎„›๎…ผ๎†ฃ๎†ซ๎œ๎€‚๎€Ÿ๎‡ฃ๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎ƒฟ๎…ฒ๎ƒฟ๎…ง๎‡ฃ๎†ซ๎„ช๎†ซ๎œ‰๎€‚๎‡€๎† ๎€‚๎†ธ๎…ผ๎€‚๎šŽ๎š”๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎€ƒ๎…๎†ฃ๎„›๎…ฒ๎„›๎€‚๎…ง๎…๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎„›๎„ช๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎„ช๎„ฃ๎€‚๎…๎…ง๎…ง๎„ช๎…ƒ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎„›๎‡ฃ๎€‚
commercial operators.3 In June 2020, Airbnb agreed to share data regarding its hosts with the City of New York,
making it easier for the City to enforce its short-term rental law; some analysts believe that this will lead to a
๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎„ฃ๎„ช๎„œ๎…ง๎…๎…ฒ๎„ช๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎€ƒ๎…๎†ฃ๎„›๎…ฒ๎„›๎€‚๎…ง๎…๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎œ๎š
HOMEAWAY/VRBO
VRBO was established in 1995 and bought by HomeAway in 2006. Unlike Airbnb which has a strong focus on
๎‡€๎†ฃ๎„›๎ƒฟ๎…ฒ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎†ซ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎…๎…ฒ๎€‚๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎†ฃ๎€‚๎…Š๎…ผ๎‡€๎†ซ๎„ช๎œ‰๎€‚๎ƒŸ๎‚ฆ๎€Ÿ๎ฟ๎œน๎†ซ๎€‚๎…‚๎…ผ๎„œ๎‡€๎†ซ๎€‚๎…๎†ซ๎€‚๎„ช๎…ฒ๎†ธ๎…๎†ฃ๎„ช๎€‚๎…Š๎…ผ๎‡€๎†ซ๎„ช๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎†ซ๎œ‰๎€‚
๎‡€๎…ฒ๎…Š๎…ผ๎†ซ๎†ธ๎„ช๎„ฃ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎…ผ๎‡ฝ๎†ธ๎„ช๎…ฒ๎€‚ ๎…๎…ฒ๎€‚ ๎…ฒ๎…ผ๎…ฒ๎œซ๎‡€๎†ฃ๎„›๎ƒฟ๎…ฒ๎€‚ ๎ƒฟ๎†ฃ๎„ช๎ƒฟ๎†ซ๎œ”๎€‚ ๎ƒฟ๎…ฒ๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚ ๎…ฐ๎ƒฟ๎…ก๎…ผ๎†ฃ๎€‚ ๎„ฃ๎…๎‡ณ๎…‚๎„ช๎†ฃ๎„ช๎…ฒ๎„œ๎„ช๎€‚ ๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎†ธ๎‡๎…ผ๎€‚ ๎† ๎…ง๎ƒฟ๎†ธ๎…‚๎…ผ๎†ฃ๎…ฐ๎†ซ๎€‚ ๎…๎†ซ๎€‚ ๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚ ๎ƒŸ๎‚ฆ๎€Ÿ๎ฟ๎€‚
charges a subscription fee to listers. Because of these factors, HomeAway/VRBO has limited viability in New York
City and has not been a major player in the cityโ€™s short-term rental market.
3
Alastair Boone, "What Airbnb Did to NYC," Bloomberg CityLab, ๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎š‘๎œ‰๎€‚๎šŽ๎šŒ๎š๎š”๎œ
4
Erik Engquist, "Why Did Airbnb Give in to de Blasio?" The Real Deal, June 15, 2020.
Extended Stay Hotels and Temporary Apartments
Temporary and/or corporate housing in New York City is accommodated both in extended stay hotels and
๎„œ๎…ผ๎†ฃ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚ ๎ƒฟ๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎†ซ๎œ๎€‚๎€ฏ๎‡ข๎†ธ๎„ช๎…ฒ๎„ฃ๎„ช๎„ฃ๎€‚ ๎†ซ๎†ธ๎ƒฟ๎‡ฃ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚ ๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎„ช๎€‚ ๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚ ๎‡ต๎…ง๎ƒฟ๎…ƒ๎†ซ๎€‚ ๎†ซ๎‡€๎„œ๎…Š๎€‚ ๎ƒฟ๎†ซ๎€‚ ๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎œน๎†ซ๎€‚ ๎‚ผ๎…ผ๎‡๎…ฒ๎„ช๎‚ฃ๎…ง๎ƒฟ๎„œ๎„ช๎€‚๎‚ฎ๎‡€๎…๎†ธ๎„ช๎†ซ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚
Residence Inn, Hiltonโ€™s Homewood Suites, and InterContinentalโ€™s Staybridge Suites, in addition to independent
๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎„œ๎ƒฟ๎…ฒ๎€‚๎†ฃ๎ƒฟ๎…ฒ๎…ƒ๎„ช๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎‡€๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎…‚๎ƒฟ๎„œ๎…๎…ง๎…๎†ธ๎…๎„ช๎†ซ๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€Ÿ๎„ช๎„ช๎…ค๎…ฐ๎ƒฟ๎…ฒ๎€‚๎‚ผ๎…ผ๎‡๎„ช๎†ฃ๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…ผ๎†ฃ๎€‚
๎„›๎‡€๎„ฃ๎…ƒ๎„ช๎†ธ๎€‚๎…‚๎ƒฟ๎„œ๎…๎…ง๎…๎†ธ๎…๎„ช๎†ซ๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎ฟ๎‡ณ๎…‚๎œซ๎‚ฎ๎…ผ๎…Š๎…ผ๎€‚๎‚ฎ๎‡€๎…๎†ธ๎„ช๎†ซ๎œ๎€‚๎ƒƒ๎…ฒ๎…ง๎…๎…ค๎„ช๎€‚๎„œ๎…ผ๎†ฃ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎ƒฟ๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎†ซ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎„œ๎ƒฟ๎…ฒ๎€‚๎„›๎„ช๎€‚๎…๎…ฒ๎€‚๎†ฃ๎„ช๎†ซ๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚
๎†ซ๎…๎…ฐ๎…๎…ง๎ƒฟ๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎† ๎„ช๎„ช๎†ฃ๎œซ๎†ธ๎…ผ๎œซ๎† ๎„ช๎„ช๎†ฃ๎€‚๎†ซ๎…Š๎…ผ๎†ฃ๎†ธ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚๎†ฃ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎†ซ๎œ‰๎€‚๎„ช๎‡ข๎†ธ๎„ช๎…ฒ๎„ฃ๎„ช๎„ฃ๎€‚๎†ซ๎†ธ๎ƒฟ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎œ ๎‡€๎†ซ๎„ช๎€‚๎…ƒ๎†ฃ๎…ผ๎‡€๎† ๎€‚๎š‘๎œก๎œ
Corporate apartments are generally provided to employees who have temporary assignments away from home
or are relocating. They are fully-furnished apartments orโ€”more rarely in New York Cityโ€”houses, that are
commonly rented on a monthly or longer-term basis. Corporate apartments within Class-A multiple dwelling
buildings are subject to New York Cityโ€™s short-term rental laws and cannot be rented out for less than 30 days.
๎€ ๎…ผ๎†ฃ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎ƒฟ๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎†ซ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎ƒฟ๎…ฐ๎„ช๎…ฒ๎…๎†ธ๎…๎„ช๎†ซ๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎…Š๎…ผ๎‡€๎†ซ๎„ช๎…ค๎„ช๎„ช๎† ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎…‚๎ƒฟ๎†ซ๎†ธ๎€‚๎ƒ ๎“๎†๎“๎€‚๎ƒฟ๎…ฒ๎„ฃ๎œ‰๎€‚๎„›๎„ช๎„œ๎ƒฟ๎‡€๎†ซ๎„ช๎€‚๎†ธ๎…Š๎„ช๎‡ฃ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚ ๎…ผ๎‡ฝ๎†ธ๎„ช๎…ฒ๎€‚
๎†ฃ๎„ช๎…ฒ๎†ธ๎„ช๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚๎ƒฟ๎€‚๎…ฐ๎…ผ๎…ฒ๎†ธ๎…Š๎…ง๎‡ฃ๎€‚๎„›๎ƒฟ๎†ซ๎…๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„ฃ๎…ผ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ธ๎ƒฟ๎‡ข๎„ช๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎‡ฃ๎€‚๎„œ๎ƒฟ๎…ฒ๎€‚๎„›๎„ช๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎„œ๎…ผ๎†ซ๎†ธ๎œซ๎„ช๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎…๎‡œ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎€‚๎…ง๎…ผ๎…ฒ๎…ƒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎†ธ๎ƒฟ๎‡ฃ๎œ๎€‚
๎‚ผ๎…ผ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎„ช๎†ธ๎„ช๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎‡ต๎…ง๎„ช๎‡ข๎…๎„›๎…ง๎„ช๎€‚๎…ผ๎† ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎€ƒ๎…๎†ฃ๎„›๎…ฒ๎„›๎œ‰๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎…Š๎…ผ๎‡€๎†ซ๎…๎…ฒ๎…ƒ๎€‚๎†ซ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎†ซ๎†ธ๎ƒฟ๎†ฃ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎€‚๎…ผ๎…ฒ๎…ง๎…๎…ฒ๎„ช๎€‚๎„›๎…ผ๎…ผ๎…ค๎…๎…ฒ๎…ƒ๎€‚
and a limited number of weekly stay options. These changes could start attracting more vacation renters, thereby
expanding the market for corporate apartments.
CORPORATE APARTMENT-HOTEL HYBRID
Alternative accommodations also include a new hybrid of a corporate apartment-hotel hybrid. In this model,
๎† ๎…๎…ผ๎…ฒ๎„ช๎„ช๎†ฃ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎ƒฟ๎€‚๎„œ๎…ผ๎…Š๎…ผ๎†ฃ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ซ๎†ธ๎ƒฟ๎†ฃ๎†ธ๎‡€๎† ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎„ช๎€‚๎จ๎‡ฃ๎†ฃ๎…๎„œ๎€‚๎Ž๎…ผ๎†ซ๎† ๎…๎†ธ๎ƒฟ๎…ง๎…๎†ธ๎‡ฃ๎œ‰๎€‚๎‚ฎ๎…ผ๎…ฒ๎„ฃ๎„ช๎†ฃ๎€‚๎€ ๎…ผ๎†ฃ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ง๎…ผ๎…ฐ๎…๎…ผ๎œ‰๎€‚๎“๎…ฒ๎„œ๎œ
๎“๎…ฒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎…ฐ๎…ผ๎„ฃ๎„ช๎…ง๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ซ๎† ๎…๎†ธ๎ƒฟ๎…ง๎…๎†ธ๎‡ฃ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎…๎„ช๎†ซ๎€‚๎†ธ๎‡ฃ๎† ๎…๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎…ง๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎„›๎…ง๎…ผ๎„œ๎…ค๎†ซ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎†ซ๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎ƒฟ๎…ฐ๎„ช๎€‚๎‡ต๎…ง๎…ผ๎…ผ๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎€‚๎†ฃ๎„ช๎†ซ๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎€‚
๎„›๎‡€๎…๎…ง๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎†ฃ๎€‚๎…ผ๎‡ณ๎‡ฟ๎„œ๎„ช๎€‚๎„›๎‡€๎…๎…ง๎„ฃ๎…๎…ฒ๎…ƒ๎œ‰๎€‚๎…ผ๎†ฃ๎€‚๎„ช๎‡œ๎„ช๎…ฒ๎€‚๎„ช๎…ฒ๎†ธ๎…๎†ฃ๎„ช๎€‚๎„›๎‡€๎…๎…ง๎„ฃ๎…๎…ฒ๎…ƒ๎†ซ๎œ‰๎€‚๎‡€๎…ฒ๎„ฃ๎„ช๎†ฃ๎€‚๎ƒฟ๎€‚๎…ง๎…ผ๎…ฒ๎…ƒ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚๎…ฐ๎ƒฟ๎†ซ๎†ธ๎„ช๎†ฃ๎€‚๎…ง๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎ƒฟ๎…ƒ๎†ฃ๎„ช๎„ช๎…ฐ๎„ช๎…ฒ๎†ธ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ซ๎† ๎…๎†ธ๎ƒฟ๎…ง๎…๎†ธ๎‡ฃ๎€‚
companies then fully furnish the apartments and then rent them out to travelers who are seeking more of an
apartment experience than a traditional hotel stay; travelers can stay for as long as several weeks or as short
as one night, unlike most corporate apartments in New York City that legally require a minimum 30-day stay.
In order to comply with New York Cityโ€™s short-term rental regulations, these companies master lease units in
properties that meet the zoning and building requirements of a hotel. The units look like residential apartments,
but they are actually built out legally as hotel suites. These hospitality companies hope to appeal to landlords by
๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎…ฐ๎€‚๎ƒฟ๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ฃ๎€‚๎…ฒ๎„ช๎†ธ๎€‚๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…๎…ฒ๎„œ๎…ผ๎…ฐ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎†ธ๎ƒฟ๎„›๎…๎…ง๎…๎†ธ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎€‚๎…ง๎…ผ๎…ฒ๎…ƒ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚๎„œ๎…ผ๎…ฐ๎…ฐ๎„ช๎†ฃ๎„œ๎…๎ƒฟ๎…ง๎€‚๎…ง๎„ช๎ƒฟ๎†ซ๎„ช๎œ
5
๎ƒ ๎…Š๎…๎…ง๎„ช๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎…ฒ๎…ง๎…๎…ฒ๎„ช๎€‚๎„œ๎…ผ๎…ฒ๎‡œ๎„ช๎…ฒ๎…๎„ช๎…ฒ๎„œ๎„ช๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎€‚๎† ๎„ช๎„ช๎†ฃ๎œซ๎†ธ๎…ผ๎œซ๎† ๎„ช๎„ช๎†ฃ๎€‚๎…Š๎…ผ๎…ฐ๎„ช๎œซ๎†ซ๎…Š๎ƒฟ๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎† ๎…ง๎ƒฟ๎†ธ๎…‚๎…ผ๎†ฃ๎…ฐ๎œ‰๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎…ฐ๎…ผ๎„ฃ๎„ช๎…ง๎€‚๎† ๎‡€๎†ธ๎†ซ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎…‚๎…ผ๎„œ๎‡€๎†ซ๎€‚๎…ผ๎…ฒ๎€‚
quality control, hotel-like amenities, and brand predictability than the home-sharing model. In turn, labor costs
are kept down through a reliance on apps and online reservations and communications.
Because of New York Cityโ€™s strict short-term rental regulations, this new hybrid model was introduced relatively
late to this market compared to some other urban markets in the United States. Sonder entered the New York
๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎…ฒ๎€‚๎ฟ๎„œ๎†ธ๎…ผ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎š๎š”๎€‚๎‡๎…Š๎„ช๎…ฒ๎€‚๎…๎†ธ๎€‚๎…ฐ๎ƒฟ๎†ซ๎†ธ๎„ช๎†ฃ๎œซ๎…ง๎„ช๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎š๎š’๎š•๎€‚๎‡€๎…ฒ๎…๎†ธ๎†ซ๎€‚๎ƒฟ๎†ธ๎€‚๎ƒฟ๎…ฒ๎€‚๎…ผ๎‡ณ๎‡ฟ๎„œ๎„ช๎œซ๎†ธ๎…ผ๎œซ๎†ฃ๎„ช๎†ซ๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎€‚๎„œ๎…ผ๎…ฒ๎‡œ๎„ช๎†ฃ๎†ซ๎…๎…ผ๎…ฒ๎€‚๎ƒฟ๎†ธ๎€‚๎šŽ๎šŒ๎€‚๎€Ÿ๎†ฃ๎…ผ๎ƒฟ๎„ฃ๎€‚
๎‚ฎ๎†ธ๎†ฃ๎„ช๎„ช๎†ธ๎œ๎€‚๎จ๎‡ฃ๎†ฃ๎…๎„œ๎€‚๎„ช๎…ฒ๎†ธ๎„ช๎†ฃ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š•๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎ƒฟ๎€‚๎…ฐ๎ƒฟ๎†ซ๎†ธ๎„ช๎†ฃ๎€‚๎…ง๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎ƒฟ๎†ธ๎€‚๎ƒฟ๎€‚๎†ซ๎…๎…ฐ๎…๎…ง๎ƒฟ๎†ฃ๎€‚๎„œ๎…ผ๎…ฒ๎‡œ๎„ช๎†ฃ๎†ซ๎…๎…ผ๎…ฒ๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎€‚๎ƒฟ๎†ธ๎€‚๎š“๎šŒ๎€‚
Pine Street. Rooms can be booked even a day before the reservation date on their own website, Airbnb or Expedia.
In addition, as Airbnb looks to increase supply of high-quality lodging for business travelers, the company itself
๎…Š๎ƒฟ๎†ซ๎€‚๎…๎…ฒ๎‡œ๎„ช๎†ซ๎†ธ๎„ช๎„ฃ๎€‚๎„œ๎ƒฟ๎† ๎…๎†ธ๎ƒฟ๎…ง๎€‚๎…๎…ฒ๎€‚๎„œ๎…ผ๎†ฃ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎ƒฟ๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎…๎„ช๎†ซ๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎จ๎‡ฃ๎†ฃ๎…๎„œ๎œ๎€‚๎€ƒ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚๎ฒ๎‡€๎…ง๎†ธ๎…๎† ๎…ง๎„ช๎€‚๎€ง๎‡๎„ช๎…ง๎…ง๎…๎…ฒ๎…ƒ๎€‚
๎จ๎ƒฟ๎‡๎€‚๎„ฃ๎…ผ๎„ช๎†ซ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎ƒฟ๎† ๎† ๎…ง๎‡ฃ๎€‚๎†ธ๎…ผ๎€‚๎„œ๎…ผ๎…ฐ๎…ฐ๎„ช๎†ฃ๎„œ๎…๎ƒฟ๎…ง๎€‚๎„›๎‡€๎…๎…ง๎„ฃ๎…๎…ฒ๎…ƒ๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎…๎…ฒ๎„ฃ๎‡€๎„œ๎„ช๎„ฃ๎€‚๎†ซ๎…Š๎…ผ๎†ฃ๎†ธ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚๎†ฃ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎€‚๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎…๎„ช๎†ซ๎€‚๎…ง๎…๎…ค๎„ช๎€‚๎€ƒ๎…๎†ฃ๎„›๎…ฒ๎„›๎€‚๎†ธ๎…ผ๎€‚
๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฒ๎„ช๎†ฃ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎„œ๎…ผ๎…ฐ๎…ฐ๎„ช๎†ฃ๎„œ๎…๎ƒฟ๎…ง๎€‚๎†ฃ๎„ช๎ƒฟ๎…ง๎€‚๎„ช๎†ซ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚๎‡ฟ๎†ฃ๎…ฐ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎€‚๎†ข๎‡€๎ƒฟ๎…ง๎…๎†ธ๎‡ฃ๎€‚๎†ซ๎…Š๎…ผ๎†ฃ๎†ธ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚๎†ซ๎†ธ๎ƒฟ๎‡ฃ๎€‚๎‡€๎…ฒ๎…๎†ธ๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎œ
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๎€‚๎ฆ๎…ผ๎…ฒ๎†ฃ๎ƒฟ๎„ฃ๎€‚๎‚ฃ๎‡€๎†ธ๎‡ญ๎„ช๎†ฃ๎œ‰๎€‚๎œ’๎Ž๎…ผ๎‡๎€‚๎‚ฎ๎…ผ๎…ฒ๎„ฃ๎„ช๎†ฃ๎€‚๎Ž๎ƒฟ๎„œ๎…ค๎„ช๎„ฃ๎€‚๎ด๎ƒฆ๎€ ๎œน๎†ซ๎€‚๎‚ฎ๎…Š๎…ผ๎†ฃ๎†ธ๎œซ๎‚ผ๎„ช๎†ฃ๎…ฐ๎€‚๎‚ฆ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎€‚๎จ๎…ผ๎‡๎œ‰๎œ’๎€‚The Real Deal, October 24, 2018.
Traditional Hotel Brands Offering Home Share Rentals
Some major hotel brands have been looking for ways to maintain customer loyalty in the face of a growing short-
term rental market. Rather than trying to attract new customers, these hotels are emphasizing the advantages of a
traditional hotel such as reward points, select hotel amenities, 24/7 guest support, and professional quality control
and encouraging their existing business travelers to redeem their loyalty points for short-term vacation stays.
๎†๎…ผ๎†ฃ๎€‚๎…๎…ฒ๎†ซ๎†ธ๎ƒฟ๎…ฒ๎„œ๎„ช๎œ‰๎€‚๎…๎…ฒ๎€‚๎€ƒ๎† ๎†ฃ๎…๎…ง๎€‚๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎€‚๎„›๎„ช๎…ƒ๎ƒฟ๎…ฒ๎€‚๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฒ๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎‡ฃ๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎„ช๎†ฃ๎†ซ๎€‚๎…๎…ฒ๎€‚๎š๎šŒ๎šŒ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎œ๎‚ฎ๎œ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚
๎€ ๎ƒฟ๎†ฃ๎…๎„›๎„›๎„ช๎ƒฟ๎…ฒ๎œ‰๎€‚๎จ๎ƒฟ๎†ธ๎…๎…ฒ๎€‚๎€ƒ๎…ฐ๎„ช๎†ฃ๎…๎„œ๎ƒฟ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ฏ๎‡€๎†ฃ๎…ผ๎† ๎„ช๎€‚๎†ธ๎…ผ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎€‚๎†ซ๎…Š๎…ผ๎†ฃ๎†ธ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚๎†ฃ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎€‚๎…ผ๎…‚๎€‚๎„ช๎…ฒ๎†ธ๎…๎†ฃ๎„ช๎€‚๎† ๎†ฃ๎…๎‡œ๎ƒฟ๎†ธ๎„ช๎€‚๎…Š๎…ผ๎…ฐ๎„ช๎†ซ๎œ๎€‚๎‚ผ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎‡ข๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚
2,000 premium and luxury homes available through this program. Choice Hotels, owner of the Comfort Inn and
๎‚ฅ๎‡€๎ƒฟ๎…ง๎…๎†ธ๎‡ฃ๎€‚๎“๎…ฒ๎…ฒ๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎œ‰๎€‚๎…๎†ซ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฒ๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎‡ฃ๎€‚๎…ฐ๎ƒฟ๎…ฒ๎ƒฟ๎…ƒ๎„ช๎†ฃ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎€‚๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎‡ข๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚๎šŽ๎šŒ๎œ‰๎šŒ๎šŒ๎šŒ๎€‚๎…Š๎…ผ๎…ฐ๎„ช๎€‚๎†ฃ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚
major U.S. vacation markets. However, it must be noted that this model is not prevalent in New York City.
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NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
Traditional hotels so far have had mixed success in the home share market.
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๎€‚๎ƒ ๎‡ฃ๎…ฒ๎„ฃ๎…Š๎ƒฟ๎…ฐ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎„ช๎„ฃ๎€‚
vacation rentals since 2010 through a fully-owned property manager, Wyndham Vacation Rentals, recently
exited the home sharing market to focus on its time share business. Accordingly, the owners of the luxury brands
๎‚ฎ๎…ผ๎‡ฟ๎†ธ๎„ช๎…ง๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†๎ƒฟ๎…๎†ฃ๎…ฐ๎…ผ๎‡€๎…ฒ๎†ธ๎œ‰๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎†ซ๎†ธ๎†ฃ๎‡€๎…ƒ๎…ƒ๎…ง๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚๎† ๎†ฃ๎…ผ๎‡ฟ๎†ธ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎…๎†ธ๎†ซ๎€‚๎…ง๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎‡œ๎ƒฟ๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎†ฃ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎€‚๎† ๎…ง๎ƒฟ๎†ธ๎…‚๎…ผ๎†ฃ๎…ฐ๎†ซ๎œ
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Existing Clientele and Customer Base
New York City has now experienced ten years of continuous tourism growth with no signs of a permanent
abatement of this trend. NYC & Company reported that 66.6 million visitors came to New York City in 2019, a 2.4
percent increase over 2018, which was a 3.7 percent increase over 2017.
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The chief executive of NYC & Company,
stated that, despite what he described as economic and geopolitical headwinds, tourism to New York City
continues to grow, although visitors have cut back on their spending.
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Where visitors to NYC Come From
In 2019, almost 80 percent of visitors to New York City came from elsewhere in the United States while 20 percent
๎„œ๎ƒฟ๎…ฐ๎„ช๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎ƒฟ๎„›๎†ฃ๎…ผ๎ƒฟ๎„ฃ๎œ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„›๎‡€๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡œ๎…๎†ซ๎…๎†ธ๎…ผ๎†ฃ๎€‚๎† ๎†ฃ๎…ผ๎‡ฟ๎…ง๎„ช๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ฃ๎„ช๎…ฐ๎ƒฟ๎…๎…ฒ๎„ช๎„ฃ๎€‚๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎…ง๎‡ฃ๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎†ธ๎ƒฟ๎…ฒ๎†ธ๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚๎šŽ๎šŒ๎š๎šŒ๎œ‰๎€‚๎ƒฟ๎…ง๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚
international visitor count to New York City grew by almost 38 percent between 2010 and 2018 while domestic
visitor count grew by 32 percent. Despite some challenges in key international markets, such as the United
Kingdom, Brazil and China, international visitation maintained its 2018 growth levels in 2019.
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๎๎€ง๎„ช๎ƒฟ๎…ฒ๎…ฒ๎ƒฟ๎€‚๎‚ผ๎…๎…ฒ๎…ƒ๎œ‰๎€‚๎œ’๎ƒ ๎…Š๎‡ฃ๎€‚๎ฒ๎…ผ๎†ฃ๎„ช๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎€Ÿ๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎„ช๎‡œ๎„ช๎†ฃ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎ฟ๎‡ณ๎…‚๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎Ž๎…ผ๎…ฐ๎„ช๎†ซ๎…Š๎ƒฟ๎†ฃ๎…๎…ฒ๎…ƒ๎œ‰๎œ’๎€‚The Points Guy, July 7, 2019.
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๎๎“๎„›๎…๎„ฃ๎œ
8
๎๎ด๎ƒฆ๎€ ๎€‚๎ž ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎œ‰๎€‚NYC Travel & Tourism Trend Report 2019.
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๎๎œถ๎ด๎ƒฆ๎€ ๎€‚๎…๎†ซ๎€‚๎…ผ๎…ฒ๎€‚๎‚ฃ๎ƒฟ๎„œ๎„ช๎€‚๎†ธ๎…ผ๎€‚๎€ง๎†ฃ๎ƒฟ๎‡๎€‚๎ƒฟ๎€‚๎‚ฆ๎„ช๎„œ๎…ผ๎†ฃ๎„ฃ๎€‚๎š’๎š“๎€‚๎ฒ๎…๎…ง๎…ง๎…๎…ผ๎…ฒ๎€‚๎‚ผ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎†ธ๎†ซ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚๎ƒฆ๎„ช๎ƒฟ๎†ฃ๎œ‰๎œท๎€‚๎‚ผ๎…Š๎„ช๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎‚ผ๎…๎…ฐ๎„ช๎†ซ๎œ‰๎€‚๎€ƒ๎‡€๎…ƒ๎‡€๎†ซ๎†ธ๎€‚๎š๎š•๎œ‰๎€‚๎šŽ๎šŒ๎š๎š•๎œ
๎š๎šŒ๎
NYC & Company, NYC Travel & Tourism Trend Report 2019.
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๎๎ด๎ƒฆ๎€ ๎€‚๎…ฐ๎„ช๎†ธ๎†ฃ๎…ผ๎† ๎…ผ๎…ง๎…๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ฃ๎„ช๎…ƒ๎…๎…ผ๎…ฒ๎€‚๎…๎†ซ๎€‚๎ƒฟ๎€‚๎†ธ๎†ฃ๎…๎œซ๎†ซ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚๎…ƒ๎„ช๎…ผ๎…ƒ๎†ฃ๎ƒฟ๎† ๎…Š๎‡ฃ๎œ‰๎€‚๎†ฃ๎„ช๎† ๎†ฃ๎„ช๎†ซ๎„ช๎…ฒ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎ด๎ƒฆ๎€ ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ซ๎‡€๎†ฃ๎†ฃ๎…ผ๎‡€๎…ฒ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎šŽ๎š’๎€‚๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎…๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎† ๎…ผ๎†ฃ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎…ผ๎…‚๎€‚
New York, New Jersey and Connecticut.
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๎๎ด๎ƒฆ๎€ ๎€‚๎ž ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎œ‰๎€‚NYC Travel & Tourism Trend Report 2019.
โ€ข Domestic: Of the 51.5 million domestic visitors to New York City in 2018, 27.1 million, or 53 percent, stayed
overnight and required lodging. According to NYC & Company, long-haul markets, meaning travelers
to New York City coming from further than 250 miles, have grown faster than short-haul drive markets,
which helps explain the faster year-over-year growth for overnight visits (4.2 percent) versus day visits
(3.1 percent).
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The largest source for overnight domestic visitors to New York City is the New York City
metropolitan region itself,
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accounting for 13 percent of visitation. Boston and Philadelphia together
account for 16 percent of overnight domestic visitors to New York City, although both of these markets
๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎†ซ๎„ช๎„ช๎…ฒ๎€‚๎„ฃ๎„ช๎„œ๎…ง๎…๎…ฒ๎„ช๎†ซ๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚๎šŽ๎šŒ๎š๎š“๎œ‰๎€‚๎‡๎…Š๎…๎…ง๎„ช๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎…ฒ๎…๎…ƒ๎…Š๎†ธ๎€‚๎‡œ๎…๎†ซ๎…๎†ธ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎ƒ ๎ƒฟ๎†ซ๎…Š๎…๎…ฒ๎…ƒ๎†ธ๎…ผ๎…ฒ๎œ‰๎€‚๎€ง๎€ ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎จ๎…ผ๎†ซ๎€‚๎€ƒ๎…ฒ๎…ƒ๎„ช๎…ง๎„ช๎†ซ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ซ๎„ช๎„ช๎…ฒ๎€‚
large increases.
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โ€ข International: New York City is the most popular destination for international visitors in the Western
๎Ž๎„ช๎…ฐ๎…๎†ซ๎† ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡ฟ๎‡ฝ๎†ธ๎…Š๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎…๎…ฒ๎†ธ๎„ช๎†ฃ๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎†ธ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚๎‡๎…ผ๎†ฃ๎…ง๎„ฃ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎†ธ๎…ผ๎† ๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎…๎…ฒ๎†ธ๎„ช๎†ฃ๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚
markets for visitors to New York City in 2018 were the United Kingdom, China, Canada, Brazil and France,
with some of the largest year-over-year growth seen from Spain, Colombia, the Netherlands, Brazil and
France. NYC & Company reported that strategic investments in emerging and developing markets in
addition to a greater focus on convention and trade show visitation from Europe and Asia, has contributed
to continuing increases in numbers of international visitors to New York City.
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๎๎ƒƒ๎œ๎‚ฎ๎œ๎€‚๎€ง๎„ช๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎€ ๎…ผ๎…ฐ๎…ฐ๎„ช๎†ฃ๎„œ๎„ช๎œ•๎ด๎‚ผ๎‚ผ๎ฟ๎œ‰๎€‚NYC & Company Overseas Visitor Market Pro๎‡พle, August 2019.
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๎๎ด๎ƒฆ๎€ ๎€‚๎ž ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎šŽ๎šŒ๎š๎š”๎œจ๎š๎š•๎€‚๎„ฃ๎ƒฟ๎†ธ๎ƒฟ๎œ
Why Visitors Come to NYC
Visitors come to New York City for numerous reasonsโ€”general tourism, business, conventions and trade shows,
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎€‚๎ƒฟ๎…ฒ๎…ฒ๎‡€๎ƒฟ๎…ง๎€‚๎„ช๎‡œ๎„ช๎…ฒ๎†ธ๎†ซ๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎ฒ๎ƒฟ๎†ฃ๎ƒฟ๎†ธ๎…Š๎…ผ๎…ฒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎œ๎‚ฎ๎œ๎€‚๎ฟ๎† ๎„ช๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎…ฒ๎…๎†ธ๎„ช๎„ฃ๎€‚๎ด๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎‡๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎…ง๎€‚๎€ƒ๎†ซ๎†ซ๎„ช๎…ฐ๎„›๎…ง๎‡ฃ๎œ
For international visitors, who make up over 20 percent of visitors to the city and account for half of all visitor spending,
New York City beckons as a global city, one of the most multicultural in the work, the cultural capital of the United
States, a major shopping destination, and the Data from NYC & Company and the U.S. Department of Commerce
shows that in 2018. shopping and sightseeing were the principal activities for over 86 percent of international
visitors.
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International visitors tend to stay longer and spend more money during their stay than domestic visitors.
๎€ง๎…ผ๎…ฐ๎„ช๎†ซ๎†ธ๎…๎„œ๎€‚๎‡œ๎…๎†ซ๎…๎†ธ๎…ผ๎†ฃ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎ƒฟ๎†ธ๎†ธ๎†ฃ๎ƒฟ๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…๎†ธ๎†ซ๎€‚๎„œ๎‡€๎…ง๎†ธ๎‡€๎†ฃ๎ƒฟ๎…ง๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‡€๎†ฃ๎„›๎ƒฟ๎…ฒ๎€‚๎‡œ๎…๎„›๎†ฃ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œน๎†ซ๎€‚
๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎„œ๎…๎†ธ๎‡ฃ๎œ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…๎†ซ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎„ช๎ƒฟ๎†ซ๎…๎…ง๎‡ฃ๎€‚๎ƒฟ๎„œ๎„œ๎„ช๎†ซ๎†ซ๎…๎„›๎…ง๎„ช๎€‚๎†ธ๎…ผ๎€‚๎…ฐ๎‡€๎„œ๎…Š๎€‚ ๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚ ๎ƒƒ๎…ฒ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎‡œ๎…๎ƒฟ๎€‚๎„ฃ๎…๎†ฃ๎„ช๎„œ๎†ธ๎€‚๎‡ต๎…ง๎…๎…ƒ๎…Š๎†ธ๎†ซ๎œ๎€‚๎“๎…ฒ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎œ‰๎€‚
New York is located at the hub of the Northeast Corridor with a population of over 36 million people within a
๎š๎š‘๎šŒ๎œซ๎…ฐ๎…๎…ง๎„ช๎€‚๎†ฃ๎ƒฟ๎„ฃ๎…๎‡€๎†ซ๎œ๎€‚๎ƒ ๎…Š๎…๎…ง๎„ช๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎…ง๎„ช๎ƒฟ๎„ฃ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎„ฃ๎ƒฟ๎‡ฃ๎€‚๎‡œ๎…๎†ซ๎…๎†ธ๎…ผ๎†ฃ๎†ซ๎€‚๎œ ๎šŽ๎š๎œ๎š๎€‚๎…ฐ๎…๎…ง๎…ง๎…๎…ผ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š”๎œก๎œ‰๎€‚๎…๎†ธ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎†ฃ๎…๎„›๎‡€๎†ธ๎„ช๎†ซ๎€‚
๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚ ๎„œ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…ผ๎†ฃ๎œ๎€‚๎€ง๎ƒฟ๎†ธ๎ƒฟ๎€‚ ๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎ด๎ƒฆ๎€ ๎€‚๎ž ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎†ซ๎…Š๎…ผ๎‡๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎œ‰๎€‚๎…๎…ฒ๎€‚ ๎šŽ๎šŒ๎š๎š”๎œ‰๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎š”๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚
51.5 million domestic visitors to New York City were traveling for leisure, with the four principal activities being
dining, shopping, museums, and theater/dance performances. In 2018, over 27 million domestic visitors stayed
overnight in New York City and 56 percent of these visitors stayed in hotels.
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๎จ๎„ช๎…๎†ซ๎‡€๎†ฃ๎„ช๎€‚๎‡œ๎…๎†ซ๎…๎†ธ๎…ผ๎†ฃ๎†ซ๎€‚๎…ฐ๎ƒฟ๎…ค๎„ช๎€‚๎‡€๎† ๎€‚๎š”๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎‡œ๎…๎†ซ๎…๎†ธ๎…ผ๎†ฃ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ”๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š”๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎š‘๎š๎€‚๎…ฐ๎…๎…ง๎…ง๎…๎…ผ๎…ฒ๎€‚๎‡œ๎…๎†ซ๎…๎†ธ๎…ผ๎†ฃ๎†ซ๎€‚๎†ธ๎…ผ๎€‚
New York City, 78 percent domestic and 22 percent international. 47 percent of domestic leisure visitors stayed
overnight in the city and just over half of the overnight visitors stayed in a hotel. While domestic leisure visitors
stayed on average 1.9 days, international leisure visitors stayed on average 7.3 days and 76 percent stayed at a hotel.
๎€ƒ๎†ซ๎€‚๎ƒฟ๎€‚๎…ƒ๎…ง๎…ผ๎„›๎ƒฟ๎…ง๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎ƒฟ๎…ง๎€‚๎„œ๎ƒฟ๎† ๎…๎†ธ๎ƒฟ๎…ง๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎…Š๎‡€๎„›๎œ‰๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…๎†ซ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎ƒฟ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎„ฃ๎„ช๎†ซ๎†ธ๎…๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎„›๎…ผ๎†ธ๎…Š๎€‚๎„ฃ๎…ผ๎…ฐ๎„ช๎†ซ๎†ธ๎…๎„œ๎€‚
and international business travelers. Of the 13.1 million business visitors who came to New York City in 2018,
๎š‘๎š๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎„œ๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎„›๎„ช๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎†ธ๎†ฃ๎ƒฟ๎…ฒ๎†ซ๎…๎„ช๎…ฒ๎†ธ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎œ‰๎€‚๎…ฐ๎„ช๎ƒฟ๎…ฒ๎…๎…ฒ๎…ƒ๎€‚๎†ซ๎…ผ๎…ง๎…ผ๎€‚๎…ผ๎†ฃ๎€‚๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎œ‰๎€‚๎‡๎…Š๎…๎…ง๎„ช๎€‚๎š๎š’๎€‚
๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎‡ณ๎‡ฟ๎…ง๎…๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎„œ๎…ผ๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎œ‰๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎€‚๎…ฐ๎„ช๎„ช๎†ธ๎…๎…ฒ๎…ƒ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎œ•๎…ผ๎†ฃ๎€‚๎†ธ๎†ฃ๎ƒฟ๎„ฃ๎„ช๎€‚๎†ซ๎…Š๎…ผ๎‡๎†ซ๎œ
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NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
Hotel Development, Ownership and Management
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๎๎ด๎ƒฆ๎€ ๎€‚๎€ง๎„ช๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎‚ฃ๎…ง๎ƒฟ๎…ฒ๎…ฒ๎…๎…ฒ๎…ƒ๎œ‰๎€‚NYC Hotel Market Analysis: Existing Conditions and 10-Year Outlook, 2017.
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๎๎‚ฆ๎‡€๎†ซ๎…Š๎…๎€‚๎‚ฎ๎…Š๎ƒฟ๎…Š๎œ‰๎€‚๎œ’๎†๎…๎…ฒ๎ƒฟ๎…ฒ๎„œ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฆ๎„ช๎‡œ๎…๎„ช๎‡๎œ‰๎œ’๎€‚Todayโ€™s Hotelier, January 4, 2019.
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๎๎€ง๎ƒฟ๎…ฒ๎ƒฟ๎€‚๎ฒ๎…๎…ง๎…ง๎„ช๎†ฃ๎œ‰๎€‚๎œ’๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ง๎„ช๎…ฒ๎„ฃ๎„ช๎†ฃ๎†ซ๎€‚๎…ƒ๎…๎‡œ๎„ช๎€‚๎…๎…ฒ๎†ซ๎…๎…ƒ๎…Š๎†ธ๎€‚๎…๎…ฒ๎†ธ๎…ผ๎€‚๎šŽ๎šŒ๎š๎š•๎€‚๎…ง๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎„œ๎ƒฟ๎† ๎„ช๎œ‰๎œ’๎€‚Hotel News Now, January 28, 2019.
Development
Before COVID, New York continued to experience a hotel development boom, with almost 6,000 rooms added
in 2019, compared with just over 4,200 rooms added in 2018. In addition, many new hotel brands, including
international ones, are entering the New York City market. However, high construction costs and more restrictive
๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎…ฒ๎…ƒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…ฒ๎„ช๎‡๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎†ซ๎€‚๎† ๎†ฃ๎„ช๎†ซ๎„ช๎…ฒ๎†ธ๎€‚๎„œ๎…Š๎ƒฟ๎…ง๎…ง๎„ช๎…ฒ๎…ƒ๎„ช๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎œ
HOTEL FINANCING OVERVIEW
LENDING MARKET
๎ฒ๎…ผ๎†ซ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎†ฃ๎„ช๎…ง๎‡ฃ๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎†ฃ๎ƒฟ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎…ฒ๎…ƒ๎œ‰๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎€‚๎„œ๎…ผ๎…ฐ๎„›๎…๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎…๎…ฒ๎‡œ๎„ช๎†ซ๎†ธ๎…ผ๎†ฃ๎€‚๎œ ๎„›๎…ผ๎†ธ๎…Š๎€‚๎…๎…ฒ๎†ซ๎†ธ๎…๎†ธ๎‡€๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚
and individual) and developer-contributed equity and debt underwritten by investment banks, capital
๎…ฐ๎ƒฟ๎…ฒ๎ƒฟ๎…ƒ๎„ช๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎‡ฟ๎†ฃ๎…ฐ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎†ฃ๎ƒฟ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎…ง๎„ช๎…ฒ๎„ฃ๎„ช๎†ฃ๎†ซ๎œ
Beginning in 2017, hotel developers in New York City were reporting that lenders were becoming increasingly
reluctant to make loans on new hotel projects in New York City until current inventory was absorbed.
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As hotel
supply has continued to increase during the following two years, the tightening of the lending market has also
sustained though there has also been some optimism.
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In February 2020, The Wall Street Journal reported that, due to deterioration in the New York City hotel
market, more New York City hotel owners were defaulting on their mortgages. As of February 10, 2020, the
๎†ฃ๎„ช๎†ซ๎„ช๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎‡ฟ๎†ฃ๎…ฐ๎€‚๎‚ผ๎†ฃ๎„ช๎† ๎† ๎€‚ ๎จ๎จ๎€ ๎€‚ ๎…Š๎ƒฟ๎„ฃ๎€‚ ๎…‚๎…ผ๎‡€๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚ ๎ƒฟ๎†ธ๎€‚๎…ง๎„ช๎ƒฟ๎†ซ๎†ธ๎€‚ ๎šŽ๎š๎€‚ ๎…ฐ๎…ผ๎†ฃ๎†ธ๎…ƒ๎ƒฟ๎…ƒ๎„ช๎†ซ๎€‚๎„›๎ƒฟ๎„œ๎…ค๎„ช๎„ฃ๎€‚ ๎„›๎‡ฃ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎œ ๎ƒฟ๎†ซ๎€‚ ๎…ผ๎† ๎† ๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚ ๎…๎…ฒ๎„ฃ๎…๎‡œ๎…๎„ฃ๎‡€๎ƒฟ๎…ง๎€‚
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎œก๎€‚๎…๎…ฒ๎€‚ ๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎…ผ๎…ฒ๎€‚๎ƒฟ๎€‚๎‡๎ƒฟ๎†ธ๎„œ๎…Š๎€‚๎…ง๎…๎†ซ๎†ธ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎† ๎…ผ๎†ธ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎€‚๎„ฃ๎…๎‡ณ๎‡ฟ๎„œ๎‡€๎…ง๎†ธ๎…๎„ช๎†ซ๎œ‰๎€‚๎ƒฟ๎…ง๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎‡ฟ๎…ƒ๎‡€๎†ฃ๎„ช๎€‚๎…ผ๎…ฒ๎…ง๎‡ฃ๎€‚
includes loans that were packaged into bonds. Principal factors cited for these defaults included the pressure
๎…ผ๎…ฒ๎€‚๎†ฃ๎„ช๎‡œ๎„ช๎…ฒ๎‡€๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎† ๎†ฃ๎…ผ๎‡ฟ๎†ธ๎ƒฟ๎„›๎…๎…ง๎…๎†ธ๎‡ฃ๎€‚๎„ฃ๎‡€๎„ช๎€‚๎†ธ๎…ผ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…๎†ธ๎†ซ๎€‚๎† ๎†ฃ๎„ช๎†ซ๎†ซ๎‡€๎†ฃ๎„ช๎€‚๎…ผ๎…ฒ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎œ‰๎€‚๎…๎…ฒ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎…๎…ฒ๎…ƒ๎€‚๎…ง๎ƒฟ๎„›๎…ผ๎†ฃ๎€‚
costs and other expenses.
EB-5 PROGRAM
๎‚ผ๎…Š๎„ช๎€‚ ๎…‚๎„ช๎„ฃ๎„ช๎†ฃ๎ƒฟ๎…ง๎€‚ ๎€ฏ๎€Ÿ๎œซ๎š‘๎€‚ ๎† ๎†ฃ๎…ผ๎…ƒ๎†ฃ๎ƒฟ๎…ฐ๎€‚ ๎…Š๎ƒฟ๎†ซ๎€‚ ๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚ ๎„›๎„ช๎„ช๎…ฒ๎€‚ ๎ƒฟ๎…ฒ๎€‚ ๎…๎…ฐ๎† ๎…ผ๎†ฃ๎†ธ๎ƒฟ๎…ฒ๎†ธ๎€‚ ๎†ธ๎…ผ๎…ผ๎…ง๎€‚ ๎…‚๎…ผ๎†ฃ๎€‚ ๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎…ฒ๎…ƒ๎€‚ ๎„œ๎…ผ๎…ฐ๎…ฐ๎„ช๎†ฃ๎„œ๎…๎ƒฟ๎…ง๎œ‰๎€‚ ๎…ฐ๎…๎‡ข๎„ช๎„ฃ๎œซ๎‡€๎†ซ๎„ช๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚
projects in New York City for the past two decades. The program, administered by U.S. Citizen and Immigration
Services, is unique in that it is a visa program designed to allow foreign investors to gain permanent residence
in the United States in exchange for investment in job-creating developments, such as hotels, with lower
investment requirements in rural or targeted high unemployment areas where unemployment is 150% of the
national average. There are a maximum of 10,000 EB-5 visas available each Fiscal Year.
New York City has been one of the largest markets in the nation though in the past three years there have been concerns
that regulatory changes, stricter rules, visa backlogs, and economic slowdown in Chinaโ€”long the largest source of
EB-5 applicationsโ€”would have a negative impact on the program. In the fourth quarter of 2018, EB-5 applications hit
๎ƒฟ๎€‚๎‡ฟ๎‡œ๎„ช๎œซ๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎€‚๎…ง๎…ผ๎‡๎œ‰๎€‚๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š•๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎†ซ๎†ธ๎…๎…ง๎…ง๎€‚๎ƒฟ๎€‚๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎†ซ๎€‚๎‡€๎†ธ๎…๎…ง๎…๎‡ญ๎…๎…ฒ๎…ƒ๎€‚๎€ฏ๎€Ÿ๎œซ๎š‘๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎…ฒ๎…ƒ๎œ‰๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†๎…ง๎ƒฟ๎…ƒ๎€‚
๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎‡๎†ฃ๎…ผ๎‡€๎† ๎œน๎†ซ๎€‚๎ด๎…ผ๎ฒ๎ƒฟ๎„ฃ๎€‚๎‚ฆ๎…๎†ธ๎‡ญ๎€‚๎€ ๎ƒฟ๎†ฃ๎…ง๎†ธ๎…ผ๎…ฒ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎†ฃ๎ƒฟ๎…๎†ซ๎„ช๎„ฃ๎€‚๎•๎š๎šŽ๎š‘๎€‚๎…ฐ๎…๎…ง๎…ง๎…๎…ผ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎€ฏ๎€Ÿ๎œซ๎š‘๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎…ฒ๎…ƒ๎œ
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Other recent hotel projects in the
๎„œ๎…๎†ธ๎‡ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎†ฃ๎„ช๎…ง๎…๎„ช๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎€ฏ๎€Ÿ๎œซ๎š‘๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎…ฒ๎…ƒ๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ผ๎…๎…ฐ๎„ช๎†ซ๎€‚๎‚ฎ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎€‚๎€ฏ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚๎ƒฟ๎†ธ๎€‚๎š“๎šŒ๎š๎€‚๎‚ฎ๎„ช๎‡œ๎„ช๎…ฒ๎†ธ๎…Š๎€‚๎€ƒ๎‡œ๎„ช๎…ฒ๎‡€๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚
Four Seasons Downtown. One trend that has been noted is less participation by Chinese investors in the program.
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HOTEL CONSTRUCTION COSTS
While New York City continued to see the most hotel construction activity of any major market in the United
States through 2019, it also continued to be one of the countryโ€™s most expensive markets for hotel construction.
A 2019 construction cost survey by the New York Building Congress found that, at $600 of construction cost per
square foot, New York is on par with San Francisco though recently surpassed by Chicago; it is considerably more
๎„ช๎‡ข๎† ๎„ช๎…ฒ๎†ซ๎…๎‡œ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎…๎†ธ๎†ซ๎€‚๎…ƒ๎…ง๎…ผ๎„›๎ƒฟ๎…ง๎€‚๎† ๎„ช๎„ช๎†ฃ๎†ซ๎œ‰๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎จ๎…ผ๎…ฒ๎„ฃ๎…ผ๎…ฒ๎œ‰๎€‚๎‡๎…Š๎„ช๎†ฃ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎†ธ๎†ฃ๎‡€๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…๎†ซ๎€‚๎…ง๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎•๎š‘๎šŒ๎šŒ๎€‚๎† ๎„ช๎†ฃ๎€‚๎†ซ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎€‚๎…‚๎…ผ๎…ผ๎†ธ๎œ
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It
should be noted that the cost indices used by the New York Building Congress examine only the hard costs of
construction (labor, materials, equipment, utilities and site preparation costs) and do not include land costs or
๎†ซ๎…ผ๎‡ฝ๎†ธ๎€‚๎„œ๎…ผ๎†ซ๎†ธ๎†ซ๎œ‰๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„œ๎…Š๎…๎†ธ๎„ช๎„œ๎†ธ๎‡€๎†ฃ๎ƒฟ๎…ง๎œ‰๎€‚๎„ช๎…ฒ๎…ƒ๎…๎…ฒ๎„ช๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ง๎„ช๎…ƒ๎ƒฟ๎…ง๎€‚๎…‚๎„ช๎„ช๎†ซ๎œ๎€‚๎‚ฎ๎…ผ๎‡ฝ๎†ธ๎€‚๎„œ๎…ผ๎†ซ๎†ธ๎†ซ๎€‚๎„œ๎ƒฟ๎…ฒ๎€‚๎„›๎„ช๎€‚๎š๎šŒ๎œจ๎š๎šŽ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎€‚๎„œ๎…ผ๎†ซ๎†ธ๎†ซ๎œ๎€‚
The New York Building Congress noted that the disparity between construction costs in New York City and other
๎ƒƒ๎œ๎‚ฎ๎œ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎†ฃ๎„ช๎‡ต๎…ง๎„ช๎„œ๎†ธ๎€‚๎‡๎…Š๎ƒฟ๎†ธ๎€‚๎‡๎ƒฟ๎†ซ๎œ‰๎€‚๎‡€๎† ๎€‚๎‡€๎…ฒ๎†ธ๎…๎…ง๎€‚๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚๎ƒฟ๎€‚๎†ธ๎…Š๎†ฃ๎…๎‡œ๎…๎…ฒ๎…ƒ๎€‚๎…ง๎…ผ๎„œ๎ƒฟ๎…ง๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎†ธ๎†ฃ๎‡€๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎† ๎‡€๎†ธ๎€‚๎…Š๎…๎…ƒ๎…Š๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚
๎…ง๎ƒฟ๎„›๎…ผ๎†ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ฐ๎ƒฟ๎†ธ๎„ช๎†ฃ๎…๎ƒฟ๎…ง๎†ซ๎œ๎€‚๎€ ๎…ผ๎…ฒ๎†ซ๎†ธ๎†ฃ๎‡€๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎„œ๎…ผ๎†ซ๎†ธ๎†ซ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š“๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎š๎š”๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…Š๎ƒฟ๎„ฃ๎€‚๎†ฃ๎…๎†ซ๎„ช๎…ฒ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎…๎…ฒ๎‡€๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚
๎šŽ๎šŒ๎š๎šŒ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚ ๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚ ๎„œ๎…ผ๎…ฒ๎†ซ๎†ธ๎†ฃ๎‡€๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎„œ๎…ผ๎†ซ๎†ธ๎†ซ๎€‚๎…๎…ฒ๎€‚ ๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š“๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎š๎š”๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎†ซ๎„ช๎„ช๎…ฒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚
๎† ๎†ฃ๎…๎…ฐ๎„ช๎€‚๎…ผ๎‡ณ๎‡ฟ๎„œ๎„ช๎€‚๎„›๎‡€๎…๎…ง๎„ฃ๎…๎…ฒ๎…ƒ๎†ซ๎œ‰๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎†ฃ๎„ช๎†ธ๎ƒฟ๎…๎…ง๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ฐ๎‡€๎…ง๎†ธ๎…๎…‚๎ƒฟ๎…ฐ๎…๎…ง๎‡ฃ๎€‚๎†ฃ๎„ช๎†ซ๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎œ
๎Ž๎ƒŸ๎‚ฎ๎œ‰๎€‚๎ƒฟ๎€‚๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎…Š๎…ผ๎†ซ๎† ๎…๎†ธ๎ƒฟ๎…ง๎…๎†ธ๎‡ฃ๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎‡€๎…ง๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎‡ฟ๎†ฃ๎…ฐ๎œ‰๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎…๎…ฒ๎‡€๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ซ๎†ธ๎€‚
hotel construction costs per key in the country. HVS forecast that rising national construction costs and a tighter
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎…ฒ๎…ƒ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎‡๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎„›๎„ช๎…ƒ๎…๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎„œ๎‡€๎†ฃ๎„›๎€‚๎…ฒ๎„ช๎‡๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎†ธ๎†ฃ๎‡€๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎œ
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๎€ƒ๎†ซ๎€‚๎…ง๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„œ๎…ผ๎†ซ๎†ธ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎„ช๎‡ข๎† ๎„ช๎…ฒ๎†ซ๎…๎‡œ๎„ช๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚๎ƒฟ๎…ง๎…ง๎œซ๎…๎…ฒ๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎„œ๎…ผ๎†ซ๎†ธ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ธ๎„ช๎…ฒ๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎„›๎„ช๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ฃ๎€‚
than those in the other boroughs. In addition, there is a range of construction costs based on the hotel type. For example,
Cumming Corporation Construction Cost Insights 2020 report cites that, in New York City, per-foot construction costs for
3-star hotels range from $625 to $749 per square foot while costs per square foot for 5-star hotels range from $892 to $1,108.
Cumming reports that New York City is the most expensive hotel construction market in the United States, with San
Francisco right behind it at costs per square foot of $555 to $731 for 3-star properties and $761 to $1,044 for 5-star properties.
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๎๎€ฏ๎†ฃ๎…๎…ฒ๎€‚๎Ž๎‡€๎„ฃ๎†ซ๎…ผ๎…ฒ๎œ‰๎€‚๎œ’๎ด๎…ผ๎ฒ๎ƒฟ๎„ฃ๎€‚๎‚ฆ๎…๎†ธ๎‡ญ๎€‚๎€ ๎ƒฟ๎†ฃ๎…ง๎†ธ๎…ผ๎…ฒ๎€‚๎†ซ๎„ช๎„œ๎‡€๎†ฃ๎„ช๎†ซ๎€‚๎•๎š๎šŽ๎š‘๎€‚๎…ฐ๎…๎…ง๎…ง๎…๎…ผ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎€ฏ๎€Ÿ๎œซ๎š‘๎€‚๎…‚๎‡€๎…ฒ๎„ฃ๎†ซ๎œ‰๎œ’๎€‚The Real Deal, April 19, 2019.
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๎๎‚ผ๎…ผ๎…ฐ๎€‚๎‚ฆ๎…ผ๎†ซ๎„ช๎…ฒ๎…‚๎„ช๎…ง๎„ฃ๎œ‰๎€‚๎œ’๎“๎…ฐ๎…ฐ๎…๎…ƒ๎†ฃ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎…ง๎…๎…ค๎„ช๎…ง๎‡ฃ๎€‚๎†ธ๎…ผ๎€‚๎…Š๎‡€๎†ฃ๎†ธ๎€‚๎…ฐ๎ƒฟ๎…ก๎…ผ๎†ฃ๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎†ธ๎†ฃ๎‡€๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎†ซ๎œ‰๎œ’๎€‚Crainโ€™s๎œ‰๎€‚๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎šŽ๎œ‰๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ
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๎๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€Ÿ๎‡€๎…๎…ง๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎€ ๎…ผ๎…ฒ๎…ƒ๎†ฃ๎„ช๎†ซ๎†ซ๎œ‰๎€‚Construction Outlook Update: NYC Construction Costs 2019, February 2019.
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๎๎Ž๎ƒŸ๎‚ฎ๎œ‰๎€‚HVS Perspectives on the NYC Lodging Market, June 2019.
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๎๎œ’๎ƒƒ๎œ๎‚ฎ๎œ๎€‚๎€ ๎…ผ๎†ซ๎†ธ๎†ซ๎€‚๎† ๎„ช๎†ฃ๎€‚๎‡๎‚ฎ๎†๎œˆ๎€‚๎Ž๎…ผ๎†ซ๎† ๎…๎†ธ๎ƒฟ๎…ง๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎จ๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎œ‰๎œ’๎€‚Cumming Corporation Construction Cost Insights, 2020.
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NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
PROPERTY TAX
๎ฒ๎ƒฟ๎…ฒ๎‡ฃ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎…ผ๎‡๎…ฒ๎„ช๎†ฃ๎†ซ๎€‚ ๎…๎…ฒ๎€‚ ๎ด๎„ช๎‡๎€‚ ๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚ ๎€ ๎…๎†ธ๎‡ฃ๎€‚ ๎…Š๎ƒฟ๎‡œ๎„ช๎€‚ ๎„œ๎…๎†ธ๎„ช๎„ฃ๎€‚ ๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎‡ฃ๎€‚ ๎†ธ๎ƒฟ๎‡ข๎„ช๎†ซ๎€‚ ๎…๎…ฒ๎€‚ ๎ด๎„ช๎‡๎€‚ ๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚ ๎€ ๎…๎†ธ๎‡ฃ๎€‚ ๎ƒฟ๎†ซ๎€‚ ๎ƒฟ๎…ฒ๎€‚ ๎…๎…ฒ๎„ช๎†ข๎‡€๎…๎†ธ๎ƒฟ๎„›๎…ง๎„ช๎€‚ ๎„›๎‡€๎†ฃ๎„ฃ๎„ช๎…ฒ๎œ‰๎€‚
noting that property taxes on hotels as a percentage of net operating income have increased disproportionately
as compared to other commercial (Class 4) properties. The New York City Department of Finance determines
assessed value of properties based on net operating income, cap rates and other factors; net operating income
is established by the Department of Finance by deducting expenses from gross revenue. However, hotel owners
๎ƒฟ๎†ซ๎†ซ๎„ช๎†ฃ๎†ธ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฒ๎„ช๎†ธ๎€‚๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…๎…ฒ๎„œ๎…ผ๎…ฐ๎„ช๎€‚๎…๎†ซ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎‡œ๎ƒฟ๎†ฃ๎…๎ƒฟ๎„›๎…ง๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎€ ๎…ง๎ƒฟ๎†ซ๎†ซ๎€‚๎š๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎œ‰๎€‚๎† ๎ƒฟ๎†ฃ๎†ธ๎…๎„œ๎‡€๎…ง๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎…ผ๎‡ณ๎‡ฟ๎„œ๎„ช๎€‚
properties, due to the less predictable nature of hotel occupancy and rates. Some hotel owners have requested
๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ง๎„ช๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†๎…๎…ฒ๎ƒฟ๎…ฒ๎„œ๎„ช๎€‚๎ƒฟ๎„ฃ๎„ฃ๎†ฃ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎„›๎‡€๎†ฃ๎„ฃ๎„ช๎…ฒ๎€‚๎„›๎‡ฃ๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎…๎„ฃ๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒฟ๎„ฃ๎…ก๎‡€๎†ซ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎„œ๎ƒฟ๎† ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎„›๎„ช๎†ธ๎†ธ๎„ช๎†ฃ๎€‚๎†ฃ๎„ช๎‡ต๎…ง๎„ช๎„œ๎†ธ๎€‚
the risks and other unique elements of the hotel industry, and to consider adjustment of the calculation of net
๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…๎…ฒ๎„œ๎…ผ๎…ฐ๎„ช๎€‚๎†ธ๎…ผ๎€‚๎†ฃ๎„ช๎‡ต๎…ง๎„ช๎„œ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ƒ๎†ฃ๎„ช๎ƒฟ๎†ธ๎„ช๎†ฃ๎€‚๎‡œ๎ƒฟ๎†ฃ๎…๎ƒฟ๎„›๎…๎…ง๎…๎†ธ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎…๎…ฒ๎„œ๎…ผ๎…ฐ๎„ช๎€‚๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎†ฃ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎„œ๎…ผ๎…ฐ๎…ฐ๎„ช๎†ฃ๎„œ๎…๎ƒฟ๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎œ
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NEW YORK DEVELOPERS PIONEERED NEW MIDSCALE PRODUCT
In the past 12โ€“15 years, the New York City hotel market has been transformed by locally based developer-
๎…ผ๎‡๎…ฒ๎„ช๎†ฃ๎†ซ๎€‚๎‡๎…Š๎…ผ๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎ƒฟ๎…ง๎…๎‡ญ๎„ช๎€‚๎…๎…ฒ๎€‚๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฎ๎„ช๎…ง๎„ช๎„œ๎†ธ๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎„œ๎ƒฟ๎†ธ๎„ช๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎„›๎‡€๎„ฃ๎…ƒ๎„ช๎†ธ๎œซ๎…ฐ๎…๎…ฒ๎„ฃ๎„ช๎„ฃ๎€‚
travelers. These developer-owners pioneered a midscale more standardized hotel product with smaller rooms
that was appropriate for the New York City market. While the national industry standard for hotel rooms has
been a minimum of 350-square feet, these developers were able to create 200 square-foot hotel rooms that
๎‡๎„ช๎†ฃ๎„ช๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎„ช๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎…๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎†ซ๎‡€๎…๎†ธ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎„ช๎†ฃ๎€‚ ๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…‚๎…ผ๎…ผ๎†ธ๎† ๎†ฃ๎…๎…ฒ๎†ธ๎†ซ๎€‚๎„›๎‡ฃ๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…๎…ฒ๎…ƒ๎€‚๎‡€๎…ฒ๎…๎†ข๎‡€๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚
layouts and custom furniture. This product was very popular with national franchise brands and allowed for
๎†ธ๎…Š๎„ช๎…๎†ฃ๎€‚๎‡€๎…ฒ๎† ๎†ฃ๎„ช๎„œ๎„ช๎„ฃ๎„ช๎…ฒ๎†ธ๎„ช๎„ฃ๎€‚๎„ช๎‡ข๎† ๎ƒฟ๎…ฒ๎†ซ๎…๎…ผ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎€‚๎„ฃ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎šŽ๎šŒ๎š๎šŒ๎†ซ๎œ‰๎€‚๎…ผ๎‡ฝ๎†ธ๎„ช๎…ฒ๎€‚๎„›๎‡ฃ๎€‚๎† ๎‡€๎†ธ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎‡๎…ผ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎†ฃ๎„ช๎„ช๎€‚๎†ซ๎„ช๎† ๎ƒฟ๎†ฃ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎„ฃ๎€‚
hotels in a single building, known as โ€œtwo-packsโ€ or โ€œthree-packsโ€, which were initially popular on the West Side
๎…ผ๎…‚๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎„›๎‡€๎†ธ๎€‚๎„œ๎ƒฟ๎…ฒ๎€‚๎…ฒ๎…ผ๎‡๎€‚๎„›๎„ช๎€‚๎…‚๎…ผ๎‡€๎…ฒ๎„ฃ๎€‚๎…๎…ฒ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ‰๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎จ๎…ผ๎…ฒ๎…ƒ๎€‚๎“๎†ซ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ค๎ƒฟ๎…ฐ๎ƒฟ๎…๎„œ๎ƒฟ๎œ๎€‚๎€ง๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎„ช๎†ฃ๎œซ
๎…ผ๎‡๎…ฒ๎„ช๎†ฃ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎† ๎†ฃ๎…ผ๎„ฃ๎‡€๎„œ๎†ธ๎€‚๎†ธ๎„ช๎…ฒ๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎‡ณ๎‡ฟ๎…ง๎…๎ƒฟ๎†ธ๎„ช๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎€‚๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎†ธ๎…Š๎„ช๎‡ฃ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎„ช๎‡ข๎† ๎ƒฟ๎…ฒ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚
๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎€‚๎ƒฟ๎†ซ๎€‚๎‡๎„ช๎…ง๎…ง๎œ‰๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…ผ๎‡€๎†ฃ๎†ธ๎‡ฃ๎ƒฟ๎†ฃ๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎œ•๎‚ฆ๎„ช๎†ซ๎…๎„ฃ๎„ช๎…ฒ๎„œ๎„ช๎€‚๎“๎…ฒ๎…ฒ๎€‚๎€ ๎„ช๎…ฒ๎†ธ๎†ฃ๎ƒฟ๎…ง๎€‚๎‚ฃ๎ƒฟ๎†ฃ๎…ค๎œ๎€‚๎“๎…ฒ๎€‚๎†ฃ๎„ช๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎† ๎†ฃ๎…ผ๎„ฃ๎‡€๎„œ๎†ธ๎€‚
has also expanded nationally beyond New York City, including โ€œtwo-packโ€ and โ€œthree-packโ€ hotels in Chicago,
Atlanta, and Nashville.
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๎๎€ ๎…ผ๎…ฒ๎†ซ๎‡€๎…ง๎†ธ๎ƒฟ๎…ฒ๎†ธ๎€‚๎„œ๎…ผ๎…ฒ๎‡œ๎„ช๎†ฃ๎†ซ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ผ๎‡๎…ฒ๎„ช๎†ฃ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎€ƒ๎†ซ๎†ซ๎…ผ๎„œ๎…๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ
Ownership Profile of New York City Hotels
HOTEL COMPANIES TAKE AN โ€œASSET LIGHTโ€ APPROACH
New York Cityโ€™s hotels are owned by a broad assortment of both New York City-based and national private
developers, real estate investment trusts (REITs), and investment partnerships. Characteristic of most major
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚ ๎…๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎ƒƒ๎…ฒ๎…๎†ธ๎„ช๎„ฃ๎€‚ ๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎†ซ๎œ‰๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎…๎„ช๎†ซ๎œ‰๎€‚ ๎†ซ๎‡€๎„œ๎…Š๎€‚ ๎ƒฟ๎†ซ๎€‚ ๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎ƒ ๎‡ฃ๎…ฒ๎„ฃ๎…Š๎ƒฟ๎…ฐ๎œ‰๎€‚ ๎†ธ๎ƒฟ๎…ค๎„ช๎€‚ ๎ƒฟ๎…ฒ๎€‚ ๎œถ๎ƒฟ๎†ซ๎†ซ๎„ช๎†ธ๎€‚ ๎…ง๎…๎…ƒ๎…Š๎†ธ๎œท๎€‚
๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎ƒฟ๎„œ๎…Š๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„ฃ๎…ผ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎…ผ๎‡๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎„›๎„ช๎ƒฟ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎…๎†ฃ๎€‚๎…ฒ๎ƒฟ๎…ฐ๎„ช๎†ซ๎œ‰๎€‚๎„›๎‡€๎†ธ๎€‚๎†ฃ๎ƒฟ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎ƒฟ๎‡ณ๎‡ฟ๎…ง๎…๎ƒฟ๎†ธ๎„ช๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎„ช๎†ฃ๎œ•๎…ผ๎‡๎…ฒ๎„ช๎†ฃ๎†ซ๎€‚
through a franchise agreement. The majority of hotel rooms in New York City are in such an arrangement. In
๎„œ๎…ผ๎…ฒ๎†ซ๎…๎„ฃ๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎…ƒ๎†ฃ๎„ช๎„ช๎…ฐ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎ƒฟ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ผ๎‡๎…ฒ๎„ช๎†ฃ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎…๎„ฃ๎„ช๎†ฃ๎€‚๎‡๎…Š๎„ช๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„›๎„ช๎†ซ๎†ธ๎€‚๎‡ฟ๎†ธ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…ผ๎…ฐ๎† ๎„ช๎†ธ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚๎ƒฟ๎…ฐ๎…ผ๎…ฒ๎…ƒ๎€‚
๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎„ฃ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎…๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚๎…๎…ฐ๎…ฐ๎„ช๎„ฃ๎…๎ƒฟ๎†ธ๎„ช๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎ƒฟ๎†ฃ๎„ช๎ƒฟ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚ ๎‡€๎† ๎…‚๎†ฃ๎…ผ๎…ฒ๎†ธ๎€‚๎„œ๎…ผ๎†ซ๎†ธ๎€‚๎†ธ๎…ผ๎€‚ ๎ƒฟ๎‡ณ๎‡ฟ๎…ง๎…๎ƒฟ๎†ธ๎„ช๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚ ๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎œน๎†ซ๎€‚๎†ฃ๎„ช๎†ข๎‡€๎…๎†ฃ๎„ช๎„ฃ๎€‚
๎† ๎…Š๎‡ฃ๎†ซ๎…๎„œ๎ƒฟ๎…ง๎€‚ ๎…๎…ฐ๎† ๎†ฃ๎…ผ๎‡œ๎„ช๎…ฐ๎„ช๎…ฒ๎†ธ๎†ซ๎œ‰๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎„œ๎…ผ๎†ซ๎†ธ๎†ซ๎€‚ ๎…ผ๎…‚๎€‚ ๎„ฃ๎…ผ๎…๎…ฒ๎…ƒ๎€‚ ๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚ ๎‡€๎…ฒ๎„ฃ๎„ช๎†ฃ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎ƒฟ๎‡ณ๎‡ฟ๎…ง๎…๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ‰๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎ƒฟ๎…ง๎€‚ ๎„›๎„ช๎…ฒ๎„ช๎‡ฟ๎†ธ๎†ซ๎€‚
๎ƒฟ๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚ ๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ฐ๎ƒฟ๎‡ฃ๎€‚๎„›๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎‡ฃ๎œน๎†ซ๎€‚๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ๎€‚๎€ƒ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ผ๎‡๎…ฒ๎„ช๎†ฃ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎…ง๎…๎…ค๎„ช๎…ง๎‡ฃ๎€‚๎„œ๎…ผ๎…ง๎…ง๎ƒฟ๎„›๎…ผ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…๎†ธ๎†ซ๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎ƒฟ๎…ง๎€‚
๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฒ๎„ช๎†ฃ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ง๎„ช๎…ฒ๎„ฃ๎„ช๎†ฃ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎„ฃ๎„ช๎†ธ๎„ช๎†ฃ๎…ฐ๎…๎…ฒ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎† ๎†ธ๎…๎…ฐ๎ƒฟ๎…ง๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎œ๎€‚๎‚ฎ๎…ผ๎…ฐ๎„ช๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎„ช๎†ฃ๎†ซ๎œ•๎…ผ๎‡๎…ฒ๎„ช๎†ฃ๎†ซ๎€‚๎…ฐ๎ƒฟ๎‡ฃ๎€‚๎†ธ๎„ช๎…ฒ๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎‡ณ๎‡ฟ๎…ง๎…๎ƒฟ๎†ธ๎„ช๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚
๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎…ผ๎…ฒ๎…ง๎‡ฃ๎€‚๎…ผ๎…ฒ๎„ช๎€‚๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎œง๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎€‚๎“๎…ฒ๎†ธ๎„ช๎†ฃ๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎œง๎‡๎…Š๎…ผ๎†ซ๎„ช๎€‚๎ƒฟ๎†ซ๎†ซ๎…ผ๎†ฃ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎€‚๎„ช๎…ฒ๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎†ซ๎†ซ๎„ช๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚
๎†ฃ๎ƒฟ๎…ฒ๎…ƒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ธ๎‡ฃ๎† ๎…ผ๎…ง๎…ผ๎…ƒ๎…๎„ช๎†ซ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎†ธ๎…ผ๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎œ๎€‚๎ฒ๎…ผ๎†ซ๎†ธ๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎„ช๎†ฃ๎œซ๎…ผ๎‡๎…ฒ๎„ช๎†ฃ๎†ซ๎œ‰๎€‚๎…Š๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฒ๎„ช๎†ฃ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎ƒฟ๎€‚๎‡๎…๎„ฃ๎„ช๎€‚๎†ฃ๎ƒฟ๎…ฒ๎…ƒ๎„ช๎€‚
๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎€‚๎…ผ๎†ฃ๎€‚๎œถ๎‡ต๎…ง๎ƒฟ๎…ƒ๎†ซ๎œ๎œท๎€‚๎‚ผ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎†ซ๎„ช๎„ช๎…ฒ๎€‚๎…ฐ๎‡€๎„œ๎…Š๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎…ผ๎…ง๎…๎„ฃ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚
๎„œ๎‡€๎†ฃ๎†ฃ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎…ฐ๎ƒฟ๎…ก๎…ผ๎†ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎…๎„ช๎†ซ๎€‚๎ƒฟ๎„œ๎†ธ๎…๎‡œ๎„ช๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œˆ๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎œ‰๎€‚๎ƒ ๎‡ฃ๎…ฒ๎„ฃ๎…Š๎ƒฟ๎…ฐ๎œ‰๎€‚๎€ ๎…Š๎…ผ๎…๎„œ๎„ช๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎Ž๎…๎…ง๎†ธ๎…ผ๎…ฒ๎œ๎€‚
Hyatt, the other major U.S. hotel company, has a smaller presence in New York.
๎€ƒ๎† ๎† ๎†ฃ๎…ผ๎‡ข๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚๎š๎š‘๎€‚ ๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚ ๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚ ๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚ ๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚ ๎…ฐ๎„ช๎ƒฟ๎…ฒ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎‡ฃ๎€‚ ๎ƒฟ๎†ฃ๎„ช๎€‚ ๎…ฒ๎…ผ๎†ธ๎€‚๎ƒฟ๎‡ณ๎‡ฟ๎…ง๎…๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚
๎‡๎…๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฐ๎ƒฟ๎…ก๎…ผ๎†ฃ๎€‚๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎œ๎€‚๎ฒ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎†ซ๎„ช๎€‚๎‡€๎…ฒ๎ƒฟ๎‡ณ๎‡ฟ๎…ง๎…๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎„œ๎ƒฟ๎†ธ๎„ช๎…ƒ๎…ผ๎†ฃ๎‡ฃ๎€‚๎„›๎…ผ๎‡€๎†ธ๎…๎†ข๎‡€๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚
๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฆ๎„ช๎‡ฟ๎…ฒ๎„ช๎†ฃ๎‡ฃ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎…ผ๎‡๎…ฒ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎€ ๎…Š๎ƒฟ๎†ฃ๎…ง๎„ช๎†ซ๎€‚๎€ƒ๎…๎…ฒ๎…๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎„ช๎‡๎€‚๎š๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎€Ÿ๎†ฃ๎…๎„ฃ๎…ƒ๎„ช๎€‚๎…๎…ฒ๎€‚
๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎œ‰๎€‚ ๎…ผ๎‡๎…ฒ๎„ช๎„ฃ๎€‚ ๎„›๎‡ฃ๎€‚ ๎š๎€‚ ๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚ ๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚ ๎„›๎„ช๎…ฒ๎„ช๎‡ฟ๎†ธ๎€‚ ๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚ ๎ƒฟ๎€‚ ๎‡€๎…ฒ๎…๎†ข๎‡€๎„ช๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎…‚๎ƒฟ๎†ซ๎…Š๎…๎…ผ๎…ฒ๎ƒฟ๎„›๎…ง๎„ช๎€‚ ๎† ๎†ฃ๎…ผ๎„ฃ๎‡€๎„œ๎†ธ๎œ๎€‚ ๎ฟ๎…ฒ๎„ช๎œซ๎†ธ๎…Š๎…๎†ฃ๎„ฃ๎€‚ ๎…ผ๎…‚๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎ƒฟ๎…ง๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚
๎š๎š๎š’๎œ‰๎šŒ๎šŒ๎šŒ๎€‚๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„œ๎ƒฟ๎†ธ๎„ช๎…ƒ๎…ผ๎†ฃ๎…๎‡ญ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎…ผ๎†ฃ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎œ๎€‚๎“๎…ฒ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎œ‰๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎†ธ๎†ฃ๎„ช๎…ฒ๎„ฃ๎€‚
๎…๎†ซ๎€‚๎„ช๎‡œ๎„ช๎…ฒ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎„ฃ๎œ‰๎€‚๎‡๎…Š๎„ช๎†ฃ๎„ช๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎š”๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎„›๎‡€๎…๎…ง๎†ธ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎€‚
๎ƒฟ๎†ฃ๎„ช๎€‚๎„œ๎ƒฟ๎†ธ๎„ช๎…ƒ๎…ผ๎†ฃ๎…๎‡ญ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎…ผ๎†ฃ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎œ๎€‚
Twenty-eight percent of independent hotel rooms in the city are Economy class, though many of these hotels are older.
๎ฟ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎…Š๎ƒฟ๎…ฒ๎„ฃ๎œ‰๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎‡€๎…ฒ๎ƒฟ๎‡ณ๎‡ฟ๎…ง๎…๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎…Š๎…๎†ซ๎†ธ๎…ผ๎†ฃ๎…๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎„œ๎…Š๎ƒฟ๎…ง๎…ง๎„ช๎…ฒ๎…ƒ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎…๎†ฃ๎€‚๎…ง๎ƒฟ๎„œ๎…ค๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎„œ๎„œ๎„ช๎†ซ๎†ซ๎€‚
to national reservation systems or visible brands. Nevertheless, the dominance of online travel agencies, such
as Expedia, have made it easier for these hotels to compete in the market by providing them with a platform
independent of the national brandsโ€™ reservation systems.
NEW HOTEL BRANDS ENTERING MARKET
๎‚ผ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎†ซ๎„ช๎„ช๎…ฒ๎€‚๎ƒฟ๎€‚๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎…ฒ๎„ช๎‡๎€‚๎…ฒ๎…ผ๎…ฒ๎œซ๎ƒƒ๎œ๎‚ฎ๎œ๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎€‚๎„ช๎…ฒ๎†ธ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ๎€‚๎‚ผ๎…Š๎†ฃ๎„ช๎„ช๎€‚๎‚ฎ๎† ๎ƒฟ๎…ฒ๎…๎†ซ๎…Š๎€‚
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎…๎„ช๎†ซ๎œง๎“๎„›๎„ช๎†ฃ๎…ผ๎†ซ๎†ธ๎ƒฟ๎†ฃ๎œ‰๎€‚๎‚ฆ๎…๎‡€๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฒ๎„ช๎…ง๎…๎ƒฟ๎œ๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎€‚๎† ๎…ง๎ƒฟ๎‡ฃ๎„ช๎†ฃ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ฏ๎‡€๎†ฃ๎…ผ๎† ๎„ช๎ƒฟ๎…ฒ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎„›๎‡€๎†ธ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎…ฒ๎…๎†ธ๎„ช๎„ฃ๎€‚
๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎†ซ๎œง๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎…ผ๎† ๎„ช๎…ฒ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎…๎†ฃ๎€‚๎‡ฟ๎†ฃ๎†ซ๎†ธ๎€‚๎ƒƒ๎œ๎‚ฎ๎œ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†๎…ง๎…ผ๎†ฃ๎…๎„ฃ๎ƒฟ๎€‚๎„ฃ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎† ๎„ช๎†ฃ๎…๎…ผ๎„ฃ๎œ๎€‚๎‚ผ๎…Š๎„ช๎†ซ๎„ช๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎‡๎„ช๎…ง๎…ง๎€‚
๎…ค๎…ฒ๎…ผ๎‡๎…ฒ๎€‚๎„›๎‡ฃ๎€‚๎€ฏ๎‡€๎†ฃ๎…ผ๎† ๎„ช๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎œ‰๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎€‚๎…ง๎„ช๎†ซ๎†ซ๎„ช๎†ฃ๎€‚๎„ช๎‡ข๎†ธ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎จ๎ƒฟ๎†ธ๎…๎…ฒ๎€‚๎€ƒ๎…ฐ๎„ช๎†ฃ๎…๎„œ๎ƒฟ๎…ฒ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎€‚๎ƒฟ๎†ซ๎€‚๎‡€๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎„œ๎…Š๎ƒฟ๎…๎…ฒ๎†ซ๎œ‰๎€‚๎…๎†ธ๎€‚๎…๎†ซ๎€‚๎…ง๎…๎…ค๎„ช๎…ง๎‡ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎…๎†ฃ๎€‚๎…๎…ฒ๎…๎†ธ๎…๎ƒฟ๎…ง๎€‚
focus was meant to be international visitors.
In 2020, the Thai luxury hotel company, Six Senses, which has many properties in Asia and Europe, will open
๎…๎†ธ๎†ซ๎€‚๎‡ฟ๎†ฃ๎†ซ๎†ธ๎€‚๎ƒƒ๎œ๎‚ฎ๎œ๎€‚๎…ง๎…ผ๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎ƒฟ๎†ธ๎€‚๎Ž๎†๎ƒฐ๎€‚๎€ ๎ƒฟ๎† ๎…๎†ธ๎ƒฟ๎…ง๎€‚๎‡๎†ฃ๎…ผ๎‡€๎† ๎œน๎†ซ๎€‚๎ƒฅ๎“๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎€ ๎…Š๎„ช๎…ง๎†ซ๎„ช๎ƒฟ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎„›๎„ช๎€‚๎…ฐ๎ƒฟ๎…ฒ๎ƒฟ๎…ƒ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚
Six Senses. Similar to the three Spanish brands mentioned above, Six Senses is well known by many higher end
international travelers as a luxury brand is but less known by Americans.
๎ด๎„ช๎‡๎€‚๎ƒƒ๎œ๎‚ฎ๎œ๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎„ช๎…ฒ๎†ธ๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œง๎…๎…ฒ๎€‚๎šŽ๎šŒ๎šŽ๎š๎œ‰๎€‚๎€ ๎ƒฟ๎…ง๎…๎…‚๎…ผ๎†ฃ๎…ฒ๎…๎ƒฟ๎œซ๎„›๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎ฒ๎…ผ๎…ฒ๎†ธ๎ƒฟ๎…ƒ๎„ช๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎…ผ๎† ๎„ช๎…ฒ๎€‚๎…๎†ธ๎†ซ๎€‚๎‡ฟ๎†ฃ๎†ซ๎†ธ๎€‚
๎‚ฃ๎„ช๎…ฒ๎„ฃ๎†ฃ๎‡ฃ๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎ƒฟ๎†ธ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎‡ฟ๎„ช๎…ง๎„ฃ๎œน๎†ซ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎œ๎€‚๎‚ฃ๎„ช๎…ฒ๎„ฃ๎†ฃ๎‡ฃ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎…ง๎…ผ๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ƒƒ๎œ๎‚ฎ๎œ๎€‚๎„œ๎…๎†ธ๎…๎„ช๎†ซ๎œ‰๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚
๎จ๎…ผ๎†ซ๎€‚๎€ƒ๎…ฒ๎…ƒ๎„ช๎…ง๎„ช๎†ซ๎œ‰๎€‚๎ƒ ๎ƒฟ๎†ซ๎…Š๎…๎…ฒ๎…ƒ๎†ธ๎…ผ๎…ฒ๎œ‰๎€‚๎€ง๎€ ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎…Š๎…๎„œ๎ƒฟ๎…ƒ๎…ผ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎…๎†ธ๎†ซ๎„ช๎…ง๎…‚๎€‚๎ƒฟ๎†ซ๎€‚๎ƒฟ๎…ฒ๎€‚๎‡€๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎„›๎…ผ๎‡€๎†ธ๎…๎†ข๎‡€๎„ช๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎‡€๎…ฒ๎…๎†ข๎‡€๎„ช๎€‚๎„ช๎‡ข๎† ๎„ช๎†ฃ๎…๎„ช๎…ฒ๎„œ๎„ช๎†ซ๎œ
2019
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
Hotel Operations and Management
Hotels in New York City, similar to other major markets in the United States, are operated and managed in three ways:
1. ๎ฒ๎ƒฟ๎…ฒ๎ƒฟ๎…ƒ๎„ช๎„ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎ƒฟ๎€‚๎†ธ๎…Š๎…๎†ฃ๎„ฃ๎œซ๎† ๎ƒฟ๎†ฃ๎†ธ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎…ฒ-
agement company. This is the most prevalent model
and there are multiple hotel management compa-
nies. Real Hospitality is one of the largest hotel man-
agement companies in the United States and man-
ages hotels of multiple brands, including Hilton and
๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎œ๎€‚๎“๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ‰๎€‚๎‚ฆ๎„ช๎ƒฟ๎…ง๎€‚๎Ž๎…ผ๎†ซ๎† ๎…๎†ธ๎ƒฟ๎…ง๎…๎†ธ๎‡ฃ๎€‚๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚
hotels for numerous owners, both branded and in-
๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚ ๎…๎…ฒ๎€‚ ๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚ ๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎œ
Other third-party hotel management companies
active in New York City include Interstate Hotels
and Resorts (based in Virginia), Hersha Hospitality
๎ฒ๎ƒฟ๎…ฒ๎ƒฟ๎…ƒ๎„ช๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚ ๎œ ๎„›๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚ ๎…๎…ฒ๎€‚ ๎‚ฃ๎„ช๎…ฒ๎…ฒ๎†ซ๎‡ฃ๎…ง๎‡œ๎ƒฟ๎…ฒ๎…๎ƒฟ๎œก๎œ‰๎€‚ ๎Ž๎…๎…ƒ๎…Š๎…ƒ๎ƒฟ๎†ธ๎„ช๎€‚
๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎œ ๎„›๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œก๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฒ๎ž ๎‚ฆ๎€‚๎Ž๎…ผ๎†ซ๎† ๎…๎†ธ๎ƒฟ๎…ง-
ity (based in Nassau County).
2. ๎ฒ๎ƒฟ๎…ฒ๎ƒฟ๎…ƒ๎„ช๎„ฃ๎€‚๎„ฃ๎…๎†ฃ๎„ช๎„œ๎†ธ๎…ง๎‡ฃ๎€‚๎„›๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎œ๎€‚Other large brands
have dedicated management arms and will directly
manage hotels on behalf of property owners.
3. ๎ฒ๎ƒฟ๎…ฒ๎ƒฟ๎…ƒ๎„ช๎„ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎„ฃ๎…๎†ฃ๎„ช๎„œ๎†ธ๎…ง๎‡ฃ๎€‚ ๎„›๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ผ๎‡๎…ฒ-
er. Some hotel owners and developers have the re-
sources and expertise to manage their own hotel
properties. This is particularly true for many inde-
๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ
๎€ƒ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎† ๎…ผ๎†ฃ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…‚๎…ผ๎…ง๎…ง๎…ผ๎‡๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡ฟ๎†ฃ๎†ซ๎†ธ๎€‚๎†ซ๎†ธ๎†ฃ๎‡€๎„œ๎†ธ๎‡€๎†ฃ๎„ช๎€‚๎ƒฟ๎„›๎…ผ๎‡œ๎„ช๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…ฐ๎ƒฟ๎…ฒ๎ƒฟ๎…ƒ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎†ธ๎…Š๎…๎†ฃ๎„ฃ๎€‚๎† ๎ƒฟ๎†ฃ๎†ธ๎‡ฃ๎€‚
companies, many of which are national in scale and manage multiple hotels under multiple brands.
Industry Trends and Innovations in Hotel Models
NATIONAL TRENDS
๎€Ÿ๎„ช๎…‚๎…ผ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎€‚๎‡€๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎„›๎„ช๎…ƒ๎…๎…ฒ๎…ฒ๎…๎…ฒ๎…ƒ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…ผ๎†ฃ๎€‚๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎‡๎…๎„ฃ๎„ช๎€‚
๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎…๎…ฒ๎€‚ ๎…ฐ๎ƒฟ๎…ฒ๎‡ฃ๎€‚ ๎…ผ๎…‚๎€‚ ๎ด๎„ช๎‡๎€‚ ๎ƒฆ๎…ผ๎†ฃ๎…ค๎œน๎†ซ๎€‚ ๎† ๎„ช๎„ช๎†ฃ๎€‚ ๎…ƒ๎…ง๎…ผ๎„›๎ƒฟ๎…ง๎€‚ ๎„œ๎…๎†ธ๎‡ฃ๎€‚ ๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚ ๎‡๎ƒฟ๎†ซ๎€‚ ๎…๎…ฒ๎‡ต๎…ง๎‡€๎„ช๎…ฒ๎„œ๎„ช๎„ฃ๎€‚ ๎„›๎‡ฃ๎€‚ ๎ƒฟ๎€‚ ๎†ซ๎„ช๎†ฃ๎…๎„ช๎†ซ๎€‚ ๎…ผ๎…‚๎€‚ ๎„ฃ๎‡ฃ๎…ฒ๎ƒฟ๎…ฐ๎…๎„œ๎€‚ ๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚
technological trends that have had an impact on the traditional lodging business structure. These trends include
๎†ธ๎…Š๎„ช๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎…๎…ฒ๎…ƒ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎†ฃ๎…ผ๎…ง๎„ช๎€‚๎…ผ๎…‚๎€‚๎…ผ๎…ฒ๎…ง๎…๎…ฒ๎„ช๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎ƒฟ๎…ƒ๎„ช๎…ฒ๎„œ๎…๎„ช๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎‡œ๎…๎†ฃ๎†ธ๎‡€๎ƒฟ๎…ง๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎„œ๎…ผ๎…ฐ๎…ฐ๎‡€๎…ฒ๎…๎†ธ๎…๎„ช๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ผ๎…ฒ๎…ง๎…๎…ฒ๎„ช๎€‚๎†ฃ๎ƒฟ๎†ธ๎…๎…ฒ๎…ƒ๎€‚
sites, and the continued expansion of short-term rental platforms such as Airbnb. The U.S. hotel industry is facing
rising labor costs in many of its premier markets. Each of these trends has factored in the current pressure on
hotel revenues.
In addition, many hotels had incorporated new automation technologiesโ€”including kiosk card and remote
check-ins, smart building systems, digital concierge services, manual luggage storage machines, and even
๎†ฃ๎…ผ๎„›๎…ผ๎†ธ๎…๎„œ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎†ซ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎œง๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎…๎…ฐ๎† ๎…ง๎„ช๎…ฐ๎„ช๎…ฒ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎†ฃ๎„ช๎„ฃ๎‡€๎„œ๎„ช๎€‚๎†ซ๎†ธ๎ƒฟ๎‡ณ๎‡ฟ๎…ฒ๎…ƒ๎€‚๎…ฒ๎„ช๎„ช๎„ฃ๎†ซ๎€‚๎„›๎‡€๎†ธ๎€‚๎…ฐ๎ƒฟ๎‡ฃ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎ƒฟ๎€‚๎…ง๎…ผ๎…ฒ๎…ƒ๎„ช๎†ฃ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎€‚
on improving hotel health and safety protocols during COVID.
โ€ข Online travel agencies (OTAs), such as Booking Holdings (owner of Priceline and Booking.com) and
Expedia Group (which owns Expedia, Expedia Corporate Travel also known as Egencia, Hotels.com,
TripAdvisor, and Hotwire.com, among other platforms) have been essential components of the travel
industry for over two decades, serving as vital distribution partners for hotels and valuable tools for
hotel customers. In 2016, OTAs surpassed direct hotel bookings in total U.S. online gross bookings and
now account for approximately 40 percent of the U.S. online digital booking market.
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This has helped
to equalize what had been a largely asymmetric information distribution between hotels and customers
and has been an important factor in creating more competitive pricing.
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๎Hotel Management, January 11, 2018.
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๎๎€Ÿ๎…๎†ซ๎…ฒ๎…ผ๎‡๎€‚๎Ž๎…ผ๎†ซ๎† ๎…๎†ธ๎ƒฟ๎…ง๎…๎†ธ๎‡ฃ๎€‚๎“๎…ฒ๎‡œ๎„ช๎†ซ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎ž ๎€‚๎€ง๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎‚ฎ๎‡€๎…ฐ๎…ฐ๎…๎†ธ๎œ‰๎€‚๎ด๎ƒฆ๎€ ๎œ‰๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎š•๎œ‰๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ
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๎Oxford Economics Global Travel Market Study๎œ‰๎€‚๎ฒ๎ƒฟ๎‡ฃ๎€‚๎šŽ๎šŒ๎š๎š“๎œ
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๎๎ค๎…ผ๎…๎…ฒ๎†ธ๎€‚๎†ซ๎†ธ๎‡€๎„ฃ๎‡ฃ๎€‚๎„›๎‡ฃ๎€‚๎€ƒ๎„œ๎„œ๎…ผ๎†ฃ๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ผ๎†ฃ๎‡€๎†ซ๎†ธ๎ƒฆ๎…ผ๎‡€๎œ‰๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎š๎š‘๎œ
While OTAs have placed downward pressure on hotel rates and have eroded hotel revenue through
high commission fees, they have also resulted in higher occupancy rates, particularly in large markets
such as New York. Some in the hotel industry have noted that OTAs are now becoming many hotelsโ€™
biggest customers.
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๎ฟ๎‚ผ๎€ƒ๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎„›๎„ช๎…ฒ๎„ช๎‡ฟ๎„œ๎…๎ƒฟ๎…ง๎€‚๎†ธ๎…ผ๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎„ช๎†ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎„›๎‡ฃ๎€‚๎† ๎†ฃ๎…ผ๎‡œ๎…๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎€‚๎„›๎†ฃ๎…ผ๎ƒฟ๎„ฃ๎€‚๎…ผ๎…ฒ๎…ง๎…๎…ฒ๎„ช๎€‚๎† ๎…ง๎ƒฟ๎†ธ๎…‚๎…ผ๎†ฃ๎…ฐ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚
allows them to reach more travelers through marketing and booking. They also provide cross-marketing
๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎„œ๎†ฃ๎…ผ๎†ซ๎†ซ๎œซ๎†ซ๎„ช๎…ง๎…ง๎…๎…ฒ๎…ƒ๎€‚ ๎† ๎ƒฟ๎„œ๎…ค๎ƒฟ๎…ƒ๎„ช๎†ซ๎œ‰๎€‚ ๎…ƒ๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚ ๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎…๎…ฒ๎…ƒ๎€‚ ๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎œ‰๎€‚ ๎† ๎ƒฟ๎†ฃ๎†ธ๎…๎„œ๎‡€๎…ง๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚ ๎„ฃ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚ ๎…ผ๎‡ณ๎…‚๎œซ๎† ๎„ช๎ƒฟ๎…ค๎€‚ ๎†ธ๎…๎…ฐ๎„ช๎†ซ๎œ๎€‚
๎€ ๎…ผ๎…ฒ๎†ซ๎„ช๎†ข๎‡€๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎œ‰๎€‚๎ฟ๎‚ผ๎€ƒ๎†ซ๎€‚๎ƒฟ๎…ง๎…ง๎…ผ๎‡๎€‚๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎„ช๎†ธ๎„ช๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎„œ๎…Š๎ƒฟ๎…๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…ผ๎…ฒ๎€‚๎ƒฟ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎…ง๎„ช๎‡œ๎„ช๎…ง๎€‚๎† ๎…ง๎ƒฟ๎‡ฃ๎…๎…ฒ๎…ƒ๎€‚๎‡ฟ๎„ช๎…ง๎„ฃ๎œ
To circumspect OTAsโ€™ increased commissions and growing market dominance, some large hotel chains
are developing new initiatives in order to incentivize customers to book directly with the hotel through
guaranteed price matching, loyalty rates and points for direct booking, and enhanced onsite amenities.
๎ฟ๎†ธ๎…Š๎„ช๎†ฃ๎†ซ๎œ‰๎€‚๎…Š๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎‡ฟ๎…ฒ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎‡๎ƒฟ๎‡ฃ๎†ซ๎œ๎€‚๎†๎…ผ๎†ฃ๎€‚๎…๎…ฒ๎†ซ๎†ธ๎ƒฟ๎…ฒ๎„œ๎„ช๎œ‰๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡๎…ผ๎†ฃ๎…ง๎„ฃ๎œน๎†ซ๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎œ‰๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎„ช๎„ฃ๎€‚
an agreement with Expedia Group that allows the latter to become the exclusive โ€œglobal optimized
๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„›๎‡€๎†ธ๎…ผ๎†ฃ๎œท๎€‚๎…ผ๎…‚๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎œน๎†ซ๎€‚๎‡๎…Š๎…ผ๎…ง๎„ช๎†ซ๎ƒฟ๎…ง๎„ช๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎œ‰๎€‚๎ƒฟ๎‡œ๎ƒฟ๎…๎…ง๎ƒฟ๎„›๎…๎…ง๎…๎†ธ๎‡ฃ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎„ช๎…ฒ๎†ธ๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎€‚๎…ฒ๎„ช๎†ธ๎‡๎…ผ๎†ฃ๎…ค๎€‚๎…ผ๎…‚๎€‚๎…ƒ๎…ง๎…ผ๎„›๎ƒฟ๎…ง๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎‡œ๎…๎„ฃ๎„ช๎†ฃ๎†ซ๎œ๎€‚
๎‚ผ๎…Š๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎ƒฟ๎…ƒ๎†ฃ๎„ช๎„ช๎…ฐ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎…๎†ธ๎€‚๎…๎†ซ๎€‚๎„ช๎‡ข๎† ๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎„›๎„ช๎€‚๎ƒฟ๎„›๎…ง๎„ช๎€‚๎†ธ๎…ผ๎€‚๎‡๎…ผ๎†ฃ๎…ค๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎€ฏ๎‡ข๎† ๎„ช๎„ฃ๎…๎ƒฟ๎€‚๎†ธ๎…ผ๎€‚๎…ง๎„ช๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎…๎†ธ๎†ซ๎€‚๎…Š๎‡€๎…ƒ๎„ช๎€‚
scale and secure lower commissions as well as other fees.
โ€ข Virtual Travel Communities and Online Review Sites, most notably TripAdvisor, have also become a major
factor in travel and hotel booking and studies show that their impact continues to grow. A 2017 Oxford
Economics Study found that TripAdvisor users were responsible for $546 billion, or over ten percent, of
๎…ƒ๎…ง๎…ผ๎„›๎ƒฟ๎…ง๎€‚๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎…ฐ๎€‚๎†ซ๎† ๎„ช๎…ฒ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎œ‰๎€‚๎…ง๎…๎…ค๎„ช๎€‚๎ฟ๎‚ผ๎€ƒ๎†ซ๎œ‰๎€‚๎‚ผ๎†ฃ๎…๎† ๎€ƒ๎„ฃ๎‡œ๎…๎†ซ๎…ผ๎†ฃ๎€‚๎…๎†ซ๎€‚๎…ฒ๎…ผ๎‡๎€‚๎ƒฟ๎„›๎…ง๎„ช๎€‚๎†ธ๎…ผ๎€‚๎…๎…ฒ๎‡ต๎…ง๎‡€๎„ช๎…ฒ๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎†ธ๎…Š๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎„›๎…ผ๎†ธ๎…Š๎€‚
positive and negative customer ratings.
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๎€‚๎‚ฎ๎…ผ๎…ฐ๎„ช๎€‚๎†ซ๎†ธ๎‡€๎„ฃ๎…๎„ช๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎†ซ๎…Š๎…ผ๎‡๎…ฒ๎€‚๎ƒฟ๎€‚๎„œ๎…ผ๎†ฃ๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎‡ฟ๎‡œ๎„ช๎œซ๎†ซ๎†ธ๎ƒฟ๎†ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎…๎…ฒ๎…ƒ๎†ซ๎€‚
on TripAdvisor and increased bookings at individual hotel properties.
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๎€‚๎ฒ๎…ผ๎†ฃ๎„ช๎…ผ๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎…ง๎…๎…ค๎„ช๎€‚๎ฟ๎‚ผ๎€ƒ๎†ซ๎œ‰๎€‚๎…ผ๎…ฒ๎…ง๎…๎…ฒ๎„ช๎€‚๎†ฃ๎„ช๎‡œ๎…๎„ช๎‡๎€‚
๎†ซ๎…๎†ธ๎„ช๎†ซ๎€‚๎„œ๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎† ๎†ฃ๎…ผ๎‡œ๎…๎„ฃ๎„ช๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎‡œ๎…๎†ซ๎…๎„›๎…๎…ง๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎…ฒ๎€‚๎„ช๎‡œ๎„ช๎…ฒ๎€‚๎† ๎…ง๎ƒฟ๎‡ฃ๎…๎…ฒ๎…ƒ๎€‚๎‡ฟ๎„ช๎…ง๎„ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎„ช๎†ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ๎€‚
2221
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
โ€ข Short-Term Rental Platforms, mainly Airbnb, continue to have an impact on the U.S. hotel industry.
๎Ž๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ธ๎…ผ๎† ๎€‚๎š๎šŒ๎€‚๎…ฐ๎„ช๎†ธ๎†ฃ๎…ผ๎† ๎…ผ๎…ง๎…๎†ธ๎ƒฟ๎…ฒ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œง๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎œ‰๎€‚๎จ๎…ผ๎†ซ๎€‚๎€ƒ๎…ฒ๎…ƒ๎„ช๎…ง๎„ช๎†ซ๎œ‰๎€‚๎ฒ๎…๎ƒฟ๎…ฐ๎…๎œ‰๎€‚๎ฟ๎†ฃ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎…ผ๎œ‰๎€‚๎‚ฎ๎ƒฟ๎…ฒ๎€‚
Francisco and Washington, DCโ€”short-term rental units now comprise almost 30 percent of the total
supply. Of these short-term rental listings, however, less than 25 percent of the supply are comparable to
hotelsโ€”largely studio and one-bedroom units.
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The supply penetration rate of short-term rental units
in the United States reached 10.4 percent of total traditional hotel rooms in the United States in 2019
and is expected to hit 12.2 percent of total traditional hotel rooms in the United States in 2020 with the
addition of more than 100,000 net new short-term rental units nationwide.
28
Hotel News Now (published by STR), September 10, 2019.
29
๎Hotel News Now (published by STR), September 10, 2019.
30
๎๎€ ๎€Ÿ๎‚ฆ๎€ฏ๎œ‰๎€‚Short-Term Rentals: A Maturing U.S. Market and its Impact on Traditional Hotels, January 2020.
31
๎HVS Market Pulse: Perspectives on the NYC Lodging Market 2019, June 26, 2019.
As the online short-term rental industry matures, however, supply growth of short-term rental units in
the top-ten markets is slowing. Nationwide, short-term rental supply grew by 26 percent in 2019, down
from 39 percent growth in 2018 following seven years of exponential growth. In 2020, the national
growth of the short-term rental market is expected to slow further to 19 percent. In those cities that have
introduced regulations to curb proliferation of short-term rentals, the slowdown in growth has been even
more pronounced. New York, Washington, DC, and San Francisco all reported negative change in the
supply of short-term rental units between June 2018 and December 2018, though each city saw a slight
๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎„ฃ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡ฟ๎†ฃ๎†ซ๎†ธ๎€‚๎†ข๎‡€๎ƒฟ๎†ฃ๎†ธ๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎šŽ๎šŒ๎š๎š•๎œ
29
Furthermore, while Airbnb has a dominant position in the short-term rental sector, a number of branded
๎ƒฟ๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎œ•๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎…ผ๎„ฃ๎„ช๎…ง๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„ช๎…ฒ๎†ธ๎„ช๎†ฃ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎†ธ๎‡๎…ผ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎†ฃ๎„ช๎„ช๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ‰๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎จ๎‡ฃ๎†ฃ๎…๎„œ๎œ‰๎€‚๎€ง๎…ผ๎…ฐ๎…๎…ผ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚
Sonder, as described earlier in this section.
As short-term rentals become a larger and more permanent aspect of the lodging market, they will
continue to have an impact on hotel property valuations and pipeline development. CBRE Group,
๎“๎…ฒ๎„œ๎œ๎œ‰๎€‚๎…ผ๎…ฒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎€ƒ๎…ฐ๎„ช๎†ฃ๎…๎„œ๎ƒฟ๎œน๎†ซ๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎„œ๎…ผ๎…ฐ๎…ฐ๎„ช๎†ฃ๎„œ๎…๎ƒฟ๎…ง๎€‚๎†ฃ๎„ช๎ƒฟ๎…ง๎€‚๎„ช๎†ซ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚๎†ซ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…๎…ฒ๎‡œ๎„ช๎†ซ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎‡ฟ๎†ฃ๎…ฐ๎†ซ๎œ‰๎€‚๎†ซ๎†ธ๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚ ๎…๎†ธ๎†ซ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚
assessment of the U.S. short-term rentals market that a reasonable understanding of the local short-term
rental market will now be required in order to properly value hotels.
30
The Hotel Association of New York
has also noted that the short-term rental inventory is not currently factored into the hotel development
cycle, which has contributed to an oversupply of hotel rooms in the short-term.
โ€ข ๎‚ฆ๎„ช๎‡œ๎„ช๎…ฒ๎‡€๎„ช๎œซ๎‡๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…๎…ฒ๎…ƒ๎€‚ ๎‚ฆ๎„ช๎†ซ๎† ๎…ผ๎…ฒ๎†ซ๎„ช๎†ซ๎€‚ ๎†ธ๎…ผ๎€‚ ๎จ๎ƒฟ๎„›๎…ผ๎†ฃ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎€ ๎…ผ๎…ฒ๎†ซ๎†ธ๎†ฃ๎‡€๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚ ๎€ ๎…ผ๎†ซ๎†ธ๎†ซ๎œˆ๎€‚ The national hotel sector has also
been impacted by rapidly rising labor and construction costs, in addition to stricter impediments for
๎…ฒ๎„ช๎‡๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎†ธ๎†ฃ๎‡€๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎…ฒ๎…ƒ๎œ๎€‚๎€ƒ๎†ซ๎€‚๎…ง๎ƒฟ๎„›๎…ผ๎†ฃ๎€‚๎„œ๎…ผ๎†ซ๎†ธ๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„ช๎ƒฟ๎†ธ๎„ช๎…ฒ๎€‚๎…๎…ฒ๎†ธ๎…ผ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎„ช๎‡œ๎„ช๎…ฒ๎‡€๎„ช๎€‚๎…๎…ฒ๎€‚๎†ซ๎„ช๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎ƒฟ๎†ฃ๎…ผ๎‡€๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚
countryโ€”most notably New York, San Francisco and Chicagoโ€”many hotel operators have responded by
instituting new revenue sources, particularly destination fees, also known as resort or amenities fees.
31
These are additional โ€œhiddenโ€ fees charged to guestsโ€™ hotel bills that are not quoted in the hotel rate.
๎ƒ ๎…Š๎…๎…ง๎„ช๎€‚๎†ธ๎†ฃ๎ƒฟ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎„œ๎…ผ๎…ฐ๎…ฐ๎…ผ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎†ฃ๎„ช๎†ซ๎…ผ๎†ฃ๎†ธ๎€‚๎„ฃ๎„ช๎†ซ๎†ธ๎…๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎ฒ๎…๎ƒฟ๎…ฐ๎…๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎จ๎ƒฟ๎†ซ๎€‚๎ƒŸ๎„ช๎…ƒ๎ƒฟ๎†ซ๎œ๎€‚๎Ž๎ƒŸ๎‚ฎ๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎†ซ๎„ช๎€‚
factors have now become more common in New York City. Conde Nast Traveler reported in 2019 that
๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎‡ข๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚๎š๎š•๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎„œ๎†ฃ๎…ผ๎†ซ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎…ฒ๎…ผ๎‡๎€‚๎„œ๎…Š๎ƒฟ๎†ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎†ซ๎„ช๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎…‚๎„ช๎„ช๎†ซ๎œ
32
32
๎๎ค๎‡€๎…ง๎…๎ƒฟ๎…ฒ๎ƒฟ๎€‚๎‚ฎ๎…Š๎ƒฟ๎…ง๎„œ๎†ฃ๎…ผ๎†ซ๎†ซ๎œ‰๎€‚๎œ’๎ƒ ๎ƒฟ๎†ธ๎„œ๎…Š๎€‚๎…ผ๎‡€๎†ธ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎†ซ๎„ช๎€‚๎…Š๎…๎„ฃ๎„ฃ๎„ช๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…‚๎„ช๎„ช๎†ซ๎€‚๎…ผ๎…ฒ๎€‚๎‡ฃ๎…ผ๎‡€๎†ฃ๎€‚๎…ฒ๎„ช๎‡ข๎†ธ๎€‚๎ด๎ƒฆ๎€ ๎€‚๎†ซ๎†ธ๎ƒฟ๎‡ฃ๎œ‰๎œ’๎€‚Conde Nast Traveler,
January 10, 2019.
33
๎๎€Ÿ๎…๎†ซ๎…ฒ๎…ผ๎‡๎€‚๎Ž๎…ผ๎†ซ๎† ๎…๎†ธ๎ƒฟ๎…ง๎…๎†ธ๎‡ฃ๎€‚๎“๎…ฒ๎‡œ๎„ช๎†ซ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎ž ๎€‚๎€ง๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎‚ฎ๎‡€๎…ฐ๎…ฐ๎…๎†ธ๎œ‰๎€‚๎ด๎ƒฆ๎€ ๎œ‰๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎š•๎œ‰๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ
34
Ibid.
35
๎๎œ’๎‚ผ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎…ฐ๎€‚๎…๎†ซ๎€‚๎‡€๎† ๎€‚๎†ซ๎…ผ๎€‚๎‡๎…Š๎‡ฃ๎€‚๎…๎†ซ๎€‚๎ด๎ƒฆ๎€ ๎œน๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎†ซ๎…ง๎‡€๎…ฐ๎† ๎…๎…ฒ๎…ƒ๎œ๎œ’๎œ‰๎€‚๎‚ฎ๎…ค๎…๎‡ฝ๎†ธ๎œ‰๎€‚๎€ƒ๎‡€๎…ƒ๎‡€๎†ซ๎†ธ๎€‚๎šŽ๎š“๎œ‰๎€‚๎šŽ๎šŒ๎š๎š•๎œ
โ€ข ๎ฒ๎…๎„œ๎†ฃ๎…ผ๎œซ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œˆ๎€‚ ๎ด๎„ช๎‡๎€‚ ๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚ ๎„ช๎‡ข๎† ๎„ช๎…ฒ๎†ซ๎…๎‡œ๎„ช๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚ ๎ƒฟ๎†ฃ๎…ผ๎‡€๎…ฒ๎„ฃ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎‡๎…ผ๎†ฃ๎…ง๎„ฃ๎œ‰๎€‚ ๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚ ๎จ๎…ผ๎…ฒ๎„ฃ๎…ผ๎…ฒ๎œ‰๎€‚
Amsterdam, Tokyo and many other Asian cities (where the trend originated) have seen the growth of the
๎…ฐ๎…๎„œ๎†ฃ๎…ผ๎œซ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„œ๎…ผ๎…ฒ๎„œ๎„ช๎† ๎†ธ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ๎€‚๎ƒ ๎…Š๎…๎…ง๎„ช๎€‚๎ƒฟ๎€‚๎†ธ๎†ฃ๎ƒฟ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎…๎†ซ๎€‚๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎‡ข๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚๎š๎šŒ๎šŒ๎€‚๎†ซ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎€‚
๎…‚๎„ช๎„ช๎†ธ๎œ‰๎€‚๎…ฐ๎…๎„œ๎†ฃ๎…ผ๎œซ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎„œ๎ƒฟ๎…ฒ๎€‚๎„›๎„ช๎€‚๎ƒฟ๎†ซ๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎€‚๎ƒฟ๎†ซ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎š๎šŒ๎šŒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎š๎š‘๎šŒ๎€‚๎†ซ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎€‚๎…‚๎„ช๎„ช๎†ธ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎† ๎†ฃ๎…ผ๎‡œ๎…๎„ฃ๎„ช๎€‚๎ƒฟ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎ƒฟ๎‡ณ๎…‚๎…ผ๎†ฃ๎„ฃ๎ƒฟ๎„›๎…ง๎„ช๎€‚
alternative for travelers to these markets. In addition, micro-hotels allow hotel operators to maximize
revenue by squeezing many more units into a smaller development envelope. One hotel industry analyst
noted that micro-hotels can change the industry metric paradigm from revenue per available room to
net operating income per square foot.
33
๎€‚๎ฒ๎…๎„œ๎†ฃ๎…ผ๎œซ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎…ผ๎† ๎„ช๎…ฒ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎„ช๎€‚๎ƒฆ๎…ผ๎†ธ๎„ช๎…ง๎œ‰๎€‚
๎€ƒ๎†ฃ๎…ง๎…ผ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎จ๎…ผ๎…ฒ๎„ฃ๎…ผ๎…ฒ๎œซ๎„›๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎Ž๎…ผ๎‡ข๎†ธ๎…ผ๎…ฒ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…ผ๎† ๎„ช๎…ฒ๎„ช๎„ฃ๎€‚๎ƒฟ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š”๎œ
Another developer in NYC, BD Hotels inaugurated the micro-hotel concept in New York with the opening of
Pod 51 and Pod 39 and later expanded to Washington, DC and Philadelphia. In the next ten years, BD Hotels
is also planning 50 new micro-hotels in North America and considering listing Pod hotels on Airbnb.
34
๎จ๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ฃ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎…๎„ช๎†ซ๎€‚ ๎…Š๎ƒฟ๎‡œ๎„ช๎€‚ ๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚ ๎„›๎„ช๎…ƒ๎‡€๎…ฒ๎€‚ ๎†ธ๎…ผ๎€‚ ๎„œ๎…ผ๎…ฐ๎† ๎„ช๎†ธ๎„ช๎€‚ ๎…๎…ฒ๎€‚ ๎†ธ๎…Š๎…๎†ซ๎€‚ ๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ”๎€‚ ๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎œน๎†ซ๎€‚ ๎ฒ๎…ผ๎‡ข๎‡ฃ๎€‚ ๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎œ‰๎€‚ ๎‡๎…Š๎…๎„œ๎…Š๎€‚
๎„œ๎‡€๎†ฃ๎†ฃ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎†ฃ๎„ช๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎†ซ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎ƒฟ๎†ซ๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎€‚๎ƒฟ๎†ซ๎€‚๎š๎š‘๎šŒ๎€‚๎†ซ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎€‚๎…‚๎„ช๎„ช๎†ธ๎œ๎€‚๎ฒ๎…ผ๎†ฃ๎„ช๎…ผ๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…‚๎…ผ๎‡€๎†ฃ๎†ธ๎…Š๎€‚
quarter of 2019, Hilton announced that it has reached deals to open six locations of its new micro-hotel
๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎œ‰๎€‚๎ฒ๎…ผ๎†ธ๎†ธ๎…ผ๎œ‰๎€‚๎ƒฟ๎†ฃ๎…ผ๎‡€๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎…ฒ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎†ซ๎œ‰๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎…ง๎…ผ๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎œ๎€‚๎ฒ๎…ผ๎†ธ๎†ธ๎…ผ๎œน๎†ซ๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚
room size is 163 square feet.
NEW YORK CITY TRENDS
In 2019, the New York City lodging industry continued to see record tourism and remains the only U.S. city that
attracts both transient customers and group business from both domestic and international travelers at high
๎…ง๎„ช๎‡œ๎„ช๎…ง๎†ซ๎œ‰๎€‚ ๎…ฐ๎ƒฟ๎…ค๎…๎…ฒ๎…ƒ๎€‚ ๎…๎†ธ๎€‚ ๎ƒฟ๎€‚ ๎…ƒ๎…ง๎…ผ๎„›๎ƒฟ๎…ง๎€‚ ๎„ฃ๎„ช๎†ซ๎†ธ๎…๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…ฒ๎€‚๎† ๎ƒฟ๎†ฃ๎€‚๎‡๎…๎†ธ๎…Š๎€‚ ๎จ๎…ผ๎…ฒ๎„ฃ๎…ผ๎…ฒ๎œ‰๎€‚ ๎‚ฃ๎ƒฟ๎†ฃ๎…๎†ซ๎œ‰๎€‚ ๎‚ฎ๎…๎…ฒ๎…ƒ๎ƒฟ๎† ๎…ผ๎†ฃ๎„ช๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎‚ผ๎…ผ๎…ค๎‡ฃ๎…ผ๎œ‰๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎‡€๎…ฒ๎…ง๎…๎…ค๎„ช๎€‚ ๎ƒฟ๎…ฒ๎‡ฃ๎€‚ ๎…ผ๎…‚๎€‚ ๎…๎†ธ๎†ซ๎€‚
domestic peers.
โ€ข Declining RevPAR: While the city drew a record 67 million visitors in 2019, it was the only top 25 urban
market in the United States that experienced negative RevPAR growth and had its worst RevPAR showing
since 2015.
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2423
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎ƒฟ๎…ง๎‡ฃ๎†ซ๎†ธ๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎…ฐ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎ƒฟ๎…ฐ๎„ช๎€‚๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎†ธ๎†ฃ๎„ช๎…ฒ๎„ฃ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚
industry, most notably high labor costs and third-party commission fees of up to twenty percent from
๎ฟ๎‚ผ๎€ƒ๎†ซ๎œ‰๎€‚๎†ธ๎…ผ๎€‚๎„›๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎ƒฟ๎‡€๎†ซ๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎„ฃ๎„ช๎„œ๎…ง๎…๎…ฒ๎„ช๎œ๎€‚๎Ž๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎…ฐ๎‡€๎…ง๎†ธ๎…๎† ๎…ง๎„ช๎€‚๎†ซ๎…ผ๎‡€๎†ฃ๎„œ๎„ช๎†ซ๎œง๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎Ž๎ƒŸ๎‚ฎ๎œ‰๎€‚๎‚ฎ๎…ค๎…๎‡ฝ๎†ธ๎œ‰๎€‚๎‚ฎ๎‚ผ๎‚ฆ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚
the Hotel Association of New York itselfโ€”recognized increased supply and competition from a broader
choice of hotel types as a reason for depressed revenue in the New York market. Increased supply and the
availability of short-term rentals also limits hotelsโ€™ traditional abilities to charge higher rates during so-
called โ€œcompressionโ€ periods, when room demand is higher, as detailed further below.
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๎HVS Market Pulse: Perspectives on the NYC Lodging Market 2019, June 26, 2019.
37
๎The New York Times, January 14, 2019.
โ€ข Continued Growth in Supply: Sizable growth of hotel room supply has been a prevailing factor in the New
York City hotel market for much of the past decade. Between 2009 and 2019, the total number of hotel rooms
in the New York City market grew from just over 80,000 to over 127,800, an increase of almost 60 percent.
๎€ƒ๎…ฒ๎ƒฟ๎…ง๎‡ฃ๎†ซ๎…๎†ซ๎€‚๎„›๎‡ฃ๎€‚๎Ž๎ƒŸ๎‚ฎ๎€‚๎†ซ๎…Š๎…ผ๎‡๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎œ‰๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡ฟ๎†ฃ๎†ซ๎†ธ๎€‚๎†ข๎‡€๎ƒฟ๎†ฃ๎†ธ๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…ผ๎‡€๎†ธ๎† ๎ƒฟ๎„œ๎„ช๎„ฃ๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚
๎‡ฟ๎†ฃ๎†ซ๎†ธ๎€‚๎†ธ๎…๎…ฐ๎„ช๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎‡€๎†ฃ๎†ฃ๎„ช๎…ฒ๎†ธ๎€‚๎„ช๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎…๎„œ๎€‚๎„œ๎‡ฃ๎„œ๎…ง๎„ช๎œ๎€‚๎€ง๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡ฟ๎†ฃ๎†ซ๎†ธ๎€‚๎†ธ๎…Š๎†ฃ๎„ช๎„ช๎€‚๎†ข๎‡€๎ƒฟ๎†ฃ๎†ธ๎„ช๎†ฃ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚
experienced decline in occupancy as well.
36
STR has forecast that hotel room supply growth in New York
City will continue to outpace demand through 2020.
The current supply of hotel rooms in New York is expanded further by the โ€œshadow inventoryโ€ of short-
๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚ ๎†ฃ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎†ซ๎œ๎€‚ ๎€ƒ๎…ง๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚ ๎…๎†ธ๎€‚ ๎‡๎ƒฟ๎†ซ๎€‚ ๎†ฃ๎„ช๎„œ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚ ๎†ซ๎‡€๎†ฃ๎† ๎ƒฟ๎†ซ๎†ซ๎„ช๎„ฃ๎€‚ ๎„›๎‡ฃ๎€‚ ๎จ๎…ผ๎†ซ๎€‚ ๎€ƒ๎…ฒ๎…ƒ๎„ช๎…ง๎„ช๎†ซ๎œ‰๎€‚ ๎ด๎„ช๎‡๎€‚ ๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚ ๎€ ๎…๎†ธ๎‡ฃ๎€‚ ๎…Š๎ƒฟ๎†ซ๎€‚ ๎„›๎„ช๎„ช๎…ฒ๎€‚ ๎€ƒ๎…๎†ฃ๎„›๎…ฒ๎„›๎œน๎†ซ๎€‚
largest U.S. market with some estimates showing 50,000 Airbnb units in the City.
37
This would represent
between 25 and 30 percent of New York Cityโ€™s total lodging supply. While there is disagreement among
hotel industry experts regarding the direct impact short-term rentals have on hotels, there is some
consensus that their growth has largely eliminated the opportunity for โ€œcompression days.โ€ These are
๎„ฃ๎ƒฟ๎‡ฃ๎†ซ๎€‚๎‡๎…Š๎„ช๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎…๎†ซ๎€‚๎ƒฟ๎„›๎…ผ๎‡œ๎„ช๎€‚๎š•๎š‘๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎œ ๎…ผ๎‡ฝ๎†ธ๎„ช๎…ฒ๎€‚๎„ฃ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎…ฐ๎ƒฟ๎…ก๎…ผ๎†ฃ๎€‚๎„ช๎‡œ๎„ช๎…ฒ๎†ธ๎†ซ๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚
๎ฒ๎ƒฟ๎†ฃ๎ƒฟ๎†ธ๎…Š๎…ผ๎…ฒ๎œก๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎„œ๎ƒฟ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎…‚๎…ผ๎†ฃ๎„ช๎€‚๎„›๎„ช๎€‚๎†ฃ๎ƒฟ๎…๎†ซ๎„ช๎„ฃ๎œ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎†ฃ๎„ช๎†ซ๎†ซ๎…๎…ผ๎…ฒ๎€‚๎„ฃ๎ƒฟ๎‡ฃ๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ช๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎…ผ๎‡ณ๎…‚๎†ซ๎„ช๎†ธ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…ง๎…ผ๎†ซ๎†ซ๎„ช๎†ซ๎€‚
during slower periods; however, with the growing use of short-term rental platforms by both domestic
and international travelers, many customers can avoid these rate increases, putting downward pressure
on RevPAR.
โ€ข ๎ด๎„ช๎‡๎€‚๎จ๎…ผ๎„œ๎ƒฟ๎…ง๎€‚๎‚ฆ๎„ช๎…ƒ๎‡€๎…ง๎ƒฟ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚๎€ฏ๎…ฒ๎‡œ๎…๎†ฃ๎…ผ๎…ฒ๎…ฐ๎„ช๎…ฒ๎†ธ๎œˆ In the past three years, New York City has enacted a new land use
restriction and allowed another regulation to expire. These actions together will have a potential impact
๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎…๎…ฒ๎‡€๎„ช๎„ฃ๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎†ธ๎…Š๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎‡ฟ๎†ฃ๎†ซ๎†ธ๎€‚๎…๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎„ช๎‡๎€‚๎‡ญ๎…ผ๎…ฒ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎„ช๎‡ข๎†ธ๎€‚๎ƒฟ๎…ฐ๎„ช๎…ฒ๎„ฃ๎…ฐ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎ƒฟ๎„ฃ๎…ผ๎† ๎†ธ๎„ช๎„ฃ๎€‚
in December 2018, requiring a NYC City Planning Commission special permit for new hotel construction
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„œ๎…ผ๎…ฒ๎‡œ๎„ช๎†ฃ๎†ซ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎…๎…ฒ๎€‚๎…ง๎…๎…ƒ๎…Š๎†ธ๎€‚๎…ฐ๎ƒฟ๎…ฒ๎‡€๎…‚๎ƒฟ๎„œ๎†ธ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎œ‰๎€‚๎…ผ๎†ฃ๎€‚๎ฒ๎š๎œ‰๎€‚๎‡ญ๎…ผ๎…ฒ๎…๎…ฒ๎…ƒ๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎†ซ๎œ๎€‚๎€Ÿ๎„ช๎„œ๎ƒฟ๎‡€๎†ซ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…ผ๎†ซ๎†ธ๎œ‰๎€‚๎†ธ๎…๎…ฐ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‡€๎…ฒ๎„œ๎„ช๎†ฃ๎†ธ๎ƒฟ๎…๎…ฒ๎†ธ๎‡ฃ๎€‚
๎ƒฟ๎†ซ๎†ซ๎…ผ๎„œ๎…๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒฟ๎† ๎† ๎…ง๎…๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎† ๎†ฃ๎…ผ๎„œ๎„ช๎†ซ๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎†ฃ๎„ช๎†ข๎‡€๎…๎†ฃ๎„ช๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„ฃ๎…๎…ฐ๎…๎…ฒ๎…๎†ซ๎…Š๎„ช๎„ฃ๎€‚๎…ฒ๎„ช๎‡๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎ฒ๎š๎€‚
๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎†ซ๎œ‰๎€‚๎† ๎ƒฟ๎†ฃ๎†ธ๎…๎„œ๎‡€๎…ง๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎ƒฟ๎†ฃ๎„ช๎ƒฟ๎†ซ๎€‚๎…ผ๎‡€๎†ธ๎†ซ๎…๎„ฃ๎„ช๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚๎“๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎„ช๎†ฃ๎…๎…ผ๎„ฃ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎šŽ๎šŒ๎šŒ๎š“๎œซ๎šŽ๎šŒ๎š๎š“๎œ‰๎€‚๎š๎š’๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚
๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎„œ๎ƒฟ๎…ฐ๎„ช๎€‚๎…ผ๎…ฒ๎…ง๎…๎…ฒ๎„ช๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎€‚๎…ผ๎‡€๎†ธ๎†ซ๎…๎„ฃ๎„ช๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎…๎…ฒ๎€‚๎ฒ๎š๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎†ซ๎œ
๎“๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š“๎œ‰๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎š๎š๎œ‰๎š๎šŒ๎šŒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎† ๎…๎† ๎„ช๎…ง๎…๎…ฒ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎…๎…ฒ๎€‚๎ฒ๎š๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎†ซ๎œ‰๎€‚
representing 30 percent of the total citywide pipeline of hotel rooms. Since enactment of the Special Permit
๎†ฃ๎„ช๎†ข๎‡€๎…๎†ฃ๎„ช๎…ฐ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎† ๎† ๎…ง๎…๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎‡ฟ๎…ง๎„ช๎„ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ƒฟ๎€‚๎…ฒ๎„ช๎‡๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎ƒฟ๎…ง๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎…๎†ธ๎€‚๎…๎…ฒ๎€‚๎ƒฟ๎…ฒ๎€‚๎ฒ๎š๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎œ
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38
๎๎ด๎ƒฆ๎€ ๎€‚๎€ง๎„ช๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎‚ฃ๎…ง๎ƒฟ๎…ฒ๎…ฒ๎…๎…ฒ๎…ƒ๎œ‰๎€‚NYC Hotel Market Analysis: Existing Conditions and 10-Year Outlook, 2017.
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๎๎จ๎…ผ๎„œ๎ƒฟ๎…ง๎€‚๎จ๎ƒฟ๎‡๎€‚๎š‘๎šŒ๎œ‰๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎…ค๎…ฒ๎…ผ๎‡๎…ฒ๎€‚๎ƒฟ๎†ซ๎€‚๎ด๎ƒฆ๎€ ๎œน๎†ซ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎€ ๎…ผ๎…ฒ๎‡œ๎„ช๎†ฃ๎†ซ๎…๎…ผ๎…ฒ๎€‚๎ฒ๎…ผ๎†ฃ๎ƒฟ๎†ธ๎…ผ๎†ฃ๎…๎‡€๎…ฐ๎€‚๎…ผ๎…‚๎€‚๎šŽ๎šŒ๎š๎š‘๎œ‰๎€‚๎„ช๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎…ผ๎…ฒ๎€‚๎„œ๎…ผ๎…ฒ๎‡œ๎„ช๎†ฃ๎†ซ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚
hotel to non-hotel uses.
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๎๎€ง๎ƒฟ๎…ฒ๎ƒฟ๎€‚๎ฒ๎…๎…ง๎…ง๎„ช๎†ฃ๎œ‰๎€‚๎œ’๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ง๎„ช๎…ฒ๎„ฃ๎„ช๎†ฃ๎†ซ๎€‚๎…ƒ๎…๎‡œ๎„ช๎€‚๎…๎…ฒ๎†ซ๎…๎…ƒ๎…Š๎†ธ๎€‚๎…๎…ฒ๎†ธ๎…ผ๎€‚๎šŽ๎šŒ๎š๎š•๎€‚๎…ง๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎„œ๎ƒฟ๎† ๎„ช๎œ‰๎œ’๎€‚Hotel News Now, January 28, 2019 (plus
conversations with hotel developers in October 2020).
๎€ƒ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎…ง๎‡ฃ๎œ‰๎€‚๎…๎…ฒ๎€‚๎ค๎‡€๎…ฒ๎„ช๎€‚๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎…ง๎…ง๎…ผ๎‡๎„ช๎„ฃ๎€‚๎จ๎…ผ๎„œ๎ƒฟ๎…ง๎€‚๎จ๎ƒฟ๎‡๎€‚๎š‘๎šŒ๎€‚๎†ธ๎…ผ๎€‚๎„ช๎‡ข๎† ๎…๎†ฃ๎„ช๎œ‰
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therefore allowing hotel owners to
convert more than 20 percent of their rooms to other uses.
โ€ข Tightening of Hotel Financing, as noted in Section II-c above, in the period before COVID, the landscape
๎…‚๎…ผ๎†ฃ๎€‚๎…ฒ๎„ช๎‡๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎…ฒ๎…ƒ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„›๎„ช๎„œ๎…ผ๎…ฐ๎„ช๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎…๎‡œ๎„ช๎€‚๎ƒฟ๎†ซ๎€‚๎…ง๎„ช๎…ฒ๎„ฃ๎„ช๎†ฃ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎…๎…ฒ๎…ƒ๎…ง๎‡ฃ๎€‚๎†ฃ๎„ช๎…ง๎‡€๎„œ๎†ธ๎ƒฟ๎…ฒ๎†ธ๎€‚๎†ธ๎…ผ๎€‚๎…ฐ๎ƒฟ๎…ค๎„ช๎€‚๎…ง๎…ผ๎ƒฟ๎…ฒ๎†ซ๎€‚๎…ผ๎…ฒ๎€‚
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎†ซ๎€‚๎‡€๎…ฒ๎†ธ๎…๎…ง๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎‡€๎†ฃ๎†ฃ๎„ช๎…ฒ๎†ธ๎€‚๎† ๎…๎† ๎„ช๎…ง๎…๎…ฒ๎„ช๎€‚๎…๎†ซ๎€‚๎ƒฟ๎„›๎†ซ๎…ผ๎†ฃ๎„›๎„ช๎„ฃ๎œ๎€‚๎€ ๎…ผ๎…ฒ๎‡œ๎„ช๎†ฃ๎†ซ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎„ช๎†ฃ๎†ซ๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎†ฃ๎…ฐ๎„ช๎„ฃ๎€‚
that this trend had been ongoing since 2016 while hotel room supply continued to increase, although some
sources have noted that lenders were becoming less restrictive by 2019 and prior to the COVID pandemic.
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โ€ข ๎€ƒ๎†ซ๎†ซ๎„ช๎†ซ๎†ซ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎จ๎…ผ๎„œ๎ƒฟ๎…ง๎€‚๎‚ฃ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎‡ฃ๎€‚๎‚ผ๎ƒฟ๎‡ข๎„ช๎†ซ๎œˆ๎€‚๎ฒ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎†ฃ๎„ช๎† ๎†ฃ๎„ช๎†ซ๎„ช๎…ฒ๎†ธ๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚
๎†ซ๎†ธ๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚๎…ฐ๎„ช๎†ธ๎…Š๎…ผ๎„ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ƒฟ๎†ซ๎†ซ๎„ช๎†ซ๎†ซ๎…๎…ฒ๎…ƒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎„ฃ๎…ผ๎„ช๎†ซ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎†ฃ๎„ช๎‡ต๎…ง๎„ช๎„œ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„ช๎ƒฟ๎†ฃ๎…ฒ๎…๎…ฒ๎…ƒ๎†ซ๎œ๎€‚๎€ƒ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎„ช๎†ธ๎€‚
๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…๎…ฒ๎„œ๎…ผ๎…ฐ๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎†ซ๎€‚๎…ฐ๎‡€๎„œ๎…Š๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎‡œ๎ƒฟ๎†ฃ๎…๎ƒฟ๎„›๎…ง๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎…ผ๎‡ณ๎‡ฟ๎„œ๎„ช๎€‚๎„›๎‡€๎…๎…ง๎„ฃ๎…๎…ฒ๎…ƒ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎„œ๎…ผ๎…ฐ๎…ฐ๎„ช๎†ฃ๎„œ๎…๎ƒฟ๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚
๎‡๎…๎†ธ๎…Š๎€‚๎†ซ๎†ธ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎…๎…ฒ๎„œ๎…ผ๎…ฐ๎„ช๎€‚๎†ซ๎†ธ๎†ฃ๎„ช๎ƒฟ๎…ฐ๎†ซ๎€‚๎„›๎„ช๎…ฒ๎„ช๎‡ฟ๎†ธ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎…ง๎…ผ๎…ฒ๎…ƒ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚๎…ง๎„ช๎ƒฟ๎†ซ๎„ช๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎…ฐ๎ƒฟ๎‡ฃ๎€‚๎† ๎…ง๎ƒฟ๎„œ๎„ช๎€‚๎ƒฟ๎…ฒ๎€‚๎‡€๎…ฒ๎„ฃ๎‡€๎„ช๎€‚๎†ธ๎ƒฟ๎‡ข๎€‚๎„›๎‡€๎†ฃ๎„ฃ๎„ช๎…ฒ๎€‚๎…ผ๎…ฒ๎€‚
hotels as compared to other commercial properties. This Hotel industry representatives attest that,
as RevPAR continue to stagnate, the Cityโ€™s assessed values of hotel properties continue to escalate,
๎„œ๎…ผ๎…ฒ๎†ธ๎†ฃ๎…๎„›๎‡€๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ฃ๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎‡ฃ๎€‚๎†ธ๎ƒฟ๎‡ข๎„ช๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎‡ฟ๎†ธ๎ƒฟ๎„›๎…๎…ง๎…๎†ธ๎‡ฃ๎œ๎€‚
Geographies: Defining NYC Borough Markets and Submarkets
In examining the lodging market and new hotel development in New York City, this report considers various
๎…ƒ๎„ช๎…ผ๎…ƒ๎†ฃ๎ƒฟ๎† ๎…Š๎…๎„ช๎†ซ๎€‚๎ƒฟ๎†ธ๎€‚๎„ฃ๎…๎‡ณ๎…‚๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎†ซ๎œ๎€‚๎†๎…๎†ฃ๎†ซ๎†ธ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎€‚๎„ช๎‡œ๎ƒฟ๎…ง๎‡€๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎ƒฟ๎€‚๎‡๎…Š๎…ผ๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎…ฒ๎€‚๎„ช๎ƒฟ๎„œ๎…Š๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡ฟ๎‡œ๎„ช๎€‚
๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎œ๎€‚๎ƒ ๎…๎†ธ๎…Š๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚ ๎„œ๎…ผ๎…ฒ๎†ซ๎…๎„ฃ๎„ช๎†ฃ๎†ซ๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚ ๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎ƒฟ๎†ซ๎€‚๎…‚๎…ผ๎…ง๎…ง๎…ผ๎‡๎†ซ๎€‚
๎œ ๎†ธ๎…Š๎„ช๎†ซ๎„ช๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…ƒ๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎„›๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚๎…ฐ๎ƒฟ๎…ก๎…ผ๎†ฃ๎€‚๎„ช๎‡ข๎…๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎…ฐ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎…ผ๎†ฃ๎œ‰๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎ƒฟ๎†ซ๎„ช๎†ซ๎€‚๎…ผ๎…‚๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎œ‰๎€‚
where recent hotel development clusters have been established in addition to the hotel hubs around Kennedy
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎จ๎ƒฟ๎‡๎‡€๎ƒฟ๎†ฃ๎„ฃ๎…๎ƒฟ๎€‚๎€ƒ๎…๎†ฃ๎† ๎…ผ๎†ฃ๎†ธ๎†ซ๎œก๎œ
MANHATTAN
โ€ข Upper East Side/Upper West Side/Harlem/Uptown
โ€ข ๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎œ•๎‚ผ๎…๎…ฐ๎„ช๎†ซ๎€‚๎‚ฎ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช
โ€ข ๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ
โ€ข ๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎‚ฎ๎…ผ๎‡€๎†ธ๎…Š
โ€ข SoHo/Union Square/Chelsea/Village/Tribeca
โ€ข Financial District
2625
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
BROOKLYN
โ€ข Downtown/Gowanus/Red Hook
โ€ข Williamsburg/North
โ€ข Other
BRONX
โ€ข Entire borough, no submarkets
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๎๎€ฏ๎‡ข๎„œ๎„ช๎† ๎†ธ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎€ ๎š๎œซ๎š๎œ‰๎€‚๎€ ๎š๎œซ๎šŽ๎œ‰๎€‚๎€ ๎š๎œซ๎š๎€‚๎…ผ๎†ฃ๎€‚๎€ ๎š๎œซ๎š๎€‚๎€ง๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎†ซ๎œ
42
๎๎“๎…ฒ๎€‚๎€ ๎šŽ๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎†ซ๎œ‰๎€‚๎†ธ๎†ฃ๎ƒฟ๎…ฒ๎†ซ๎…๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…ฐ๎ƒฟ๎‡ฃ๎€‚๎„›๎„ช๎€‚๎…ง๎…ผ๎„œ๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎‡๎…๎†ธ๎…Š๎…๎…ฒ๎€‚๎ƒฟ๎€‚๎š๎œ‰๎šŒ๎šŒ๎šŒ๎œซ๎…‚๎…ผ๎…ผ๎†ธ๎€‚๎†ฃ๎ƒฟ๎„ฃ๎…๎‡€๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ช๎…ฒ๎†ธ๎†ฃ๎ƒฟ๎…ฒ๎„œ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„ช๎‡ข๎…๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎€‚๎…ง๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎€‚
access expressway.
43
๎€‚๎‚ฎ๎…ผ๎…ฐ๎„ช๎€‚๎…ผ๎…ฒ๎…ƒ๎…ผ๎…๎…ฒ๎…ƒ๎€‚๎€ง๎€ ๎‚ฃ๎€‚๎‚ฃ๎จ๎€ƒ๎€ ๎€ฏ๎‚ฎ๎€‚๎†ซ๎†ธ๎‡€๎„ฃ๎…๎„ช๎†ซ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎† ๎†ฃ๎…ผ๎† ๎…ผ๎†ซ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎‚ฎ๎† ๎„ช๎„œ๎…๎ƒฟ๎…ง๎€‚๎‚ฃ๎„ช๎†ฃ๎…ฐ๎…๎†ธ๎†ซ๎œ
QUEENS
โ€ข ๎จ๎…ผ๎…ฒ๎…ƒ๎€‚๎“๎†ซ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎…๎†ธ๎‡ฃ
โ€ข ๎จ๎ƒฟ๎‡๎‡€๎ƒฟ๎†ฃ๎„ฃ๎…๎ƒฟ๎€‚๎€ƒ๎…๎†ฃ๎† ๎…ผ๎†ฃ๎†ธ๎œ•๎†๎…ง๎‡€๎†ซ๎…Š๎…๎…ฒ๎…ƒ๎œ•๎š๎š๎š๎‡ข๎‡ข๎€‚๎ƒฐ๎…๎† ๎€‚๎€ ๎…ผ๎„ฃ๎„ช๎†ซ
๎ค๎†๎ฆ๎€‚๎€ƒ๎…๎†ฃ๎† ๎…ผ๎†ฃ๎†ธ๎œ•๎ค๎ƒฟ๎…ฐ๎ƒฟ๎…๎„œ๎ƒฟ๎œ•๎š๎š๎š๎‡ข๎‡ข๎€‚๎ƒฐ๎…๎† ๎€‚๎€ ๎…ผ๎„ฃ๎„ช๎†ซ
STATEN ISLAND
โ€ข Entire borough, no submarkets
๎ƒ ๎…๎†ธ๎…Š๎…๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎†ซ๎„ช๎€‚ ๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ‰๎€‚ ๎‡๎…Š๎„ช๎†ฃ๎„ช๎€‚ ๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎† ๎†ฃ๎…๎ƒฟ๎†ธ๎„ช๎œ‰๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎€‚ ๎ƒฟ๎„ฃ๎„ฃ๎†ฃ๎„ช๎†ซ๎†ซ๎„ช๎†ซ๎€‚ ๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚ ๎…ฒ๎„ช๎…๎…ƒ๎…Š๎„›๎…ผ๎†ฃ๎…Š๎…ผ๎…ผ๎„ฃ๎†ซ๎€‚ ๎„›๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚ ๎…ผ๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎…๎†ฃ๎€‚
๎„ฃ๎…๎‡ณ๎…‚๎„ช๎†ฃ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎†ฃ๎„ช๎…ฒ๎„ฃ๎†ซ๎œ๎€‚๎†๎…ผ๎†ฃ๎€‚๎„ช๎‡ข๎ƒฟ๎…ฐ๎† ๎…ง๎„ช๎œ‰๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎† ๎† ๎„ช๎†ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ‰๎€‚๎Ž๎ƒฟ๎†ฃ๎…ง๎„ช๎…ฐ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎† ๎† ๎„ช๎†ฃ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚
Side and the Upper West Side each have unique inventories and demand drivers. In Brooklyn, the Gowanus
๎…ฒ๎„ช๎…๎…ƒ๎…Š๎„›๎…ผ๎†ฃ๎…Š๎…ผ๎…ผ๎„ฃ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎‡€๎…ฒ๎…๎†ข๎‡€๎„ช๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎†ธ๎†ฃ๎„ช๎…ฒ๎„ฃ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎„ฃ๎…๎‡ณ๎…‚๎„ช๎†ฃ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎†ธ๎„ช๎€‚๎…๎†ธ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎€ง๎…ผ๎‡๎…ฒ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚
address areas of the city that currently have zoning or other restrictions on new hotel development. Appendix III
contains maps of each submarket.
Land Use Controls and New Regulation
In New York City, transient hotels (Use Group 5) are permitted as-of-right in C1,
41
C2,
42
C4, C5, C6 and C8 districts.
๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚ ๎ƒฟ๎†ฃ๎„ช๎€‚ ๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚ ๎† ๎„ช๎†ฃ๎…ฐ๎…๎†ธ๎†ธ๎„ช๎„ฃ๎€‚ ๎…๎…ฒ๎€‚ ๎ฒ๎…๎‡ข๎„ช๎„ฃ๎€‚ ๎ƒƒ๎†ซ๎„ช๎€‚ ๎œ ๎ฒ๎ƒฅ๎œก๎€‚ ๎€ง๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎†ซ๎œ‰๎€‚ ๎† ๎ƒฟ๎…๎†ฃ๎„ช๎„ฃ๎€‚ ๎ฒ๎š๎œ•๎‚ฆ๎€‚ ๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎†ซ๎œ‰๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎…ผ๎…ฒ๎€‚ ๎ƒฟ๎…๎†ฃ๎† ๎…ผ๎†ฃ๎†ธ๎€‚ ๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎‡ฃ๎œ‰๎€‚ ๎„›๎‡€๎†ธ๎€‚
๎† ๎†ฃ๎…ผ๎…Š๎…๎„›๎…๎†ธ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎‚ฆ๎„ช๎†ซ๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎€‚๎œ ๎‚ฆ๎œก๎€‚๎€ง๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎Ž๎„ช๎ƒฟ๎‡œ๎‡ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎‡€๎…‚๎ƒฟ๎„œ๎†ธ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎€ง๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎†ซ๎€‚๎œ ๎ฒ๎šŽ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฒ๎š๎œก๎œ๎€‚๎€‚๎†๎‡€๎†ฃ๎†ธ๎…Š๎„ช๎†ฃ๎…ฐ๎…ผ๎†ฃ๎„ช๎œ‰๎€‚๎…๎…ฒ๎€‚๎†ซ๎„ช๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ง๎€‚
areas in NYC, hotels are permitted only by a special permit. This is the case in R10-H Districts and several Special
Purpose Districts. Special Purpose Districts have been established by the City Planning Commission to achieve
๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚๎† ๎…ง๎ƒฟ๎…ฒ๎…ฒ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‡€๎†ฃ๎„›๎ƒฟ๎…ฒ๎€‚๎„ฃ๎„ช๎†ซ๎…๎…ƒ๎…ฒ๎€‚๎…ผ๎„›๎…ก๎„ช๎„œ๎†ธ๎…๎‡œ๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎„ฃ๎„ช๎‡ฟ๎…ฒ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ฃ๎„ช๎ƒฟ๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎‡€๎…ฒ๎…๎†ข๎‡€๎„ช๎€‚๎„œ๎…Š๎ƒฟ๎†ฃ๎ƒฟ๎„œ๎†ธ๎„ช๎†ฃ๎…๎†ซ๎†ธ๎…๎„œ๎†ซ๎œ
๎ƒ ๎…Š๎…๎…ง๎„ช๎€‚๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎‚ฎ๎† ๎„ช๎„œ๎…๎ƒฟ๎…ง๎€‚๎‚ฃ๎‡€๎†ฃ๎† ๎…ผ๎†ซ๎„ช๎€‚๎€ง๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎†ซ๎€‚๎„ฃ๎…ผ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎†ฃ๎…ผ๎…ง๎†ซ๎€‚๎†ฃ๎„ช๎…ƒ๎ƒฟ๎†ฃ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎„ช๎‡ข๎„œ๎„ช๎† ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎œ๎€‚
Hotel Special Permits exist in parts of Special Clinton, Hudson Square, Tribeca, Jerome Corridor, Inwood, 125th
๎‚ฎ๎†ธ๎†ฃ๎„ช๎„ช๎†ธ๎œ‰๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎Ž๎ƒฟ๎†ฃ๎…ง๎„ช๎…ฐ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒŸ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎†ฃ๎„›๎…๎…ง๎†ธ๎€‚๎€ ๎…ผ๎†ฃ๎†ฃ๎…๎„ฃ๎…ผ๎†ฃ๎€‚๎…๎…ฒ๎€‚ ๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎œ
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The Garment Center Special District prohibits
conversion to hotels in what is known as Preservation Area 1, east of Eighth Avenue. In Preservation Area 2,
between 35th and 40th Streets and Eighth and Ninth Avenues, new hotel construction is permitted though
conversion of larger buildings to hotel use is permitted only by authorization of the City Planning Commission.
๎‚ผ๎…Š๎„ช๎€‚ ๎จ๎…ผ๎…ฒ๎…ƒ๎€‚ ๎“๎†ซ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎€ ๎…๎†ธ๎‡ฃ๎€‚ ๎ฒ๎…๎‡ข๎„ช๎„ฃ๎€‚ ๎ƒƒ๎†ซ๎„ช๎€‚ ๎‚ฎ๎† ๎„ช๎„œ๎…๎ƒฟ๎…ง๎€‚ ๎€ง๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎€‚ ๎† ๎†ฃ๎…ผ๎…ฐ๎…ผ๎†ธ๎„ช๎†ซ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎…ง๎…ผ๎…ฒ๎…ƒ๎†ซ๎†ธ๎ƒฟ๎…ฒ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚ ๎…ฐ๎…๎‡ข๎€‚ ๎…ผ๎…‚๎€‚ ๎†ฃ๎„ช๎†ซ๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎œ‰๎€‚ ๎„œ๎…ผ๎…ฐ๎…ฐ๎„ช๎†ฃ๎„œ๎…๎ƒฟ๎…ง๎œ‰๎€‚
๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎…๎ƒฟ๎…ง๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„œ๎‡€๎…ง๎†ธ๎‡€๎†ฃ๎ƒฟ๎…ง๎€‚๎‡€๎†ซ๎„ช๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…‚๎„ช๎ƒฟ๎†ธ๎‡€๎†ฃ๎„ช๎†ซ๎€‚๎œถ๎† ๎ƒฟ๎…๎†ฃ๎„ช๎„ฃ๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎†ซ๎œท๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎œ‰๎€‚๎†ซ๎…๎…ฐ๎…๎…ง๎ƒฟ๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎ฒ๎ƒฅ๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎†ซ๎œ‰๎€‚๎„œ๎…ผ๎…ฐ๎„›๎…๎…ฒ๎„ช๎€‚๎ฒ๎ƒฟ๎…ฒ๎‡€๎…‚๎ƒฟ๎„œ๎†ธ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚
and Residential districts. This Special District has experienced extensive hotel development in recent years.
There have been three major changes to the regulatory environment of the hotel industry in New York City since
๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎…ง๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎†ฃ๎„ช๎‡œ๎…๎…ผ๎‡€๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎†ซ๎†ธ๎‡€๎„ฃ๎‡ฃ๎œ๎€‚๎‚ผ๎‡๎…ผ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎…ฐ๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎‡ฟ๎†ฃ๎†ซ๎†ธ๎€‚๎…๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚
๎ฒ๎š๎€‚๎ƒฐ๎…ผ๎…ฒ๎…๎…ฒ๎…ƒ๎€‚๎‚ผ๎„ช๎‡ข๎†ธ๎€‚๎€ƒ๎…ฐ๎„ช๎…ฒ๎„ฃ๎…ฐ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎ƒฟ๎„ฃ๎…ผ๎† ๎†ธ๎„ช๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚๎€ง๎„ช๎„œ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎œ‰๎€‚๎šŽ๎šŒ๎š๎š”๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„ช๎„œ๎…ผ๎…ฒ๎„ฃ๎€‚๎…๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎„ช๎‡ข๎† ๎…๎†ฃ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎จ๎…ผ๎„œ๎ƒฟ๎…ง๎€‚
๎จ๎ƒฟ๎‡๎€‚๎š‘๎šŒ๎€‚๎† ๎†ฃ๎…ผ๎…Š๎…๎„›๎…๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎„œ๎…ผ๎…ฒ๎‡œ๎„ช๎†ฃ๎†ซ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎‡€๎†ซ๎„ช๎†ซ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎†ธ๎…Š๎…๎†ฃ๎„ฃ๎€‚๎†ฃ๎„ช๎…ƒ๎‡€๎…ง๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎ƒฟ๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎…ง๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎„œ๎ƒฟ๎† ๎„ช๎€‚๎„›๎‡ฃ๎€‚
increasing the Cityโ€™s enforcement of home-sharing companies such as Airbnb.
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The CPC Special permit is a discretionary action by the City Planning Commission. The application process
๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎„ช๎†ซ๎€‚๎ƒฟ๎€‚๎† ๎‡€๎„›๎…ง๎…๎„œ๎€‚๎†ฃ๎„ช๎‡œ๎…๎„ช๎‡๎€‚๎„›๎‡ฃ๎€‚๎ƒƒ๎จ๎ƒƒ๎‚ฆ๎‚ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ฃ๎„ช๎‡œ๎…๎„ช๎‡๎†ซ๎€‚๎„›๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…ผ๎…ฐ๎…ฐ๎‡€๎…ฒ๎…๎†ธ๎‡ฃ๎€‚๎€Ÿ๎…ผ๎ƒฟ๎†ฃ๎„ฃ๎œ‰๎€‚๎€Ÿ๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎‚ฃ๎†ฃ๎„ช๎†ซ๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚
๎‚ฃ๎…ง๎ƒฟ๎…ฒ๎…ฒ๎…๎…ฒ๎…ƒ๎€‚๎€ ๎…ผ๎…ฐ๎…ฐ๎…๎†ซ๎†ซ๎…๎…ผ๎…ฒ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎€ ๎…ผ๎‡€๎…ฒ๎„œ๎…๎…ง๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฒ๎ƒฟ๎‡ฃ๎…ผ๎†ฃ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎† ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎†ฃ๎„ช๎‡œ๎…๎„ช๎‡๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒฟ๎† ๎† ๎…ง๎…๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ
M1 Zoning Text Amendment
๎ฟ๎…ฒ๎€‚๎€ง๎„ช๎„œ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎œ‰๎€‚๎šŽ๎šŒ๎š๎š”๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎€ ๎…ผ๎‡€๎…ฒ๎„œ๎…๎…ง๎€‚๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎‡œ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ฒ๎š๎€‚๎ƒฐ๎…ผ๎…ฒ๎…๎…ฒ๎…ƒ๎€‚๎‚ผ๎„ช๎‡ข๎†ธ๎€‚๎€ƒ๎…ฐ๎„ช๎…ฒ๎„ฃ๎…ฐ๎„ช๎…ฒ๎†ธ๎œ๎€‚๎†๎†ฃ๎…ผ๎…ฐ๎€‚๎šŽ๎šŒ๎š๎šŒ๎œจ๎šŽ๎šŒ๎š๎š”๎œ‰๎€‚
๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚ ๎‡๎ƒฟ๎†ซ๎€‚๎ƒฟ๎€‚ ๎„œ๎…๎†ธ๎‡ฃ๎‡๎…๎„ฃ๎„ช๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎€‚ ๎…๎…ฒ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎†ธ๎†ฃ๎‡€๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚ ๎…๎…ฒ๎€‚๎ฒ๎š๎€‚๎‡ญ๎…ผ๎…ฒ๎„ช๎†ซ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚ ๎€ƒ๎…ฐ๎„ช๎…ฒ๎„ฃ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚ ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚ ๎ƒฟ๎€‚ ๎„œ๎…๎†ธ๎‡ฃ๎‡๎…๎„ฃ๎„ช๎€‚๎‚ฎ๎† ๎„ช๎„œ๎…๎ƒฟ๎…ง๎€‚
Permit required by the City Planning Commission (CPC Special Permit)
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for new hotels, motels, tourist cabins,
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„›๎…ผ๎ƒฟ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎…ง๎…๎…ƒ๎…Š๎†ธ๎€‚๎…ฐ๎ƒฟ๎…ฒ๎‡€๎…‚๎ƒฟ๎„œ๎†ธ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎œ ๎ฒ๎š๎œก๎€‚๎‡ญ๎…ผ๎…ฒ๎„ช๎†ซ๎œˆ๎€‚๎ฒ๎š๎œซ๎š๎œ‰๎€‚๎ฒ๎š๎œซ๎šŽ๎œ‰๎€‚๎ฒ๎š๎œซ๎š๎œ‰๎€‚๎ฒ๎š๎œซ๎š๎œ‰๎€‚๎ฒ๎š๎œซ๎š‘๎œ‰๎€‚๎ฒ๎š๎œซ๎š’๎œ๎€‚๎€ƒ๎„œ๎„œ๎…ผ๎†ฃ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎‚ฃ๎€ ๎€‚
Special Permit will help ensure that hotel development occurs only on appropriate sites, based on reasonable
๎„œ๎…ผ๎…ฒ๎†ซ๎…๎„ฃ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚ ๎†ฃ๎„ช๎…ƒ๎ƒฟ๎†ฃ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚ ๎‡๎…Š๎„ช๎†ธ๎…Š๎„ช๎†ฃ๎€‚ ๎ƒฟ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎† ๎†ฃ๎„ช๎†ซ๎„ช๎…ฒ๎†ธ๎†ซ๎€‚ ๎† ๎…ผ๎†ธ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎€‚ ๎„œ๎…ผ๎…ฒ๎‡ต๎…ง๎…๎„œ๎†ธ๎†ซ๎€‚ ๎‡๎…๎†ธ๎…Š๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎†ซ๎‡€๎†ฃ๎†ฃ๎…ผ๎‡€๎…ฒ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚ ๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎…๎ƒฟ๎…ง๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚
๎…ฐ๎ƒฟ๎…ฒ๎‡€๎…‚๎ƒฟ๎„œ๎†ธ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎‡€๎†ซ๎„ช๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…Š๎…ผ๎‡๎€‚๎‡๎„ช๎…ง๎…ง๎€‚๎ƒฟ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎„ช๎‡ต๎…ง๎„ช๎„œ๎†ธ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ƒ๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎…ง๎€‚๎„œ๎…Š๎ƒฟ๎†ฃ๎ƒฟ๎„œ๎†ธ๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎‡€๎†ฃ๎†ฃ๎…ผ๎‡€๎…ฒ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎†ฃ๎„ช๎ƒฟ๎œ๎€‚
๎‚ฎ๎…ผ๎…ฐ๎„ช๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„ช๎‡ข๎„ช๎…ฐ๎† ๎†ธ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎‚ฃ๎€ ๎€‚๎‚ฎ๎† ๎„ช๎„œ๎…๎ƒฟ๎…ง๎€‚๎‚ฃ๎„ช๎†ฃ๎…ฐ๎…๎†ธ๎œ๎€‚๎ฒ๎…ผ๎†ซ๎†ธ๎€‚๎…ฒ๎…ผ๎†ธ๎ƒฟ๎„›๎…ง๎‡ฃ๎œ‰๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฅ๎€‚๎œ ๎…ฐ๎…๎‡ข๎„ช๎„ฃ๎œซ๎‡€๎†ซ๎„ช๎œก๎€‚๎…ผ๎†ฃ๎€‚๎† ๎ƒฟ๎…๎†ฃ๎„ช๎„ฃ๎€‚๎ฒ๎š๎œ•๎‚ฆ๎€‚
districts, airport property providing essential airport services and accommodations, transient hotels operating for
๎† ๎‡€๎„›๎…ง๎…๎„œ๎€‚๎‡€๎†ซ๎„ช๎œ‰๎€‚๎„ช๎‡ข๎…๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎œซ๎š๎€‚๎‡ญ๎…ผ๎…ฒ๎„ช๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎„ฃ๎…ผ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎„ช๎…ฒ๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎€‚๎†ธ๎…Š๎„ช๎…๎†ฃ๎€‚๎‡ญ๎…ผ๎…ฒ๎…๎…ฒ๎…ƒ๎€‚๎…ง๎…ผ๎†ธ๎€‚๎…ผ๎†ฃ๎€‚๎„ช๎‡ข๎„œ๎„ช๎„ช๎„ฃ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎šŽ๎šŒ๎ž„๎€‚๎…ผ๎…‚๎€‚๎„ช๎‡ข๎…๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎€‚
๎‡ต๎…ง๎…ผ๎…ผ๎†ฃ๎€‚๎ƒฟ๎†ฃ๎„ช๎ƒฟ๎œ‰๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎„›๎‡€๎…๎…ง๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎…๎†ธ๎†ซ๎€‚๎…๎†ซ๎†ซ๎‡€๎„ช๎„ฃ๎€‚๎„›๎„ช๎…‚๎…ผ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎…‚๎„ช๎†ฃ๎†ฃ๎ƒฟ๎…ง๎€‚๎„ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒฟ๎…ฐ๎„ช๎…ฒ๎„ฃ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎œ ๎€ƒ๎† ๎†ฃ๎…๎…ง๎€‚๎šŽ๎š๎œ‰๎€‚๎šŽ๎šŒ๎š๎š”๎œก๎€‚
as well as developments that had completed the foundation before the date of adoption (December 20, 2018).
Enforcement of Illegal Short-Term Rentals
๎‚ฎ๎…Š๎…ผ๎†ฃ๎†ธ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚๎†ฃ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚๎šŽ๎šŒ๎š๎š๎€‚๎‡€๎…ฒ๎„ฃ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚๎ฒ๎‡€๎…ง๎†ธ๎…๎† ๎…ง๎„ช๎€‚๎€ง๎‡๎„ช๎…ง๎…ง๎…๎…ฒ๎…ƒ๎€‚
๎จ๎ƒฟ๎‡๎€‚๎œ ๎ฒ๎€ง๎จ๎œก๎œ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚๎…ง๎ƒฟ๎‡๎€‚๎† ๎†ฃ๎…ผ๎…Š๎…๎„›๎…๎†ธ๎†ซ๎€‚๎…ผ๎‡๎…ฒ๎„ช๎†ฃ๎†ซ๎€‚๎…๎…ฒ๎€‚๎€ ๎…ง๎ƒฟ๎†ซ๎†ซ๎€‚๎€ƒ๎€‚๎…ฐ๎‡€๎…ง๎†ธ๎…๎† ๎…ง๎„ช๎€‚๎„ฃ๎‡๎„ช๎…ง๎…ง๎…๎…ฒ๎…ƒ๎€‚๎„›๎‡€๎…๎…ง๎„ฃ๎…๎…ฒ๎…ƒ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎†ฃ๎„ช๎…ฒ๎†ธ๎€‚๎†ซ๎† ๎ƒฟ๎„œ๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…ง๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎š๎šŒ๎€‚๎„ฃ๎ƒฟ๎‡ฃ๎†ซ๎€‚
unless the permanent tenant is residing in the apartment during the guestโ€™s stay. A โ€œClass A multiple dwellingโ€ is
๎„ฃ๎„ช๎‡ฟ๎…ฒ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎†ซ๎…๎„ฃ๎„ช๎…ฒ๎„œ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎†ฃ๎„ช๎„ช๎€‚๎…ผ๎†ฃ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎…‚๎ƒฟ๎…ฐ๎…๎…ง๎…๎„ช๎†ซ๎€‚๎…ง๎…๎‡œ๎…๎…ฒ๎…ƒ๎€‚๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎„ช๎ƒฟ๎„œ๎…Š๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎œ๎€‚
๎€ฏ๎…ฒ๎…‚๎…ผ๎†ฃ๎„œ๎„ช๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎ฒ๎‡€๎…ง๎†ธ๎…๎† ๎…ง๎„ช๎€‚๎€ง๎‡๎„ช๎…ง๎…ง๎…๎…ฒ๎…ƒ๎€‚๎จ๎ƒฟ๎‡๎œ‰๎€‚๎…Š๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎„œ๎…Š๎ƒฟ๎…ง๎…ง๎„ช๎…ฒ๎…ƒ๎…๎…ฒ๎…ƒ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎…‚๎„ช๎„ฃ๎„ช๎†ฃ๎ƒฟ๎…ง๎€‚๎€ ๎…ผ๎…ฐ๎…ฐ๎‡€๎…ฒ๎…๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎€ง๎„ช๎„œ๎„ช๎…ฒ๎„œ๎‡ฃ๎€‚
Act (Section 230) of 1996 has protected online companies like Airbnb from being responsible for what users post
๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎…๎†ฃ๎€‚๎† ๎…ง๎ƒฟ๎†ธ๎…‚๎…ผ๎†ฃ๎…ฐ๎†ซ๎œ๎€‚๎‚ผ๎…Š๎‡€๎†ซ๎œ‰๎€‚๎€ƒ๎…๎†ฃ๎„›๎…ฒ๎„›๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎…Š๎…๎†ซ๎†ธ๎…ผ๎†ฃ๎…๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎†ธ๎ƒฟ๎…ค๎„ช๎…ฒ๎€‚๎ƒฟ๎€‚๎…Š๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎œซ๎…ผ๎‡ณ๎…‚๎€‚๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎ƒฟ๎„œ๎…Š๎€‚๎†ธ๎…ผ๎€‚๎…๎†ธ๎†ซ๎€‚๎…ง๎…๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎†ซ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„ช๎…ฒ๎ƒฟ๎„›๎…ง๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚
proliferation of illegal rentals.
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NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
In early 2018, New York City enacted a local law to force short-term rental platforms such as Airbnb to share all of
๎†ธ๎…Š๎„ช๎…๎†ฃ๎€‚๎…ง๎…๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎„ฃ๎ƒฟ๎†ธ๎ƒฟ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎‡€๎†ธ๎…Š๎…ผ๎†ฃ๎…๎†ธ๎…๎„ช๎†ซ๎€‚๎†ซ๎…ผ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎…๎†ฃ๎€‚๎…ง๎„ช๎…ƒ๎ƒฟ๎…ง๎…๎†ธ๎‡ฃ๎€‚๎„œ๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎„›๎„ช๎€‚๎‡œ๎„ช๎†ฃ๎…๎‡ฟ๎„ช๎„ฃ๎œ๎€‚๎“๎…ฒ๎€‚๎€ง๎„ช๎„œ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎š๎š”๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎œ๎‚ฎ๎œ๎€‚๎€ง๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎€‚
๎€ ๎…ผ๎‡€๎†ฃ๎†ธ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ซ๎†ธ๎…ผ๎† ๎† ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎…ผ๎„œ๎ƒฟ๎…ง๎€‚๎…ง๎ƒฟ๎‡๎€‚๎„›๎‡ฃ๎€‚๎‡๎ƒฟ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ฒ๎€‚๎…๎…ฒ๎…ก๎‡€๎…ฒ๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ƒ๎†ฃ๎…ผ๎‡€๎…ฒ๎„ฃ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎ƒฟ๎‡๎€‚๎„œ๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎‡œ๎…๎…ผ๎…ง๎ƒฟ๎†ธ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚
๎†๎…ผ๎‡€๎†ฃ๎†ธ๎…Š๎€‚๎€ƒ๎…ฐ๎„ช๎…ฒ๎„ฃ๎…ฐ๎„ช๎…ฒ๎†ธ๎œ๎€‚๎“๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚๎…Š๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎ฒ๎ƒฟ๎‡ฃ๎…ผ๎†ฃ๎œน๎†ซ๎€‚๎ฟ๎‡ณ๎‡ฟ๎„œ๎„ช๎€‚๎…ผ๎…‚๎€‚๎‚ฎ๎† ๎„ช๎„œ๎…๎ƒฟ๎…ง๎€‚๎€ฏ๎…ฒ๎…‚๎…ผ๎†ฃ๎„œ๎„ช๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎œ ๎ฟ๎‚ฎ๎€ฏ๎œก๎€‚๎†ฃ๎„ช๎ƒฟ๎„œ๎…Š๎„ช๎„ฃ๎€‚๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎…ƒ๎†ฃ๎„ช๎„ช๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚
with Airbnb and HomeAway, which have agreed to provide 17,500 listings to OSE for review. The City has also
๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎ฟ๎‚ฎ๎€ฏ๎œน๎†ซ๎€‚๎„›๎‡€๎„ฃ๎…ƒ๎„ช๎†ธ๎€‚ ๎ƒฟ๎†ซ๎€‚ ๎…๎†ธ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎…๎…ฒ๎‡€๎„ช๎†ซ๎€‚ ๎†ธ๎…ผ๎€‚๎‡ฟ๎…ง๎„ช๎€‚ ๎…ฐ๎‡€๎…ง๎†ธ๎…๎† ๎…ง๎„ช๎€‚ ๎…ง๎ƒฟ๎‡๎†ซ๎‡€๎…๎†ธ๎†ซ๎œ‰๎€‚ ๎† ๎†ฃ๎…๎…ฐ๎ƒฟ๎†ฃ๎…๎…ง๎‡ฃ๎€‚๎ƒฟ๎…ƒ๎ƒฟ๎…๎…ฒ๎†ซ๎†ธ๎€‚ ๎„›๎‡€๎…๎…ง๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎‡๎…ฒ๎„ช๎†ฃ๎†ซ๎€‚ ๎‡๎…Š๎…ผ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚
illegally converted multiple dwelling units into short-term rentals. In 2019, the agency conducted 5,775 reviews,
a 30 percent increase over 2018.
Expiration of Local Law 50
๎‚ผ๎…ผ๎€‚๎† ๎†ฃ๎„ช๎†ซ๎„ช๎†ฃ๎‡œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ก๎…ผ๎„›๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฐ๎…๎„ฃ๎†ซ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎€‚๎†ซ๎†ธ๎†ฃ๎…ผ๎…ฒ๎…ƒ๎€‚๎…ง๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎„œ๎…ผ๎…ฒ๎„ฃ๎…ผ๎œซ๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎† ๎ƒฟ๎†ซ๎†ซ๎„ช๎„ฃ๎€‚๎จ๎…ผ๎„œ๎ƒฟ๎…ง๎€‚๎จ๎ƒฟ๎‡๎€‚๎š‘๎šŒ๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š‘๎œ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚๎…ง๎ƒฟ๎‡๎€‚
prohibited owners of hotels larger than 150 rooms from converting more than 20% of rooms to other uses, such
as condos. The law expired on June 2, 2019 and many hotel industry experts expect it to have a relieving factor on
๎†ธ๎…Š๎„ช๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎ƒฟ๎†ซ๎€‚๎…ผ๎…ง๎„ฃ๎„ช๎†ฃ๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎…ผ๎†ฃ๎€‚๎…ง๎„ช๎†ซ๎†ซ๎€‚๎†ซ๎‡€๎„œ๎„œ๎„ช๎†ซ๎†ซ๎…‚๎‡€๎…ง๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎†ธ๎ƒฟ๎…ค๎„ช๎…ฒ๎€‚๎…ผ๎‡ณ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ‰๎€‚
converted to residential or a hotel/residential mix, such as those at the Plaza and Waldorf Astoria Hotels that
๎…ƒ๎†ฃ๎„ช๎ƒฟ๎†ธ๎…ง๎‡ฃ๎€‚๎†ฃ๎„ช๎„ฃ๎‡€๎„œ๎„ช๎„ฃ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎œ๎€‚๎†๎…ผ๎†ฃ๎€‚๎„ช๎‡ข๎ƒฟ๎…ฐ๎† ๎…ง๎„ช๎œ‰๎€‚๎…ผ๎…ฒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡ฟ๎†ฃ๎†ซ๎†ธ๎€‚๎† ๎…ง๎ƒฟ๎…ฒ๎…ฒ๎„ช๎„ฃ๎€‚๎„œ๎…ผ๎…ฒ๎‡œ๎„ช๎†ฃ๎†ซ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎ƒฟ๎‡๎œน๎†ซ๎€‚๎„ช๎‡ข๎† ๎…๎†ฃ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚
Grand Hyatt Hotel near Grand Central Terminal. The hotel will be demolished and replaced with a larger multi-
use building. The Grand Hyatt initially had around 1,300 hotel rooms and is projected to have only 500 hotel
rooms in the new building.
Impact of COVID-19 on the New York City Hotel Market
T
๎…Š๎„ช๎€‚ ๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œซ๎š๎š•๎€‚ ๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎€‚ ๎…Š๎ƒฟ๎†ซ๎€‚ ๎…Š๎ƒฟ๎„ฃ๎€‚ ๎ƒฟ๎€‚ ๎„ฃ๎…๎†ซ๎ƒฟ๎†ซ๎†ธ๎†ฃ๎…ผ๎‡€๎†ซ๎œ‰๎€‚ ๎…ผ๎…ฒ๎…ƒ๎…ผ๎…๎…ฒ๎…ƒ๎€‚ ๎„ช๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎€‚ ๎…ผ๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎ด๎„ช๎‡๎€‚ ๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚ ๎€ ๎…๎†ธ๎‡ฃ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ‰๎€‚
๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚ ๎…Š๎ƒฟ๎‡œ๎„ช๎€‚ ๎„›๎„ช๎„ช๎…ฒ๎€‚ ๎…ฒ๎…ผ๎€‚ ๎†ซ๎…๎…ƒ๎…ฒ๎†ซ๎€‚ ๎…ผ๎…‚๎€‚ ๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎‡ฃ๎€‚ ๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚ ๎…ง๎…ผ๎„œ๎…ค๎„ฃ๎…ผ๎‡๎…ฒ๎†ซ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚ ๎†ฃ๎„ช๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚ ๎†ธ๎…ผ๎…ผ๎…ค๎€‚ ๎„ช๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎€‚ ๎…๎…ฒ๎€‚
๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚ ๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚ ๎‚ผ๎…Š๎„ช๎€‚ ๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎€‚ ๎…Š๎ƒฟ๎†ซ๎€‚ ๎…ฐ๎ƒฟ๎†ซ๎†ซ๎…๎‡œ๎„ช๎…ง๎‡ฃ๎€‚ ๎†ฃ๎„ช๎„ฃ๎‡€๎„œ๎„ช๎„ฃ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚ ๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚ ๎…๎…ฒ๎€‚ ๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚
๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎œ‰๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎„œ๎…๎†ธ๎‡ฃ๎‡๎…๎„ฃ๎„ช๎œ‰๎€‚ ๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚ ๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎€ƒ๎€ง๎‚ฆ๎†ซ๎€‚ ๎ƒฟ๎†ฃ๎„ช๎€‚ ๎…Š๎…๎†ซ๎†ธ๎…ผ๎†ฃ๎…๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚ ๎…ง๎…ผ๎‡๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎…Š๎ƒฟ๎‡œ๎„ช๎€‚ ๎…ฒ๎…ผ๎†ธ๎€‚ ๎†ฃ๎„ช๎†ซ๎† ๎…ผ๎…ฒ๎„ฃ๎„ช๎„ฃ๎€‚ ๎†ธ๎…ผ
๎†ธ๎‡ฃ๎† ๎…๎„œ๎ƒฟ๎…ง๎€‚๎†ซ๎„ช๎ƒฟ๎†ซ๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎‡ต๎…ง๎‡€๎„œ๎†ธ๎‡€๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎œ
While the impacts have been drastic, they predictably correspond with the severity of restrictions on domestic
and international travel currently imposed by local governments and other countries limiting travel to the
๎ƒƒ๎…ฒ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎†ซ๎œ๎€‚๎ƒ ๎…Š๎…๎…ง๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ช๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒฟ๎…ง๎ƒฟ๎†ฃ๎…ฐ๎…๎…ฒ๎…ƒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎„›๎…ผ๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…๎†ธ๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎‡๎…๎„ฃ๎„ช๎€‚
๎…Š๎ƒฟ๎†ซ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎„ฃ๎…๎† ๎† ๎„ช๎„ฃ๎€‚๎„›๎„ช๎…ง๎…ผ๎‡๎€‚๎š๎š”๎œ๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎€Ÿ๎„ช๎„œ๎ƒฟ๎‡€๎†ซ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡œ๎ƒฟ๎†ซ๎†ธ๎€‚๎…ฐ๎ƒฟ๎…ก๎…ผ๎†ฃ๎…๎†ธ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎ด๎ƒฆ๎€ ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…ง๎…ผ๎„œ๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚
๎…๎…ฒ๎€‚ ๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚ ๎€ ๎…๎†ธ๎‡ฃ๎‡๎…๎„ฃ๎„ช๎€‚ ๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚ ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎€ƒ๎€ง๎‚ฆ๎€‚ ๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎†ซ๎€‚ ๎ƒฟ๎†ฃ๎„ช๎€‚ ๎…Š๎„ช๎ƒฟ๎‡œ๎…๎…ง๎‡ฃ๎€‚ ๎†ซ๎…ค๎„ช๎‡๎„ช๎„ฃ๎€‚ ๎„›๎‡ฃ๎€‚ ๎„œ๎…ผ๎…ฒ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚ ๎…๎…ฒ๎€‚ ๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚
๎†ซ๎‡€๎…ƒ๎…ƒ๎„ช๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎…๎†ซ๎€‚๎ƒฟ๎€‚๎‡ต๎…ง๎…ผ๎…ผ๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…ง๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ๎€‚
Between January and September 2020, a net total of 135 (out of 705) hotels and 39,244 (out of 127,810) rooms
closed in New York City, representing a decline of 20 and 31 percent, respectively. With 96.3 of these room closures
๎…ผ๎„œ๎„œ๎‡€๎†ฃ๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎„œ๎…๎†ธ๎‡ฃ๎‡๎…๎„ฃ๎„ช๎€‚ ๎†ธ๎†ฃ๎„ช๎…ฒ๎„ฃ๎†ซ๎€‚ ๎ƒฟ๎†ฃ๎„ช๎€‚๎„ฃ๎†ฃ๎…๎‡œ๎„ช๎…ฒ๎€‚ ๎ƒฟ๎…ง๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎„ช๎…ฒ๎†ธ๎…๎†ฃ๎„ช๎…ง๎‡ฃ๎€‚๎„›๎‡ฃ๎€‚ ๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎œน๎†ซ๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚ ๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎€‚ ๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚
๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎„ช๎‡ข๎† ๎„ช๎†ฃ๎…๎„ช๎…ฒ๎„œ๎„ช๎„ฃ๎€‚๎ƒฟ๎€‚๎š๎š“๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ง๎…ผ๎†ซ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ๎€‚
๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎…Š๎ƒฟ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„ช๎„œ๎…ผ๎…ฒ๎„ฃ๎œซ๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎ƒฟ๎€‚๎…ฒ๎„ช๎†ธ๎€‚๎…ง๎…ผ๎†ซ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎š‘๎š•๎š‘๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚๎†ฃ๎„ช๎† ๎†ฃ๎„ช๎†ซ๎„ช๎…ฒ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎€‚
four percent loss. The numbers of hotels and rooms in the Bronx, Brooklyn, and Staten Island remained constant
๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎Ž๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎„ช๎‡ข๎† ๎„ช๎†ฃ๎…๎„ช๎…ฒ๎„œ๎„ช๎„ฃ๎€‚๎ƒฟ๎€‚๎†ซ๎…Š๎…๎‡ฝ๎†ธ๎€‚๎…๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ธ๎‡ฃ๎† ๎…ผ๎…ง๎…ผ๎…ƒ๎…๎„ช๎†ซ๎œ‰๎€‚๎…ง๎…ผ๎†ซ๎…๎…ฒ๎…ƒ๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚
upscale rooms, and adding more economy rooms. Figure 1 shows net changes in the numbers of hotels and rooms
๎…๎…ฒ๎€‚๎ด๎ƒฆ๎€ ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„ช๎ƒฟ๎„œ๎…Š๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎œ
NYC and Sub-Area Hotel Market Existing Conditions
3029
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
FIGURE 1: NET IMPACT OF COVID-19 ON NEW YORK CITY HOTELS AND ROOMS, JANUARYโ€“SEPTEMBER 2020
ROOMS
127,810
88,566
New York City
103,730
65,077
Manhattan
14,394
13,799
Queens
7,527 7,531
Brooklyn
1,384 1,384
Bronx
775 775
Staten Island
HOTELS JANUARY 2020 HOTELS SEPTEMBER 2020
HOTELS
705
570
New York City
456
326
Manhattan
136
131
Queens
78 78
Brooklyn
26 26
Bronx
9 9
Staten Island
HOTELS JANUARY 2020 HOTELS SEPTEMBER 2020
SOURCE: STR, 2020.
๎€ƒ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œน๎†ซ๎€‚๎†ซ๎…Š๎ƒฟ๎†ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎…‚๎ƒฟ๎…ง๎…ง๎„ช๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎š’๎š‘๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…๎†ซ๎€‚๎„ฃ๎…ผ๎‡๎…ฒ๎€‚
๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎š”๎š๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎œ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚๎…๎†ซ๎€‚๎ƒฟ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎†ซ๎…Š๎…๎‡ฝ๎†ธ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ƒ๎„ช๎…ผ๎…ƒ๎†ฃ๎ƒฟ๎† ๎…Š๎…๎„œ๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„›๎‡€๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ๎€‚
๎€Ÿ๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎šŽ๎šŒ๎šŒ๎š•๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…ง๎…ผ๎†ซ๎†ธ๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎…๎†ธ๎†ซ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎†ซ๎…Š๎ƒฟ๎†ฃ๎„ช๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎€Ÿ๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎€‚๎„ฃ๎‡€๎„ช๎€‚๎†ธ๎…ผ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎† ๎ƒฟ๎†ฃ๎†ธ๎…๎„œ๎‡€๎…ง๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎œ๎€‚๎€ƒ๎†ซ๎€‚๎†๎…๎…ƒ๎‡€๎†ฃ๎„ช๎€‚๎šŽ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†๎…๎…ƒ๎‡€๎†ฃ๎„ช๎€‚๎š๎€‚๎†ซ๎…Š๎…ผ๎‡๎œ‰๎€‚
๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎…ฒ๎…ผ๎‡๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎ƒฟ๎€‚๎†ข๎‡€๎ƒฟ๎†ฃ๎†ธ๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎š๎š’๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚๎‡๎…Š๎…๎…ง๎„ช๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎…ฒ๎…ผ๎‡๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ซ๎…๎‡ข๎€‚
percent of hotels and nearly nine percent of rooms.
FIGURE 2: GEOGRAPHIC DISTRIBUTION OF HOTEL ROOMS IN NEW YORK CITY BY BOROUGH,
JANUARYโ€“SEPTEMBER 2020
81.2%
73.5%
Manhattan
11.3%
15.6%
Queens
5.9%
8.5%
Brooklyn
1.1% 1.6%
The Bronx
0.6% 0.9%
Staten Island
JANUARY 2020 SEPTEMBER 2020
SOURCE: STR, 2020.
๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚ ๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚ ๎ƒฟ๎„œ๎†ฃ๎…ผ๎†ซ๎†ซ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎€ ๎…๎†ธ๎‡ฃ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚ ๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎„ฃ๎…๎†ซ๎† ๎†ฃ๎…ผ๎† ๎…ผ๎†ฃ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎„ช๎„ฃ๎œ๎€‚ ๎€Ÿ๎„ช๎…‚๎…ผ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚ ๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œซ๎š๎š•๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎œ‰๎€‚ ๎…ง๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚
rooms accounted for 12.5 percent of all hotel rooms in NYC, while now they only account for 6.2 percent. Upscale
rooms have also lost market share, citywide, decreasing from 52.2 percent of the market to 50.1 percent of the
market. Economy and midscale hotels, which have lower ADRs have increased market share during the pandemic.
Figure 3 shows the share of rooms across NYC in January 2020 and September 2020.
3231
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
FIGURE 3: DISTRIBUTION OF HOTEL ROOMS IN NEW YORK CITY BY CLASSIFICATION,
JANUARYโ€“SEPTEMBER 2020
10.9%
14%
Economy Class
24.4%
29%
Midscale Class
52.2%
50%
Upscale Class
12.5%
6%
Luxury Clas
s
JANUARY 2020 SEPTEMBER 2020
SOURCE: STR, 2020.
๎‚ฆ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚ ๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„ช๎„ฃ๎€‚ ๎ƒฟ๎†ซ๎€‚ ๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช
1
๎€‚ ๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎„ช๎„ฃ๎€‚ ๎…‚๎…ผ๎†ฃ๎€‚ ๎š‘๎š“๎€‚ ๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚ ๎…ผ๎…‚๎€‚ ๎„œ๎…ง๎…ผ๎†ซ๎‡€๎†ฃ๎„ช๎†ซ๎œ‰๎€‚ ๎‡๎…Š๎…๎…ง๎„ช๎€‚ ๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚ ๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚ ๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎„ช๎„ฃ๎€‚ ๎…‚๎…ผ๎†ฃ๎€‚ ๎ƒฟ๎…ฒ๎€‚
additional 27 percent, thus representing the vast majority of closures, as shown in Figure 4. This may be
unsurprising given that demand for these class types of rooms are elastic, depending largely upon tourism,
which has nearly ceased, and business travelers, who have been meeting virtually. This has accelerated
๎…ƒ๎†ฃ๎…ผ๎‡๎†ธ๎…Š๎€‚ ๎…๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎†ซ๎…Š๎ƒฟ๎†ฃ๎„ช๎€‚ ๎…ผ๎…‚๎€‚ ๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚ ๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚ ๎‡๎…Š๎…๎„œ๎…Š๎€‚ ๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚ ๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚ ๎šŽ๎š‘๎€‚ ๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚ ๎…ผ๎…‚๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚ ๎…๎…ฒ๎€‚ ๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚ ๎†ธ๎…ผ๎€‚ ๎š๎šŒ๎€‚
๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎œ๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎† ๎ƒฟ๎†ฃ๎†ธ๎…๎„œ๎‡€๎…ง๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎†ฃ๎„ช๎†ซ๎…๎…ง๎…๎„ช๎…ฒ๎†ธ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ช๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎œ‰๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚
๎…ง๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎š๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎„œ๎…ง๎…ผ๎†ซ๎‡€๎†ฃ๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎€‚ ๎…ฒ๎„ช๎†ธ๎€‚๎…ƒ๎ƒฟ๎…๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎šŽ๎š๎š“๎€‚๎„ช๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎œ
2
The resilience of economy hotels during this pandemic may be related to their lower operating costs compared to
๎‡€๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ซ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎†ซ๎œ‰๎€‚๎…ง๎…๎…ค๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎†ซ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎œ‰๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ฃ๎„ช๎†ข๎‡€๎…๎†ฃ๎„ช๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ฃ๎€‚๎…ง๎„ช๎‡œ๎„ช๎…ง๎†ซ๎€‚๎…ผ๎…‚๎€‚๎„ช๎…ฐ๎† ๎…ง๎…ผ๎‡ฃ๎…ฐ๎„ช๎…ฒ๎†ธ๎œ๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚
๎…ƒ๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎„ฃ๎…ผ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎€‚๎†ซ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…Š๎…๎…ƒ๎…Š๎€‚๎†ซ๎†ธ๎ƒฟ๎‡ณ๎‡ฟ๎…ฒ๎…ƒ๎€‚๎…ฒ๎„ช๎„ช๎„ฃ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎„œ๎…ผ๎†ซ๎†ธ๎†ซ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎‡ฃ๎€‚๎†ฃ๎„ช๎†ข๎‡€๎…๎†ฃ๎„ช๎€‚๎…ง๎…ผ๎‡๎„ช๎†ฃ๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎„ฃ๎ƒฟ๎…๎…ง๎‡ฃ๎€‚
๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎„›๎†ฃ๎„ช๎ƒฟ๎…ค๎€‚๎„ช๎‡œ๎„ช๎…ฒ๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎ƒฟ๎…ง๎…ง๎‡ฃ๎œ๎€‚
1
For example, Upscale hotels in NYC include the Hilton Garden Inn New York Times Square, the Empire Hotel,
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎†ฃ๎…ผ๎‡๎…ฒ๎„ช๎€‚๎‚ฃ๎…ง๎ƒฟ๎‡ญ๎ƒฟ๎€‚๎‚ผ๎…๎…ฐ๎„ช๎†ซ๎€‚๎‚ฎ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚
2
๎€‚๎€Ÿ๎„ช๎„œ๎ƒฟ๎‡€๎†ซ๎„ช๎€‚๎‚ฎ๎…ฐ๎…๎†ธ๎…Š๎€‚๎‚ผ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎‚ฆ๎„ช๎†ซ๎„ช๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎œ ๎‚ฎ๎‚ผ๎‚ฆ๎œก๎€‚๎„œ๎ƒฟ๎†ธ๎„ช๎…ƒ๎…ผ๎†ฃ๎…๎‡ญ๎„ช๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎„›๎‡ฃ๎€‚๎€ƒ๎€ง๎‚ฆ๎œ‰๎€‚๎„œ๎…Š๎ƒฟ๎…ฒ๎…ƒ๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎„œ๎ƒฟ๎…ฒ๎€‚๎†ฃ๎„ช๎†ซ๎‡€๎…ง๎†ธ๎€‚๎…๎…ฒ๎€‚๎ƒฟ๎€‚๎†ซ๎…Š๎…๎‡ฝ๎†ธ๎€‚
between categories with no other changes to the hotels. For example, a hotel charging $325 per night would be
categorized as upscale, while the same hotel charging $120 per night would be categorized as economy.
FIGURE 4: PERCENTAGE OF ROOMS CLOSED BY CLASSIFICATION, NEW YORK CITY,
JANUARYโ€“SEPTEMBER 2020
ECONOMY MIDSCALE UPSCALE LUXURY
SOURCE: STR, 2020.
Citywide, the age of the hotel inventory in September 2020 is slightly younger than in January 2020. The average
hotel age fell from 28 years to 25 years, while the median age of hotels fell from 12 to 11 years. Of the hotels that
๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎ƒฟ๎…ƒ๎„ช๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎š๎š”๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…๎†ซ๎€‚๎…ผ๎…ง๎„ฃ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎ƒฟ๎…ƒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎š๎š‘๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ๎€‚
๎€ƒ๎†ซ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎†ซ๎‡€๎…ƒ๎…ƒ๎„ช๎†ซ๎†ธ๎†ซ๎œ‰๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎‡๎„ช๎…ง๎…ง๎œซ๎„ช๎†ซ๎†ธ๎ƒฟ๎„›๎…ง๎…๎†ซ๎…Š๎„ช๎„ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฎ๎†ธ๎œ๎€‚๎‚ฆ๎„ช๎…ƒ๎…๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎€ฏ๎…ฐ๎† ๎…๎†ฃ๎„ช๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚
closed due to the pandemic. The median age of closed hotels was 18 years, while the January 2020 median age
๎…ผ๎…‚๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎š๎šŽ๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ๎€‚๎‚ผ๎…Š๎„ช๎†ฃ๎„ช๎…‚๎…ผ๎†ฃ๎„ช๎œ‰๎€‚๎‡๎…Š๎…๎…ง๎„ช๎€‚๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…ฒ๎„ช๎‡๎„ช๎†ฃ๎œ‰๎€‚๎…๎†ธ๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎…ง๎„ฃ๎„ช๎†ฃ๎€‚๎†ซ๎†ธ๎…ผ๎„œ๎…ค๎€‚๎…ผ๎…‚๎€‚๎† ๎†ฃ๎„ช๎œซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚
๎† ๎…ผ๎†ซ๎†ธ๎œซ๎…ฐ๎…๎…ง๎…ง๎„ช๎…ฒ๎…ฒ๎…๎‡€๎…ฐ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎…ง๎…๎…ค๎„ช๎…ง๎‡ฃ๎€‚๎†ธ๎…ผ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎€‚๎„ฃ๎‡€๎„ช๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎œ๎€‚๎‚ฎ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎œ‰๎€‚๎ƒฟ๎†ซ๎€‚๎†ซ๎…Š๎…ผ๎‡๎…ฒ๎€‚๎…๎…ฒ๎€‚๎†๎…๎…ƒ๎‡€๎†ฃ๎„ช๎€‚๎š‘๎œ‰๎€‚
๎…ก๎‡€๎†ซ๎†ธ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎š๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎…๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎„›๎‡€๎…๎…ง๎†ธ๎€‚๎„›๎„ช๎…‚๎…ผ๎†ฃ๎„ช๎€‚๎š๎š•๎š’๎š๎œ‰๎€‚๎‡๎…Š๎…๎…ง๎„ช๎€‚๎š๎šŒ๎œ๎š“๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎…๎…ฒ๎€‚
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎„›๎‡€๎…๎…ง๎†ธ๎€‚๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŒ๎šŒ๎œ๎€‚๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎„›๎‡€๎…๎…ง๎†ธ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎š๎šŒ๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎š๎š•๎š’๎š๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎šŒ๎šŒ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎…ง๎‡ฃ๎€‚๎†ฃ๎„ช๎†ซ๎…๎…ง๎…๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎…๎…ฒ๎…ƒ๎€‚
for 27.9 percent of room closures.
26.8%
57%
13.3%
2.9%
3433
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
FIGURE 5: NEW YORK CITY REVPAR TRENDS, JANUARY 2018โ€“SEPTEMBER 2020
1.3%
21.6%
19.1%
15.6%
12.3%
30.1%
PRE-1961 1961โ€“1980 1981โ€“2000 2001โ€“2010 2011+ N/A
SOURCE: STR, 2020.
In addition, the number of boutiques, small independent hotels of under 200 rooms, fell from 97 to 62 in
๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎„›๎‡€๎†ธ๎€‚๎…ฒ๎…ผ๎…ฒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎š๎š๎€‚๎„›๎…ผ๎‡€๎†ธ๎…๎†ข๎‡€๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎œ‰๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎…๎…ฒ๎„ช๎€‚๎…๎…ฒ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎œ‰๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎œ
๎ƒ ๎…Š๎…๎…ง๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„ฃ๎…๎†ซ๎† ๎†ฃ๎…ผ๎† ๎…ผ๎†ฃ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚๎ƒฟ๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎„ช๎„ฃ๎œ๎€‚
๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚ ๎…ง๎…ผ๎†ซ๎†ธ๎€‚ ๎…ผ๎‡œ๎„ช๎†ฃ๎€‚ ๎š๎œ‰๎šŒ๎šŒ๎šŒ๎€‚ ๎„ช๎‡ข๎…๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎„›๎‡€๎†ธ๎€‚ ๎…ƒ๎ƒฟ๎…๎…ฒ๎„ช๎„ฃ๎€‚ ๎ƒฟ๎€‚ ๎…ฒ๎„ช๎‡๎€‚ ๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎…ผ๎…‚๎€‚๎š‘๎š๎šŽ๎€‚ ๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚ ๎œ ๎†ธ๎…Š๎„ช๎€‚ ๎‚ผ๎ƒ ๎€ƒ๎€‚ ๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎ƒฟ๎†ธ๎€‚๎ค๎†๎ฆ๎€‚
Airport), which opened right at the start of the pandemic. It has not closed, but it is likely struggling to keep up
๎…๎†ธ๎†ซ๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ƒ๎€ง๎‚ฆ๎œ๎€‚๎ด๎…ผ๎…ฒ๎„ช๎†ธ๎…Š๎„ช๎…ง๎„ช๎†ซ๎†ซ๎œ‰๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎†ฃ๎…๎…ฐ๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎‡œ๎…๎„œ๎†ธ๎…๎…ฐ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎€‚๎ƒฟ๎†ซ๎€‚
๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ƒ๎€ง๎‚ฆ๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎…‚๎ƒฟ๎…ง๎…ง๎„ช๎…ฒ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎…ผ๎…ฒ๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎œ‰๎€‚๎‡๎…Š๎„ช๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ฃ๎„ช๎„œ๎…ง๎…๎…ฒ๎„ช๎€‚๎…๎…ฒ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎…๎†ซ๎€‚
comparable to Brooklyn, which had no net loss in rooms or hotels.
As of September 2020, citywide occupancy rates are down 56.9 percent from 89.6 percent in September 2019 to 38.9
percent in September 2020, which is an unprecedented low for New York City. New York City consistently ranks as one
of the top hotel markets in the country, with an 86.7 percent average annual occupancy rate in 2019. Similarly, ADRs
are down 52.3 percent citywide from $307 in September 2019, to $137 in September 2020. This leads to the current
RevPAR of $53.13, which is down from $253.52 at the same point last year. As with all COVID-related and general hotel
๎†ธ๎†ฃ๎„ช๎…ฒ๎„ฃ๎†ซ๎œ‰๎€‚๎ด๎ƒฆ๎€ ๎œน๎†ซ๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎…๎†ซ๎€‚๎„ฃ๎†ฃ๎…๎‡œ๎„ช๎…ฒ๎€‚๎„›๎‡ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎‡๎…Š๎„ช๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎…๎†ซ๎€‚๎•๎š๎š๎œ๎š’๎š๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎…ผ๎‡๎„ช๎†ซ๎†ธ๎€‚๎ƒฟ๎…ฐ๎…ผ๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎œ
๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎†ฃ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎†ซ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎•๎š“๎š’๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎•๎š“๎š•๎œ‰๎€‚๎‡๎…Š๎…๎…ง๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ฒ๎‡ข๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ซ๎†ธ๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚
($100.16), and Staten Island has the second lowest ($55.93). Figure 5 shows the changes in RevPAR for the City since
๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎šŽ๎šŒ๎š๎š”๎œ๎€‚๎€ ๎…ง๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„ช๎ƒฟ๎†ซ๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎‡ต๎…ง๎‡€๎„œ๎†ธ๎‡€๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„ช๎‡œ๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎…๎†ซ๎†ธ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š”๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎š๎š•๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎…ฒ๎…ผ๎†ธ๎€‚
๎„›๎„ช๎„ช๎…ฒ๎€‚๎† ๎†ฃ๎„ช๎†ซ๎„ช๎…ฒ๎†ธ๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎“๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„ช๎‡œ๎„ช๎…ฒ๎€‚๎…ฐ๎…ผ๎…ฒ๎†ธ๎…Š๎†ซ๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎†ธ๎ƒฟ๎†ฃ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎œ‰๎€‚๎…ฒ๎…ผ๎†ฃ๎…ฐ๎ƒฟ๎…ง๎€‚๎„ช๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎…๎„œ๎€‚๎„œ๎…ผ๎…ฒ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚
have not recovered to the point where demand changes seasonally. Interviews with hotel industry professionals
suggest that out of a currently occupancy rate of 38 percent, traditional lodgers account for a 10 percent occupancy
rate, with the remaining 28 percent coming from government contracts for shelters or health workers.
FIGURE 6: NEW YORK CITY REVPAR TRENDS, JANUARY 2018โ€“SEPTEMBER 2020
$50
$100
$150
$200
$250
$300
Sept. 2020
July 2020
Apr. 2020
Jan. 2020
Oct. 2019
July 2019
Apr. 2019
Jan. 2019
Oct. 2018
July 2018
Apr. 2018
Jan. 2018
SOURCE: STR, 2020.
HOTEL CLOSURES: THE STATE OF THE NYC HOTEL MARKET IN
OCTOBER 2020
As of the end of September/beginning of October in 2020, around 55% of U.S. hotels were at break-
even occupancy, which is around a 40% occupancy rate. The New York City hotel market is currently
underperforming relative to most large U.S. cities. Atlas Hospitality Group forecasts that the state of New
๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚ ๎‡๎…๎…ง๎…ง๎€‚ ๎…Š๎ƒฟ๎‡œ๎„ช๎€‚ ๎š๎œ‰๎š‘๎šŒ๎šŒ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎„œ๎…ง๎…ผ๎†ซ๎…๎…ฒ๎…ƒ๎†ซ๎œ‰๎€‚ ๎„›๎„ช๎…Š๎…๎…ฒ๎„ฃ๎€‚ ๎…ผ๎…ฒ๎…ง๎‡ฃ๎€‚ ๎€ ๎ƒฟ๎…ง๎…๎…‚๎…ผ๎†ฃ๎…ฒ๎…๎ƒฟ๎€‚ ๎ƒฟ๎†ธ๎€‚ ๎š๎œ‰๎š”๎šŒ๎šŒ๎œ‰๎€‚ ๎‚ผ๎ƒฅ๎€‚ ๎ƒฟ๎†ธ๎€‚ ๎š๎œ‰๎š“๎šŒ๎šŒ๎œ‰๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎†๎…ง๎…ผ๎†ฃ๎…๎„ฃ๎ƒฟ๎€‚ ๎ƒฟ๎†ธ๎€‚ ๎šŽ๎œ‰๎š‘๎šŒ๎šŒ๎œ
3
3
โ€œHotel Industry Girds for Estimated 38,000 Property Closings Without New Federal Aid," CoStar, September 30, 2020.
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NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
One of the main reasons cited is New York Cityโ€™s heavy dependence on international and business travel, which
๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎†ซ๎„ช๎‡œ๎„ช๎†ฃ๎„ช๎…ง๎‡ฃ๎€‚๎…ง๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎†๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡๎„ช๎„ช๎…ค๎€‚๎„ช๎…ฒ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎…ฒ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎š’๎œ‰๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…Š๎ƒฟ๎„ฃ๎€‚๎ƒฟ๎…ฒ๎€‚
๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎…ง๎„ช๎‡œ๎„ช๎…ง๎€‚๎…ผ๎…‚๎€‚๎š๎š”๎œ๎š๎ž„๎œ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎„›๎„ช๎…Š๎…๎…ฒ๎„ฃ๎€‚๎š๎š๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ‰๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎‚ฎ๎ƒฟ๎…ฒ๎€‚๎€ง๎…๎„ช๎…ƒ๎…ผ๎€‚๎œ ๎š‘๎š๎œ๎š’๎ž„๎œก๎œ‰๎€‚๎จ๎…ผ๎†ซ๎€‚๎€ƒ๎…ฒ๎…ƒ๎„ช๎…ง๎„ช๎†ซ๎€‚๎œ ๎š‘๎šŽ๎œ๎š“๎ž„๎œก๎œ‰๎€‚
Phoenix (49.9%), Atlanta (49.7%), Philadelphia (47.6%), New Orleans (46.2%), Dallas (44.8%), Anaheim/Santa
Ana (43.7%), San Francisco (40.5%), D.C. (39.7%), and Seattle (38.5%).4 WARN data from the NYS Department of
๎จ๎ƒฟ๎„›๎…ผ๎†ฃ๎€‚๎†ซ๎…Š๎…ผ๎‡๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎†ธ๎…ผ๎€‚๎ฟ๎„œ๎†ธ๎…ผ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎‡ข๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚๎šŽ๎š๎šŽ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ด๎ƒฆ๎€ ๎€‚๎‡ฟ๎…ง๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎…๎…ฒ๎…ƒ๎œ‰๎€‚๎†ธ๎„ช๎…ฐ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ฃ๎…๎…ง๎‡ฃ๎€‚
๎„œ๎…ง๎…ผ๎†ซ๎…๎…ฒ๎…ƒ๎œ‰๎€‚๎…ผ๎†ฃ๎€‚๎„œ๎…ผ๎…ฒ๎„ฃ๎‡€๎„œ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎„ช๎…ฐ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎…ฐ๎ƒฟ๎†ซ๎†ซ๎€‚๎…ง๎ƒฟ๎‡ฃ๎…ผ๎‡ณ๎…‚๎†ซ๎œ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎†ฃ๎„ช๎†ข๎‡€๎…๎†ฃ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎…๎†ซ๎†ซ๎‡€๎„ช๎€‚๎ƒ ๎€ƒ๎‚ฆ๎ด๎€‚๎…ฒ๎…ผ๎†ธ๎…๎„œ๎„ช๎†ซ๎€‚๎…๎…‚๎€‚๎œ ๎š๎œก๎€‚๎†ธ๎…Š๎„ช๎…๎†ฃ๎€‚๎† ๎…ง๎ƒฟ๎…ฒ๎…ฒ๎„ช๎„ฃ๎€‚
๎„œ๎…ง๎…ผ๎†ซ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎†ซ๎€‚๎šŽ๎š‘๎€‚๎…ผ๎†ฃ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎‡๎…ผ๎†ฃ๎…ค๎„ช๎†ฃ๎†ซ๎œ”๎€‚๎œ ๎šŽ๎œก๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎† ๎…ง๎ƒฟ๎…ฒ๎…ฒ๎„ช๎„ฃ๎€‚๎…ง๎ƒฟ๎‡ฃ๎…ผ๎‡ณ๎…‚๎†ซ๎€‚๎…๎…ฒ๎‡œ๎…ผ๎…ง๎‡œ๎…๎…ฒ๎…ƒ๎€‚๎šŽ๎š‘๎€‚๎…ผ๎†ฃ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎‡๎…ผ๎†ฃ๎…ค๎„ช๎†ฃ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎†ธ๎…๎†ธ๎‡€๎†ธ๎„ช๎†ซ๎€‚
๎ƒฟ๎†ธ๎€‚๎…ง๎„ช๎ƒฟ๎†ซ๎†ธ๎€‚๎š๎š๎ž„๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡๎…ผ๎†ฃ๎…ค๎…‚๎…ผ๎†ฃ๎„œ๎„ช๎€‚๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎‡ฃ๎œ”๎€‚๎œ ๎š๎œก๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎† ๎…ง๎ƒฟ๎…ฒ๎…ฒ๎„ช๎„ฃ๎€‚๎…ฐ๎ƒฟ๎†ซ๎†ซ๎€‚๎…ง๎ƒฟ๎‡ฃ๎…ผ๎‡ณ๎…‚๎†ซ๎€‚๎…๎…ฒ๎‡œ๎…ผ๎…ง๎‡œ๎…๎…ฒ๎…ƒ๎€‚๎šŽ๎š‘๎šŒ๎€‚๎…ผ๎†ฃ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎‡๎…ผ๎†ฃ๎…ค๎„ช๎†ฃ๎†ซ๎œ”๎€‚
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎œ ๎š๎œก๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„œ๎„ช๎†ฃ๎†ธ๎ƒฟ๎…๎…ฒ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎† ๎…ง๎ƒฟ๎…ฒ๎…ฒ๎„ช๎„ฃ๎€‚๎†ฃ๎„ช๎…ง๎…ผ๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎…ผ๎†ฃ๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚๎†ฃ๎„ช๎„ฃ๎‡€๎„œ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎…๎…ฒ๎€‚๎‡๎…ผ๎†ฃ๎…ค๎€‚๎…Š๎…ผ๎‡€๎†ฃ๎†ซ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎‡œ๎ƒฟ๎†ซ๎†ธ๎€‚๎…ฐ๎ƒฟ๎…ก๎…ผ๎†ฃ๎…๎†ธ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎†ซ๎„ช๎€‚
๎‡ฟ๎…ง๎…๎…ฒ๎…ƒ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…ฒ๎…ผ๎†ธ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎†ธ๎„ช๎…ฐ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎…๎…ฒ๎…ƒ๎†ซ๎€‚๎…ผ๎†ฃ๎€‚๎…ง๎ƒฟ๎‡ฃ๎…ผ๎‡ณ๎…‚๎†ซ๎œ‰๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎‡€๎†ฃ๎„ช๎†ซ๎œ
5
๎‚ฎ๎‚ผ๎‚ฆ๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎„ช๎„ฃ๎€‚๎ƒฟ๎€‚๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚๎…ผ๎…‚๎€‚๎š๎š๎šŒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎œถ๎„œ๎…ง๎…ผ๎†ซ๎…๎…ฒ๎…ƒ๎†ซ๎œท๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎‚ฎ๎‚ผ๎‚ฆ๎€‚๎„ฃ๎„ช๎‡ฟ๎…ฒ๎„ช๎†ซ๎€‚๎œถ๎„œ๎…ง๎…ผ๎†ซ๎…๎…ฒ๎…ƒ๎œท๎€‚๎ƒฟ๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚
have stopped reporting data to them; the company does not make a distinction between a permanently or temporarily
๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎œ๎€‚๎€Ÿ๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚๎„›๎…ผ๎†ธ๎…Š๎€‚๎‚ฎ๎‚ผ๎‚ฆ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ง๎ฟ๎จ๎€‚๎„ฃ๎ƒฟ๎†ธ๎ƒฟ๎œ‰๎€‚๎‚ฃ๎†ฃ๎…๎„œ๎„ช๎‡๎ƒฟ๎†ธ๎„ช๎†ฃ๎…Š๎…ผ๎‡€๎†ซ๎„ช๎€ ๎…ผ๎…ผ๎† ๎„ช๎†ฃ๎†ซ๎œน๎€‚๎„ช๎†ซ๎†ธ๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎‡ข๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚๎š‘๎š”๎ž„๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎†ซ๎†ธ๎…๎…ง๎…ง๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ
6
๎€‚๎†๎…ผ๎†ฃ๎€‚๎ƒฟ๎€‚๎„ฃ๎„ช๎‡ฟ๎…ฒ๎…๎†ธ๎…๎‡œ๎„ช๎€‚๎…ง๎…๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎…‚๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎€‚
hotels, the Consultant Team spoke with the Hotel Association of New York City (HANYC), which closely tracks the status
of its members. According to HANYC, ten hotels in New York City have indeed permanently closed, all at least Upper
๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎…ง๎…ผ๎„œ๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚๎‚ผ๎…Š๎„ช๎†ซ๎„ช๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎†ฃ๎…ฐ๎„ช๎„ฃ๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„œ๎…ง๎…ผ๎†ซ๎‡€๎†ฃ๎„ช๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„ฃ๎„ช๎†ธ๎ƒฟ๎…๎…ง๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎‚ผ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎š๎œ
TABLE 1: PERMANENT HOTEL CLOSURES IN NEW YORK CITY CONFIRMED BY HANYC, OCTOBER 2020
HOTEL CLOSURES CONFIRMED BY HANYC
HOTEL NAME NEIGHBORHOOD ROOMS CLASS AFFILILATION
CONVENTION
SPACE
TOTAL
MEETING
SPACE
(SF)
ACE HOTEL SISTER CITY VILLAGE/SOHO/TRIBECA 200 UPPER UPSCALE ACE HOTEL N N/A
COURTYARD NEW YORK
MANHHATTAN / CENTRAL PARK
MIDTOWN WEST / TIMES SQUARE 378 UPSCALE COURTYARD N 2,321
COURTYARD NEW YORK
MANHHATTAN / HERALD SQUARE
MIDTOWN SOUTH 167 UPSCALE COURTYARD N 750
OMNI BERKSHIRE PLACE MIDTOWN EAST 399 UPPER UPSCALE COURTYARD N 7,000
SALISBURY HOTEL MIDTOWN WEST / TIMES SQUARE 197 UPPER MIDSCALE INDEPENDENT N 1,500
THE BLAKELY NEW YORK HOTEL MIDTOWN WEST / TIMES SQUARE 118 UPPER MIDSCALE INDEPENDENT N 750
THE FREDERICK HOTEL FINANCIAL DISTRICT 131 UPSCALE INDEPENDENT N N/A
THE MAXWELL NEW YORK CITY MIDTOWN EAST 697 UPPER UPSCALE TRIBUTE PORTFOLIO N 5,473
THE ROOSEVELT HOTEL MIDTOWN EAST 1,025 UPSCALE INDEPENDENT Y 25,798
WESTHOUSE HOTEL NEW YORK MIDTOWN WEST / TIMES SQUARE 172 UPPER UPSCALE INDEPENDENT N N/A
TOTAL 3,484 43,592
SOURCES: HANYC; STR; both October 2020.
4
๎€‚๎ด๎ƒฆ๎€ ๎€‚๎ž ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎œ‰๎€‚๎ฒ๎…ผ๎…ฒ๎†ธ๎…Š๎…ง๎‡ฃ๎€‚๎‚ผ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎…ฐ๎€‚๎€ง๎ƒฟ๎†ซ๎…Š๎„›๎…ผ๎ƒฟ๎†ฃ๎„ฃ๎€‚๎€ง๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎ฟ๎„œ๎†ธ๎…ผ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ
๎š‘๎๎€‚
https://labor.ny.gov/app/warn/.
๎š’๎
PwC, Manhattan Lodging Index: Q2 2020.
๎“๎…ฒ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ธ๎„ช๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎‚ผ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎š๎œ‰๎€‚๎Ž๎€ƒ๎ด๎ƒฆ๎€ ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎…ฒ๎…ผ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎œ‰๎€‚๎ƒฟ๎…ง๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎…๎†ธ๎€‚๎„ฃ๎…ผ๎„ช๎†ซ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎…ฐ๎ƒฟ๎…ง๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎†ฃ๎…ฐ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚
๎ƒ ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ง๎…ผ๎‡๎…ฒ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎…๎…ฒ๎…ƒ๎œ‰๎€‚๎…๎†ธ๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎†ฃ๎…ฐ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎€‚๎„ฃ๎…๎‡œ๎„ช๎†ซ๎†ธ๎„ช๎„ฃ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…‚๎‡€๎†ธ๎‡€๎†ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚
the hotel is unclear. Despite press reports of its closure, HANYC notes that the Hilton Times Square is not closing
permanently and is accepting reservations starting on January 1, 2021. There are reports in the press and WARN
๎‡ฟ๎…ง๎…๎…ฒ๎…ƒ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎†ฃ๎„ช๎„ช๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎œ”๎€‚๎…Š๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎Ž๎€ƒ๎ด๎ƒฆ๎€ ๎€‚๎„œ๎ƒฟ๎…ฒ๎…ฒ๎…ผ๎†ธ๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎†ฃ๎…ฐ๎€‚๎†ธ๎…Š๎„ช๎†ซ๎„ช๎œ๎€‚
HANYC has noted that some hotels remain closed but are in the process of changing ownership or negotiating
๎‡๎…๎†ธ๎…Š๎€‚๎…ง๎„ช๎…ฒ๎„ฃ๎„ช๎†ฃ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎…ฐ๎ƒฟ๎…๎…ฒ๎†ธ๎ƒฟ๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎…๎†ฃ๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎ƒฟ๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ๎€‚๎†๎…ผ๎†ฃ๎€‚๎„ช๎‡ข๎ƒฟ๎…ฐ๎† ๎…ง๎„ช๎œ‰๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„ฃ๎…๎‡œ๎„ช๎†ซ๎†ธ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎…๎†ธ๎†ซ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚
๎‚ฎ๎…๎„ฃ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„œ๎…Š๎ƒฟ๎…ฒ๎…ƒ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…ผ๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎€ƒ๎…๎…ฐ๎„›๎†ฃ๎…๎„ฃ๎…ƒ๎„ช๎œ‰๎€‚๎…Š๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎„ช๎…ฐ๎ƒฟ๎…๎…ฒ๎†ซ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎€‚๎‚ผ๎…๎…ฐ๎„ช๎†ซ๎€‚
๎‚ฎ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎€‚๎€ฏ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚๎‡ฟ๎…ง๎„ช๎„ฃ๎€‚๎ƒฟ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎…๎…ฒ๎…ƒ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎€ง๎ฟ๎จ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎„›๎‡€๎†ธ๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎†ฃ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎† ๎†ฃ๎„ช๎†ซ๎†ซ๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎„ช๎†ฃ๎œ‰๎€‚๎…ง๎„ช๎…ฒ๎„ฃ๎„ช๎†ฃ๎€‚
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎€‚๎“๎…ฒ๎†ธ๎„ช๎†ฃ๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚๎„œ๎…ผ๎…ฐ๎„ช๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎…ƒ๎†ฃ๎„ช๎„ช๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ฒ๎…ผ๎‡๎€‚๎† ๎…ง๎ƒฟ๎…ฒ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎†ฃ๎„ช๎œซ๎…ผ๎† ๎„ช๎…ฒ๎€‚๎…ผ๎…ฒ๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎š๎œ๎€‚
7
Although STR does not make a distinction between permanently closed and temporarily closed hotels, analyzing
its list of hotels that have stopped reporting data helps to provide a picture of the impact of COVID-19 on the hotel
๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ๎€‚๎ด๎…ผ๎†ธ๎„ช๎œ‰๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎š๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎Ž๎€ƒ๎ด๎ƒฆ๎€ ๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎†ฃ๎…ฐ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎†ซ๎†ธ๎…๎…ง๎…ง๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎„ฃ๎ƒฟ๎†ธ๎ƒฟ๎€‚๎†ธ๎…ผ๎€‚๎‚ฎ๎‚ผ๎‚ฆ๎€‚๎ƒฟ๎†ซ๎€‚๎…ผ๎…‚๎€‚
๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎‚ผ๎…Š๎„ช๎†ซ๎„ช๎€‚๎†ธ๎…Š๎†ฃ๎„ช๎„ช๎€‚๎‡€๎…ฒ๎„œ๎…ผ๎…ฒ๎‡ฟ๎†ฃ๎…ฐ๎„ช๎„ฃ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎†ซ๎…Š๎…ผ๎‡๎…ฒ๎€‚๎…๎…ฒ๎€‚๎‚ผ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎šŽ๎€‚๎„›๎„ช๎…ง๎…ผ๎‡๎œ
TABLE 2: PERMANENT HOTEL CLOSURES REPORTED IN THE PRESS BUT NOT CONFIRMED BY HANYC,
OCTOBER 2020
HOTEL CLOSURES CONFIRMED BY HANYC
HOTEL NAME NEIGHBORHOOD ROOMS CLASS AFFILILATION
CONVENTION
SPACE
TOTAL
MEETING
SPACE
(SF)
AKA WALL STREET FINANCIAL DISTRICT 132 LUXURY AKA N N/A
EDITION TIMES SQUARE MIDTOWN WEST / TIMES SQUARE 452 LUXURY EDITION N N/A
EXCELSIOR HOTEL MANHATTAN MIDTOWN WEST / TIMES SQUARE 198 UPPER UPSCALE INDEPENDENT N 180
TOTAL 782 180
SOURCE:
The Real Deal, September 30, 2020.
7
๎€‚๎œถ๎‚ผ๎…๎…ฐ๎„ช๎†ซ๎€‚๎‚ฎ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎€‚๎€ฏ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎†ฃ๎„ช๎…ผ๎† ๎„ช๎…ฒ๎€‚๎ƒฟ๎†ซ๎€‚๎ฒ๎ƒฟ๎„ช๎‡ฟ๎„ช๎…ง๎„ฃ๎€‚๎„œ๎…ง๎„ช๎ƒฟ๎†ฃ๎†ซ๎€‚๎‡€๎† ๎€‚๎„ฃ๎„ช๎„›๎†ธ๎€‚๎„ฃ๎…๎†ซ๎† ๎‡€๎†ธ๎„ช๎œ‰๎œ’๎€‚The Real Deal, July 14, 2020.
Meeting and Convention Space
As of January 2020, STR reported approximately 1,746,000 square feet of meeting and convention space in New
York City hotels. As of the end of September 2020, the hotels reported closed by STR and/or HANYC comprised
622,600 square feet of meeting and convention space, 36 percent of the total that existed at the beginning of
๎†ธ๎…Š๎„ช๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎†ฃ๎…ฐ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎Ž๎€ƒ๎ด๎ƒฆ๎€ ๎€‚๎ƒฟ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎ฟ๎„œ๎†ธ๎…ผ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎ƒฟ๎…๎…ฒ๎„ช๎„ฃ๎€‚๎ƒฟ๎€‚๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚๎…ผ๎…‚๎€‚๎š๎š๎œ‰๎š’๎šŒ๎šŒ๎€‚
square feet of meeting and convention space, or two percent of the total.
3837
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
NEW YORK CITY BOROUGH & SUBMARKET PROFILES
Manhattan
๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎…ฐ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎…Š๎‡€๎„›๎€‚๎…ผ๎…‚๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎…‚๎ƒฟ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎„ฃ๎…๎‡œ๎„ช๎†ฃ๎†ซ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚
๎…ผ๎…‚๎€‚๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎…๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ๎€‚๎€ƒ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…Š๎ƒฟ๎„ฃ๎€‚ ๎š’๎š‘๎œ‰๎šŒ๎š“๎š“๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎š๎šŽ๎š’๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎†ฃ๎„ช๎† ๎†ฃ๎„ช๎†ซ๎„ช๎…ฒ๎†ธ๎…๎…ฒ๎…ƒ๎€‚
๎š“๎š๎œ๎š‘๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎œ๎€‚๎‚ฆ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎…ผ๎†ฃ๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…ฐ๎ƒฟ๎…ค๎„ช๎€‚๎‡€๎† ๎€‚๎š’๎š๎œ๎š”๎€‚
๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎œ‰๎€‚๎‡๎…Š๎…๎…ง๎„ช๎€‚๎šŽ๎š’๎œ๎š•๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎š”๎œ๎š๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎œ‰๎€‚๎†ฃ๎„ช๎†ซ๎† ๎„ช๎„œ๎†ธ๎…๎‡œ๎„ช๎…ง๎‡ฃ๎œ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎ƒฟ๎…๎…ฒ๎†ซ๎€‚๎š’๎šŽ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚๎š“๎š’๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎€‚๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‡€๎…ฒ๎„ฃ๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŒ๎€‚
rooms (boutiques).
๎€ƒ๎…ง๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ซ๎†ธ๎…๎…ง๎…ง๎€‚๎„ฃ๎…ผ๎…ฐ๎…๎…ฒ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ‰๎€‚๎…๎†ธ๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎ƒฟ๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ช๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎…๎„œ๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎†ซ๎€‚
๎…ผ๎…‚๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œซ๎š๎š•๎œ๎€‚๎“๎…ฒ๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎† ๎†ฃ๎…๎…ผ๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎†ธ๎ƒฟ๎†ฃ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎†ฃ๎…๎†ซ๎…๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎…ฒ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎†ซ๎œ‰๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…Š๎ƒฟ๎„ฃ๎€‚๎š๎šŒ๎š๎œ‰๎š“๎š๎šŒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚
๎…๎…ฒ๎€‚๎š๎š‘๎š’๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚ ๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎„ช๎„ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎š”๎š๎œ๎šŽ๎€‚ ๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚ ๎†ธ๎…Š๎„ช๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚ ๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎œ๎€‚ ๎ฟ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎š๎š•๎œ‰๎šŽ๎š๎š๎€‚ ๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚ ๎‡๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎€‚
๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎š•๎š’๎œ๎š๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎…ฐ๎ƒฟ๎…ƒ๎…ฒ๎…๎†ธ๎‡€๎„ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œซ๎š๎š•๎œน๎†ซ๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎€‚
๎…ผ๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œน๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎†ฃ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ซ๎…Š๎…๎‡ฝ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎† ๎†ฃ๎…ผ๎‡ฟ๎…ง๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎œ๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œซ๎š๎š•๎€‚
๎…Š๎ƒฟ๎†ซ๎€‚๎„ฃ๎…๎…ฐ๎…๎…ฒ๎…๎†ซ๎…Š๎„ช๎„ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œน๎†ซ๎€‚๎†ซ๎…Š๎ƒฟ๎†ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎…‚๎ƒฟ๎…ง๎…ง๎„ช๎…ฒ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎š”๎š๎œ๎šŽ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎†ธ๎…ผ๎€‚
๎…ง๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎†ธ๎…Š๎†ฃ๎„ช๎„ช๎œซ๎†ข๎‡€๎ƒฟ๎†ฃ๎†ธ๎„ช๎†ฃ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎…ก๎‡€๎†ซ๎†ธ๎€‚๎…ฒ๎…๎…ฒ๎„ช๎€‚๎…ฐ๎…ผ๎…ฒ๎†ธ๎…Š๎†ซ๎œ๎€‚๎€ƒ๎…ง๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎†ฃ๎…๎†ซ๎„ช๎„ฃ๎€‚๎ƒฟ๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎„ช๎†ฃ๎€‚
share of the Cityโ€™s inventory every year since 2009 due to the relatively rapid rate of hotel construction in the other
๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎š“๎œ๎š“๎œซ๎† ๎…ผ๎…๎…ฒ๎†ธ๎€‚๎„ฃ๎„ช๎„œ๎…ง๎…๎…ฒ๎„ช๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œน๎†ซ๎€‚๎†ซ๎…Š๎ƒฟ๎†ฃ๎„ช๎€‚๎„ฃ๎‡€๎„ช๎€‚๎†ธ๎…ผ๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œซ๎š๎š•๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„ช๎‡ข๎ƒฟ๎„œ๎„ช๎†ฃ๎„›๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…ƒ๎†ฃ๎ƒฟ๎„ฃ๎‡€๎ƒฟ๎…ง๎€‚๎†ซ๎…Š๎…๎‡ฝ๎†ธ๎œ๎€‚
๎‡๎…๎‡œ๎„ช๎…ฒ๎€‚ ๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œน๎†ซ๎€‚ ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎„ฃ๎…๎‡œ๎„ช๎†ฃ๎†ซ๎…๎†ธ๎‡ฃ๎œ‰๎€‚ ๎…๎†ธ๎€‚ ๎…Š๎ƒฟ๎†ซ๎€‚ ๎…ฒ๎‡€๎…ฐ๎„ช๎†ฃ๎…ผ๎‡€๎†ซ๎€‚ ๎„ฃ๎…๎†ซ๎†ธ๎…๎…ฒ๎„œ๎†ธ๎€‚ ๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚ ๎‡๎…๎†ธ๎…Š๎€‚ ๎†ธ๎…Š๎„ช๎…๎†ฃ๎€‚ ๎…ผ๎‡๎…ฒ๎€‚ ๎‡€๎…ฒ๎…๎†ข๎‡€๎„ช๎€‚ ๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚
๎„ฃ๎†ฃ๎…๎‡œ๎„ช๎†ฃ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚๎† ๎†ฃ๎…ผ๎‡ฟ๎…ง๎„ช๎œ๎€‚๎‚ผ๎…Š๎„ช๎†ซ๎„ช๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…ผ๎†ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎ƒฟ๎†ธ๎„ช๎†ฃ๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡๎ƒฟ๎†ฃ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†๎…ง๎ƒฟ๎†ธ๎…๎†ฃ๎…ผ๎…ฒ๎€‚๎€ง๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎†ซ๎œ‰๎€‚๎‚ฎ๎…ผ๎Ž๎…ผ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎จ๎…ผ๎‡๎„ช๎†ฃ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ง๎…ผ๎‡๎…ฒ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎†๎…๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎ƒฟ๎…ง๎€‚๎€ง๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎œ‰๎€‚๎…๎…ฒ๎€‚ ๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚
Upper West and Upper East Sides and Harlem. As a result, this study provides a deeper understanding of trends
๎…๎…ฒ๎€‚๎†ซ๎…๎‡ข๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ๎€‚๎‚ผ๎…Š๎„ช๎†ซ๎„ช๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„ฃ๎„ช๎‡ฟ๎…ฒ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎„›๎„ช๎œˆ๎€‚๎ƒƒ๎† ๎† ๎„ช๎†ฃ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎œ•๎ƒƒ๎† ๎† ๎„ช๎†ฃ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎œ•๎Ž๎ƒฟ๎†ฃ๎…ง๎„ช๎…ฐ๎œ•๎ƒƒ๎† ๎†ธ๎…ผ๎‡๎…ฒ๎œ”๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚
๎ƒ ๎„ช๎†ซ๎†ธ๎œ•๎‚ผ๎…๎…ฐ๎„ช๎€‚๎‚ฎ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎œ‰๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎œ”๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎‚ฎ๎…ผ๎‡€๎†ธ๎…Š๎œ•๎€ ๎…Š๎„ช๎…ง๎†ซ๎„ช๎ƒฟ๎œ”๎€‚๎‚ฎ๎…ผ๎…Š๎…ผ๎œ•๎ƒƒ๎…ฒ๎…๎…ผ๎…ฒ๎€‚๎‚ฎ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎œ•๎ƒŸ๎…๎…ง๎…ง๎ƒฟ๎…ƒ๎„ช๎œ•๎‚ผ๎†ฃ๎…๎„›๎„ช๎„œ๎ƒฟ๎œ•๎จ๎…ผ๎‡๎„ช๎†ฃ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎œ”๎€‚
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†๎…๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎ƒฟ๎…ง๎€‚๎€ง๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎œ๎€‚๎ฒ๎…ผ๎†ฃ๎„ช๎€‚๎„ฃ๎„ช๎†ธ๎ƒฟ๎…๎…ง๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎†ซ๎„ช๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎…๎†ซ๎€‚๎„ฃ๎…๎†ซ๎„œ๎‡€๎†ซ๎†ซ๎„ช๎„ฃ๎€‚๎…ง๎ƒฟ๎†ธ๎„ช๎†ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…๎…ผ๎…ฒ๎œ๎€‚
MANHATTAN HOTEL SUPPLY
CHANGE IN TYPOLOGY
๎€Ÿ๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎šŽ๎šŒ๎šŒ๎š•๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…ƒ๎†ฃ๎„ช๎‡๎€‚๎„›๎‡ฃ๎€‚๎š’๎šŽ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎ƒฟ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎…‚๎ƒฟ๎†ซ๎†ธ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚
any other class of hotel. This is comparable to the rate of growth in Upscale rooms, which increased by 58 percent
๎„ฃ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎ƒฟ๎…ฐ๎„ช๎€‚๎† ๎„ช๎†ฃ๎…๎…ผ๎„ฃ๎œ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎„œ๎…ผ๎…ฐ๎…ฐ๎…ผ๎…ฒ๎œ‰๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎š‘๎š’๎œ๎š“๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚
rooms in September 2020, which is comparable to the share of this room-type in 2009, when Upscale rooms
comprised 55 percent of the inventory. This is notable because in January 2020, the number of upscale rooms
peaked, accounting for 63 percent of the inventory, which was largely attributable to the nationally branded
๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฎ๎„ช๎…ง๎„ช๎„œ๎†ธ๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎„ฃ๎‡€๎„œ๎†ธ๎€‚๎† ๎…๎…ผ๎…ฒ๎„ช๎„ช๎†ฃ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎„›๎‡ฃ๎€‚๎ƒฟ๎€‚๎…ฒ๎„ช๎‡๎€‚๎„œ๎…ผ๎…Š๎…ผ๎†ฃ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎„ช๎†ฃ๎†ซ๎œ๎€‚
๎Ž๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎„ฃ๎‡€๎„ช๎€‚๎†ธ๎…ผ๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œซ๎š๎š•๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…‚๎„ช๎…ง๎…ง๎€‚๎„›๎‡ฃ๎€‚๎š๎š”๎œ๎šŽ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎„ฃ๎„ช๎„œ๎…ง๎…๎…ฒ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎š’๎š’๎œ๎š“๎€‚
๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎„›๎…ผ๎†ธ๎…Š๎€‚๎…ผ๎…‚๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…ผ๎‡€๎†ธ๎† ๎ƒฟ๎„œ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎š๎š๎œ๎š•๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎„ฃ๎„ช๎„œ๎…ง๎…๎…ฒ๎„ช๎€‚๎…๎…ฒ๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚๎…๎†ซ๎€‚๎†ซ๎…Š๎…ผ๎‡๎…ฒ๎€‚๎…๎…ฒ๎€‚๎†๎…๎…ƒ๎‡€๎†ฃ๎„ช๎€‚
๎š“๎œ๎€‚๎€ƒ๎†ซ๎€‚๎ƒฟ๎€‚๎†ฃ๎„ช๎†ซ๎‡€๎…ง๎†ธ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎…Š๎ƒฟ๎†ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎š๎š‘๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚
rooms, compared to just over 27 percent in January. Indeed, despite the overall net loss in every room type across
๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎ƒฟ๎€‚๎…ฒ๎„ช๎†ธ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎…ผ๎…‚๎€‚๎š•๎šŽ๎š‘๎€‚๎„ช๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎œซ๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎š๎œ‰๎š๎šŽ๎š‘๎€‚๎…ฒ๎„ช๎‡๎€‚
๎…ฐ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…๎†ซ๎€‚๎„ฃ๎‡€๎„ช๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎…Š๎…๎‡ฝ๎†ธ๎€‚๎…๎…ฒ๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎€‚๎†ธ๎‡ฃ๎† ๎„ช๎€‚๎„›๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚๎…‚๎ƒฟ๎…ง๎…ง๎…๎…ฒ๎…ƒ๎€‚๎€ƒ๎€ง๎‚ฆ๎†ซ๎œ๎€‚๎“๎…ฒ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎€‚
๎š•๎šŽ๎š๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎†ฃ๎„ช๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎†ธ๎…ผ๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎œ‰๎€‚๎‡๎…Š๎…๎…ง๎„ช๎€‚๎…๎…ฒ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎œ‰๎€‚๎š’๎œ‰๎š‘๎šŒ๎š‘๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎†ฃ๎„ช๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„ช๎„ฃ๎€‚
๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎†ธ๎…ผ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎œ‰๎€‚๎ด๎…ผ๎…ฒ๎„ช๎†ธ๎…Š๎„ช๎…ง๎„ช๎†ซ๎†ซ๎œ‰๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎†ฃ๎ƒฟ๎†ซ๎†ธ๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎„ช๎†ฃ๎…ฐ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎‡ฃ๎† ๎…ผ๎…ง๎…ผ๎…ƒ๎‡ฃ๎œ‰๎€‚๎ƒฟ๎†ซ๎€‚
๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎†ฃ๎…๎†ซ๎„ช๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎š‘๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚๎„ช๎‡œ๎„ช๎†ฃ๎‡ฃ๎‡๎…Š๎„ช๎†ฃ๎„ช๎€‚๎„ช๎…ง๎†ซ๎„ช๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ๎€‚
FIGURE 7: PERCENTAGE CHANGE IN ROOM CLASS TYPE BY BOROUGH, JANUARYโ€“SEPTEMBER 2020
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Manhattan Upper East Side
Upper West Side
Midtown West
Times Square
Midtown East Midtown South SoHo
Union Square
Financial District
SOURCE: STR, 2020.
CHANGE IN AVERAGE HOTEL SIZE
๎‚ฎ๎…๎…ฐ๎…๎…ง๎ƒฟ๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚๎†ธ๎†ฃ๎„ช๎…ฒ๎„ฃ๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎„ช๎‡๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎„›๎‡€๎…๎…ง๎†ธ๎œ‰๎€‚๎…ผ๎…ฒ๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎œ‰๎€‚๎…๎…ฒ๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎„ช๎†ฃ๎€‚
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ๎€‚๎†๎…ผ๎†ฃ๎€‚๎…๎…ฒ๎†ซ๎†ธ๎ƒฟ๎…ฒ๎„œ๎„ช๎œ‰๎€‚๎‡๎…Š๎„ช๎†ฃ๎„ช๎ƒฟ๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎„›๎‡€๎…๎…ง๎†ธ๎€‚๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŒ๎š•๎€‚๎œ ๎„›๎‡€๎†ธ๎€‚๎† ๎†ฃ๎…๎…ผ๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œก๎€‚๎…Š๎ƒฟ๎„ฃ๎€‚๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎šŽ๎šŒ๎š๎œ‰๎€‚๎†ธ๎…Š๎…ผ๎†ซ๎„ช๎€‚
๎„›๎‡€๎…๎…ง๎†ธ๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎šŒ๎š•๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„›๎„ช๎…‚๎…ผ๎†ฃ๎„ช๎€‚๎…Š๎ƒฟ๎„ฃ๎€‚๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎šŽ๎š๎šŽ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎„ฃ๎€‚๎„ฃ๎…๎‡ณ๎…‚๎„ช๎†ฃ๎„ช๎…ฒ๎„œ๎„ช๎€‚๎…๎†ซ๎€‚๎…๎…ฒ๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚
๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎‡๎…Š๎„ช๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„ฃ๎†ฃ๎…ผ๎† ๎† ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎š๎š๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎š‘๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎†ฃ๎„ช๎†ซ๎† ๎„ช๎„œ๎†ธ๎…๎‡œ๎„ช๎…ง๎‡ฃ๎œ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚
class hotel sizes also declined, though at more modest rates of 11 and nine percent, respectively. This can be
๎ƒฟ๎†ธ๎†ธ๎†ฃ๎…๎„›๎‡€๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎„ช๎‡๎€‚๎†ธ๎‡ฃ๎† ๎„ช๎†ซ๎€‚๎…ผ๎…‚๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎„›๎‡€๎…๎…ง๎†ธ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎„ฃ๎„ช๎„œ๎ƒฟ๎„ฃ๎„ช๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚
including more Select-Service and smaller โ€œboutiqueโ€ style hotels that were less prevalent in the market in 2009.
Interestingly, but perhaps unsurprisingly, larger hotels have closed as a result of the pandemic, thus accelerating
๎†ธ๎…Š๎„ช๎€‚ ๎†ซ๎…Š๎…๎‡ฝ๎†ธ๎€‚๎†ธ๎…ผ๎‡๎ƒฟ๎†ฃ๎„ฃ๎†ซ๎€‚ ๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎„ช๎†ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎€‚ ๎…ผ๎…‚๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚ ๎† ๎„ช๎†ฃ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎œ‰๎€‚๎†ฃ๎„ช๎…ƒ๎ƒฟ๎†ฃ๎„ฃ๎…ง๎„ช๎†ซ๎†ซ๎€‚๎…ผ๎…‚๎€‚ ๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎€‚ ๎„›๎‡€๎…๎…ง๎†ธ๎œ‰๎€‚ ๎…Š๎ƒฟ๎†ซ๎€‚๎…‚๎ƒฟ๎…ง๎…ง๎„ช๎…ฒ๎€‚
๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎„›๎‡€๎…๎…ง๎†ธ๎€‚๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŒ๎š•๎€‚๎…ฒ๎…ผ๎‡๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎š๎š”๎š‘๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎†ฃ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚
208 rooms in hotels built before 2009.
4039
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
HOTEL DEMAND DRIVERS
๎€ƒ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎œ‰๎€‚๎„œ๎‡€๎…ง๎†ธ๎‡€๎†ฃ๎ƒฟ๎…ง๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎…ฐ๎€‚๎…Š๎‡€๎„›๎€‚๎…ผ๎…‚๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ‰๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…๎†ซ๎€‚๎…ผ๎…ฒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎ƒฟ๎„œ๎†ธ๎…๎‡œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚
๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡๎…ผ๎†ฃ๎…ง๎„ฃ๎œ๎€‚๎€Ÿ๎…ผ๎†ธ๎…Š๎€‚๎„ฃ๎…ผ๎…ฐ๎„ช๎†ซ๎†ธ๎…๎„œ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…๎…ฒ๎†ธ๎„ช๎†ฃ๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„ฃ๎†ฃ๎ƒฟ๎‡๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…๎†ธ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎ƒฟ๎†ธ๎„ช๎†ฃ๎œ‰๎€‚๎…ฐ๎‡€๎†ซ๎„ช๎‡€๎…ฐ๎†ซ๎œ‰๎€‚
restaurants, shopping, and other attractions. Business travelers are drawn to the Borough because it is the
๎„œ๎…ผ๎…ฐ๎…ฐ๎„ช๎†ฃ๎„œ๎…๎ƒฟ๎…ง๎€‚๎„œ๎ƒฟ๎† ๎…๎†ธ๎ƒฟ๎…ง๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎…ฒ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎†ซ๎œ๎€‚๎€ƒ๎†ซ๎€‚๎…ฒ๎…ผ๎†ธ๎„ช๎„ฃ๎œ‰๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎…๎…ฒ๎‡€๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚
large increase in supply over the past decade. Visitors also have a much wider array of choices in nationally branded
๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎€‚๎†ธ๎…ผ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ผ๎…Š๎„ช๎ƒฟ๎†ธ๎„ช๎†ฃ๎€‚๎€ง๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎ƒฟ๎€‚๎†ฃ๎„ช๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎†ซ๎† ๎‡€๎†ฃ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚
๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎‚ฎ๎…ผ๎‡€๎†ธ๎…Š๎œ๎€‚๎‚ผ๎…Š๎„ช๎†ซ๎„ช๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎† ๎†ฃ๎…ผ๎‡œ๎„ช๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎„›๎„ช๎€‚๎‡œ๎„ช๎†ฃ๎‡ฃ๎€‚๎† ๎…ผ๎† ๎‡€๎…ง๎ƒฟ๎†ฃ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎„›๎…ผ๎†ธ๎…Š๎€‚๎…๎…ฒ๎†ธ๎„ช๎†ฃ๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„ฃ๎…ผ๎…ฐ๎„ช๎†ซ๎†ธ๎…๎„œ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎€‚๎…ง๎…ผ๎…ผ๎…ค๎…๎…ฒ๎…ƒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚
๎† ๎†ฃ๎„ช๎„ฃ๎…๎„œ๎†ธ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎†ข๎‡€๎ƒฟ๎…ง๎…๎†ธ๎‡ฃ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎†ธ๎€‚๎ƒฟ๎€‚๎…ง๎…ผ๎‡๎„ช๎†ฃ๎€‚๎† ๎†ฃ๎…๎„œ๎„ช๎€‚๎† ๎…ผ๎…๎…ฒ๎†ธ๎œ๎€‚๎“๎…ฒ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎Ž๎‡€๎„ฃ๎†ซ๎…ผ๎…ฒ๎€‚๎ƒฆ๎ƒฟ๎†ฃ๎„ฃ๎†ซ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚
๎„›๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ธ๎€‚๎…ฒ๎„ช๎‡๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…‚๎ƒฟ๎†ฃ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎œ‰๎€‚๎‡๎…Š๎…๎…ง๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎จ๎…ผ๎‡๎„ช๎†ฃ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ซ๎„ช๎„ช๎…ฒ๎€‚๎ƒฟ๎€‚๎„›๎…ผ๎…ผ๎…ฐ๎€‚๎…๎…ฒ๎€‚๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚
boutique hotels. Ongoing lockdowns and travel restrictions related to the COVID-19 pandemic, heavily impacted
๎†ธ๎…Š๎„ช๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎…๎„ช๎†ซ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ฃ๎„ช๎…ง๎…๎„ช๎†ซ๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎„ฃ๎†ฃ๎…๎‡œ๎„ช๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚๎…๎†ซ๎€‚๎† ๎ƒฟ๎†ฃ๎†ธ๎…๎„œ๎‡€๎…ง๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎†ธ๎†ฃ๎‡€๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎…ฐ๎œ‰๎€‚๎ƒฟ๎†ซ๎€‚๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎†ธ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚
unlikely to travel to New York given the required two-week quarantine period, including from domestic travelers
๎„œ๎…ผ๎…ฐ๎…๎…ฒ๎…ƒ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎†ซ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ค๎„ช๎†ฃ๎†ซ๎„ช๎‡ฃ๎œ‰๎€‚๎‚ฃ๎„ช๎…ฒ๎…ฒ๎†ซ๎‡ฃ๎…ง๎‡œ๎ƒฟ๎…ฒ๎…๎ƒฟ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎…ผ๎…ฒ๎…ฒ๎„ช๎„œ๎†ธ๎…๎„œ๎‡€๎†ธ๎œ๎€‚๎ฒ๎…ผ๎†ฃ๎„ช๎…ผ๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎ƒฟ๎†ซ๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎„ช๎†ซ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎…๎…ฒ๎‡€๎„ช๎€‚
to allow work from home and virtual meetings options, and transition to telecommuting on a more permanent
basis, hotels dependent on business travelers may struggle to recover to pre-COVID levels. Still, and as shown in
๎†ธ๎…Š๎„ช๎€‚๎…‚๎…ผ๎…ง๎…ง๎…ผ๎‡๎…๎…ฒ๎…ƒ๎€‚๎†ซ๎‡€๎„›๎†ซ๎„ช๎„œ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎œ‰๎€‚๎‡๎…Š๎…๎…ง๎„ช๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ƒ๎€ง๎‚ฆ๎€‚๎…ง๎„ช๎‡œ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒฟ๎†ธ๎€‚๎‡€๎…ฒ๎† ๎†ฃ๎„ช๎„œ๎„ช๎„ฃ๎„ช๎…ฒ๎†ธ๎„ช๎„ฃ๎€‚๎…ง๎…ผ๎‡๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎œ‰๎€‚
๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎„ช๎…ง๎…๎…ฐ๎…๎…ฒ๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎†ธ๎…ผ๎…ƒ๎„ช๎†ธ๎…Š๎„ช๎†ฃ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎„ช๎‡ข๎…๎†ซ๎†ธ๎†ซ๎€‚๎ƒฟ๎€‚๎‡ต๎…ง๎…ผ๎…ผ๎†ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚
OCCUPANCY RATE TRENDS
๎“๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š”๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ฃ๎ƒฟ๎…ฒ๎…ƒ๎„ช๎„ฃ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎…ง๎…ผ๎‡๎†ซ๎€‚๎…ผ๎…‚๎€‚๎š“๎š‘๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎†ธ๎…ผ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎š•๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎„ฃ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚
๎†ธ๎…Š๎„ช๎€‚๎† ๎„ช๎ƒฟ๎…ค๎€‚ ๎†๎ƒฟ๎…ง๎…ง๎€‚๎†ธ๎…ผ๎€‚๎€ ๎…Š๎†ฃ๎…๎†ซ๎†ธ๎…ฐ๎ƒฟ๎†ซ๎€‚๎†ซ๎„ช๎ƒฟ๎†ซ๎…ผ๎…ฒ๎†ซ๎œ๎€‚๎‚ผ๎…Š๎„ช๎†ซ๎„ช๎€‚ ๎†ซ๎„ช๎ƒฟ๎†ซ๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎†ธ๎†ฃ๎„ช๎…ฒ๎„ฃ๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎…Š๎…๎†ซ๎†ธ๎…ผ๎†ฃ๎…๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎…๎†ซ๎†ธ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œน๎†ซ๎€‚
๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎„ช๎‡œ๎„ช๎…ฒ๎€‚๎„ฃ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎‡ณ๎…‚๎œซ๎† ๎„ช๎ƒฟ๎…ค๎€‚๎…ฐ๎…ผ๎…ฒ๎†ธ๎…Š๎†ซ๎€‚๎…‚๎ƒฟ๎†ฃ๎€‚๎„ช๎‡ข๎„œ๎„ช๎„ช๎„ฃ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚ ๎ƒƒ๎œ๎‚ฎ๎œ๎€‚ ๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎š’๎š’๎œ๎š๎€‚ ๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š•๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚
higher than all its national peer markets. However, as shown in Figure 7, occupancy rates are very low compared
๎†ธ๎…ผ๎€‚๎†ฃ๎„ช๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…Š๎ƒฟ๎…ฒ๎…ƒ๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎„›๎‡ฃ๎€‚๎…ฐ๎…ผ๎…ฒ๎†ธ๎…Š๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎„ฃ๎…ผ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎…‚๎…ผ๎…ง๎…ง๎…ผ๎‡๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„ช๎ƒฟ๎†ซ๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎† ๎ƒฟ๎†ธ๎†ธ๎„ช๎†ฃ๎…ฒ๎†ซ๎€‚๎„ช๎‡ข๎† ๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚
๎…‚๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎œ‰๎€‚๎†ซ๎‡€๎…ƒ๎…ƒ๎„ช๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…๎†ซ๎€‚๎†ซ๎†ธ๎…๎…ง๎…ง๎€‚๎† ๎†ฃ๎…๎…ฐ๎ƒฟ๎†ฃ๎…๎…ง๎‡ฃ๎€‚๎ƒฟ๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎œ๎€‚๎ƒ ๎…Š๎„ช๎†ฃ๎„ช๎ƒฟ๎†ซ๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚
increased by up to 14 percent between February and September in past years, occupancy rates are down 60.8
๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†๎„ช๎„›๎†ฃ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎…๎†ซ๎€‚
31.3 percent, which 65.7 percent lower than the 90.6 percent occupancy rate in September 2019.
REVENUE TRENDS
ADRs and RevPAR declined slightly between 2018 and 2019, continuing a downward trend from their peaks in
๎šŽ๎šŒ๎š๎š๎œ๎€‚๎‚ฃ๎†ฃ๎…๎…ผ๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œซ๎š๎š•๎œ‰๎€‚๎…ฐ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎ƒฟ๎…ฒ๎ƒฟ๎…ง๎‡ฃ๎†ซ๎†ธ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎„ช๎†ฃ๎†ซ๎€‚๎…๎…ฒ๎„ฃ๎…๎„œ๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚
had reached saturation due to the recent hotel boom and noted that both occupancy rates and average daily rates
๎„œ๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎†ฃ๎„ช๎…ฐ๎ƒฟ๎…๎…ฒ๎€‚๎ƒฟ๎†ธ๎€‚๎† ๎†ฃ๎„ช๎‡œ๎…๎…ผ๎‡€๎†ซ๎€‚๎…ง๎„ช๎‡œ๎„ช๎…ง๎†ซ๎€‚๎„ฃ๎‡€๎„ช๎€‚๎†ธ๎…ผ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎„ช๎†ธ๎…๎†ธ๎…๎…ผ๎…ฒ๎œ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚๎…๎†ซ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎ƒฟ๎€‚๎„œ๎…ผ๎…ฒ๎„œ๎„ช๎†ฃ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎†ธ๎…Š๎€‚๎…ผ๎…‚๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œ‰๎€‚
๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎š๎š”๎œ‰๎š’๎š‘๎š๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎‡๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎…๎†ซ๎€‚๎…ƒ๎†ฃ๎„ช๎ƒฟ๎†ธ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚
34,804 total rooms added between 2009 and 2019. As of September 2020, the RevPAR is $53, which is 79.4 percent
๎…ง๎…ผ๎‡๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎š๎š•๎œ๎€‚๎ƒ ๎…Š๎…๎…ง๎„ช๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎š•๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎†๎„ช๎„›๎†ฃ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚
September in recent years, ADRs between February and September 2020 have fallen by 59.4 percent.
FIGURE 8: MANHATTAN HOTEL MARKET REVPAR TRENDS, JANUARY 2018โ€“SEPTEMBER 2020
$50
$100
$150
$200
$250
$300
$350
Sept. 2020
July 2020
Apr. 2020
Jan. 2020
Oct. 2019
July 2019
Apr. 2019
Jan. 2019
Oct. 2018
July 2018
Apr. 2018
Jan. 2018
SOURCE: STR, 2020.
Manhattan Submarket Profile: Upper East Side/Upper West Side/Harlem/Uptown
The Upper East Side/Upper West Side/Harlem/Uptown submarket, which includes the whole northern portion of
๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…ฒ๎…ผ๎†ฃ๎†ธ๎…Š๎€‚๎…ผ๎…‚๎€‚๎š‘๎š•๎†ธ๎…Š๎€‚๎‚ฎ๎†ธ๎†ฃ๎„ช๎„ช๎†ธ๎œ‰๎€‚๎…๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎„ช๎†ซ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎‡๎…๎†ธ๎…Š๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎š’๎œ๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚
๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎œน๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ๎€‚๎ƒ ๎…Š๎…๎…ง๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…‚๎„ช๎‡๎„ช๎†ซ๎†ธ๎€‚๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎œ ๎š๎œ‰๎š•๎šŒ๎š‘๎œก๎œ‰๎€‚๎…๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎œ ๎š๎š๎œก๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎œ ๎šŽ๎š’๎œก๎€‚๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†๎…๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎ƒฟ๎…ง๎€‚๎€ง๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎€‚๎œ ๎šŽ๎š”๎œก๎œ‰๎€‚๎ƒฟ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…ƒ๎…ผ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎€‚
๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎‡ข๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎œ”๎€‚๎‡๎…Š๎…๎…ง๎„ช๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…ง๎…ผ๎†ซ๎†ธ๎€‚๎š๎š“๎œ๎š๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚
January and September, The Upper East Side/Upper West Side/Harlem/Uptown submarket lost 34.2 percent.
SUPPLY
๎‚ผ๎…Š๎„ช๎€‚๎ƒƒ๎† ๎† ๎„ช๎†ฃ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎œ•๎ƒƒ๎† ๎† ๎„ช๎†ฃ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎œ•๎Ž๎ƒฟ๎†ฃ๎…ง๎„ช๎…ฐ๎œ•๎ƒƒ๎† ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎†ซ๎€‚๎ƒฟ๎€‚๎…ฐ๎ƒฟ๎†ธ๎‡€๎†ฃ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ซ๎…ง๎…ผ๎‡๎œซ๎…ƒ๎†ฃ๎…ผ๎‡๎†ธ๎…Š๎€‚
submarket distinguished by the fact that so few of its hotel rooms are located in nationally-branded hotel
properties. Approximately 75 percent of the hotel properties and 70 percent of the hotel rooms in this submarket
๎ƒฟ๎†ฃ๎„ช๎€‚๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎‡€๎…ฒ๎ƒฟ๎‡ณ๎‡ฟ๎…ง๎…๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎œ๎€‚๎ฟ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ƒ๎…ง๎…ผ๎‡ฝ๎†ธ๎€‚๎Ž๎ƒฟ๎†ฃ๎…ง๎„ช๎…ฐ๎œ‰๎€‚๎…ฒ๎…ผ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎„ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎…ผ๎† ๎„ช๎…ฒ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚
this submarket in the past decade in part due to a lack of available development sites and limited commercial
๎‡ญ๎…ผ๎…ฒ๎…๎…ฒ๎…ƒ๎œ๎€‚๎ƒƒ๎…ฒ๎…ง๎…๎…ค๎„ช๎€‚๎…ฐ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎† ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ซ๎„ช๎„ช๎…ฒ๎€‚๎…ง๎…๎†ธ๎†ธ๎…ง๎„ช๎€‚๎…ฒ๎„ช๎‡๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎†ธ๎†ฃ๎‡€๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚
or addition of hotel properties in the past decade. Since 2010, only three new hotels have opened in this
submarket with a total of 230 rooms. Two of these hotels are located in the Washington Heights neighborhood,
๎‡๎…Š๎…๎…ง๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ธ๎…Š๎…๎†ฃ๎„ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎œ‰๎€‚๎ƒฟ๎€‚๎š๎šŽ๎š๎œซ๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎€ƒ๎…ง๎…ผ๎‡ฝ๎†ธ๎œ‰๎€‚๎…๎†ซ๎€‚๎…ง๎…ผ๎„œ๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎Ž๎ƒฟ๎†ฃ๎…ง๎„ช๎…ฐ๎œ๎€‚๎‚ผ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎‡๎…ผ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎…๎† ๎„ช๎…ง๎…๎…ฒ๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎€‚
this submarket that have been permitted for construction, accounting for 418 rooms.
4241
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ƒฟ๎€‚๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎…ง๎‡ฃ๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎€‚๎† ๎…ผ๎†ฃ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎šŽ๎šŒ๎œ๎š๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚
๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎œ‰๎€‚๎…ง๎…ผ๎„œ๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎† ๎†ฃ๎…๎…ฐ๎ƒฟ๎†ฃ๎…๎…ง๎‡ฃ๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎† ๎† ๎„ช๎†ฃ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…ง๎…ผ๎„œ๎…ค๎†ซ๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎€‚๎€ ๎„ช๎…ฒ๎†ธ๎†ฃ๎ƒฟ๎…ง๎€‚
Park. Similarly, nearly one-half of the hotel rooms in this submarket are in Upscale properties, located primarily
๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎† ๎† ๎„ช๎†ฃ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒƒ๎† ๎† ๎„ช๎†ฃ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎œ๎€‚๎‚ผ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎…ง๎‡ฃ๎€‚๎…‚๎„ช๎‡๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎œ ๎š๎œ๎š“๎€‚
percent of the total), and they are located predominantly on the Upper West Side. Economy class properties are
clustered in Harlem and the northern Upper West Side (north of W. 92nd Street)
๎‚ผ๎…Š๎…๎†ซ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ซ๎†ธ๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎†ฃ๎…ผ๎„ฃ๎‡€๎„œ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎€‚๎•๎šŽ๎šŽ๎š๎€‚๎€ƒ๎€ง๎‚ฆ๎€‚
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎š๎šŽ๎œ๎š’๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎œ‰๎€‚๎„›๎…ผ๎†ธ๎…Š๎€‚๎…ผ๎…‚๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ซ๎†ธ๎€‚๎ƒฟ๎…ฐ๎…ผ๎…ฒ๎…ƒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ๎€‚๎“๎…ฒ๎€‚๎…‚๎ƒฟ๎„œ๎†ธ๎œ‰๎€‚๎…ผ๎…ฒ๎…ง๎‡ฃ๎€‚
๎†ธ๎…Š๎„ช๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ฒ๎‡ข๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎…๎†ซ๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ฃ๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎† ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ๎€‚๎ด๎…ผ๎…ฒ๎„ช๎†ธ๎…Š๎„ช๎…ง๎„ช๎†ซ๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎…๎†ซ๎€‚๎ƒฟ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚
gap between the RevPAR in September 2019 and September 2020, which fell by 72 percent. Furthermore, RevPAR
has increased in the Uptown submarket by nearly 100 percent between February and January of recent years, but
RevPARs down 46 percent since February 2020.
FIGURE 9: UPPER EAST SIDE/UPPER WEST SIDE/HARLEM/UPTOWN HOTEL MARKET REVPAR TRENDS,
JANUARY 201โ€“SEPTEMBER 2020
$50
$100
$150
$200
$250
$300
$350
$400
Sept. 2020
July 2020
Apr. 2020
Jan. 2020
Oct. 2019
July 2019
Apr. 2019
Jan. 2019
Oct. 2018
July 2018
Apr. 2018
Jan. 2018
SOURCE: STR, 2020.
DEMAND DRIVERS
๎‚ผ๎…Š๎„ช๎€‚๎ƒƒ๎† ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ‰๎€‚๎† ๎ƒฟ๎†ฃ๎†ธ๎…๎„œ๎‡€๎…ง๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎† ๎† ๎„ช๎†ฃ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎œ‰๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎ƒฟ๎…๎…ฒ๎†ซ๎€‚๎…ฐ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚๎œถ๎…ƒ๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎€‚
๎„ฃ๎ƒฟ๎…ฐ๎„ช๎œท๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฎ๎…Š๎„ช๎†ฃ๎†ฃ๎‡ฃ๎€‚๎ด๎„ช๎†ธ๎…Š๎„ช๎†ฃ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฃ๎…ง๎ƒฟ๎‡ญ๎ƒฟ๎œซ๎€ƒ๎†ธ๎…Š๎„ซ๎…ฒ๎„ซ๎„ช๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฃ๎…๎„ช๎†ฃ๎†ฃ๎„ช๎œ๎€‚๎‚ผ๎…Š๎„ช๎†ซ๎„ช๎€‚
๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎„œ๎ƒฟ๎†ธ๎„ช๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎€‚๎…ƒ๎…ง๎…ผ๎„›๎ƒฟ๎…ง๎€‚๎„ช๎…ง๎…๎†ธ๎„ช๎€‚๎„œ๎…ง๎…๎„ช๎…ฒ๎†ธ๎„ช๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎…ผ๎†ซ๎„ช๎€‚๎†ซ๎„ช๎„ช๎…ค๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎€‚๎‡œ๎„ช๎†ฃ๎‡ฃ๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎„ช๎‡ข๎† ๎„ช๎†ฃ๎…๎„ช๎…ฒ๎„œ๎„ช๎œ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…ผ๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎† ๎† ๎„ช๎†ฃ๎€‚ ๎ƒ ๎„ช๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎€‚ ๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎€‚๎ƒฟ๎€‚ ๎…ง๎…ผ๎‡๎„ช๎†ฃ๎€‚ ๎„œ๎…ผ๎†ซ๎†ธ๎€‚๎ƒฟ๎…ง๎†ธ๎„ช๎†ฃ๎…ฒ๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎…ฐ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎†ซ๎…๎…ฐ๎…๎…ง๎ƒฟ๎†ฃ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚ ๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎†ซ๎„ช๎†ฃ๎‡œ๎„ช๎€‚
visitors to Columbia University. Harlem, on the other hand, is an emerging hotel market that attracts budget
๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ฐ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎‡œ๎…๎†ซ๎…๎†ธ๎…ผ๎†ฃ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎‡๎…๎†ซ๎…Š๎€‚๎†ธ๎…ผ๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎„›๎„ช๎€‚๎…๎…ฒ๎€‚๎Ž๎ƒฟ๎†ฃ๎…ง๎„ช๎…ฐ๎œ๎€‚๎ƒ ๎…๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ช๎‡ข๎„œ๎„ช๎† ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ƒ๎…ง๎…ผ๎‡ฝ๎†ธ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…ผ๎† ๎„ช๎…ฒ๎„ช๎„ฃ๎€‚
ten years ago, Harlem is dominated by smaller independent and boutique hotels. No new hotels have opened in
๎Ž๎ƒฟ๎†ฃ๎…ง๎„ช๎…ฐ๎€‚๎…๎…ฒ๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ
Manhattan Submarket Profile: Midtown West/Times Square
๎€ฏ๎‡ข๎†ธ๎„ช๎…ฒ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚ ๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎†ซ๎…ผ๎‡€๎†ธ๎…Š๎„ช๎†ฃ๎…ฒ๎€‚ ๎„›๎…ผ๎‡€๎…ฒ๎„ฃ๎ƒฟ๎†ฃ๎‡ฃ๎€‚ ๎…ผ๎…‚๎€‚ ๎€ ๎„ช๎…ฒ๎†ธ๎†ฃ๎ƒฟ๎…ง๎€‚ ๎‚ฃ๎ƒฟ๎†ฃ๎…ค๎€‚ ๎†ธ๎…ผ๎€‚ ๎š๎šŽ๎…ฒ๎„ฃ๎€‚ ๎‚ฎ๎†ธ๎†ฃ๎„ช๎„ช๎†ธ๎œ‰๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚ ๎ƒ ๎„ช๎†ซ๎†ธ๎œ•๎‚ผ๎…๎…ฐ๎„ช๎†ซ๎€‚ ๎‚ฎ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎€‚
๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎†ซ๎€‚๎…ผ๎…ฒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎š’๎š•๎€‚๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎œ‰๎šŽ๎š•๎šŽ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚
๎‚ผ๎…Š๎…๎†ซ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎„ฃ๎…๎†ซ๎†ธ๎…๎…ฒ๎„œ๎†ธ๎…ง๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎‡๎…Š๎„ช๎…ฒ๎€‚๎…๎†ธ๎€‚๎…Š๎ƒฟ๎„ฃ๎€‚๎š๎š๎š๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎‡ข๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚๎š๎š“๎œ‰๎šŒ๎šŒ๎šŒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚๎š”๎œ‰๎šŒ๎šŒ๎šŒ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎„ช๎‡ข๎†ธ๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ‰๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎‚ฎ๎…ผ๎‡€๎†ธ๎…Š๎œ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚
๎ƒ ๎„ช๎†ซ๎†ธ๎€‚๎…ฒ๎…ผ๎‡๎€‚๎…ผ๎…ฒ๎…ง๎‡ฃ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎…ง๎‡ฃ๎€‚๎šŽ๎šŒ๎šŒ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎‚ฎ๎…ผ๎‡€๎†ธ๎…Š๎œ‰๎€‚๎ƒฟ๎†ซ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎€‚๎…ง๎…ผ๎†ซ๎†ธ๎€‚๎š๎š‘๎œ๎šŽ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎…๎†ธ๎†ซ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚
๎„ฃ๎‡€๎„ช๎€‚๎†ธ๎…ผ๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œซ๎š๎š•๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎„ช๎„ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎š๎š๎œ๎šŽ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎‡๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚
September 2020.
๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…ฐ๎„ช๎„ช๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ซ๎† ๎ƒฟ๎„œ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„œ๎…ผ๎…ฒ๎…‚๎„ช๎†ฃ๎„ช๎…ฒ๎„œ๎„ช๎€‚๎…‚๎ƒฟ๎„œ๎…๎…ง๎…๎†ธ๎…๎„ช๎†ซ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎„ฃ๎…๎†ซ๎† ๎†ฃ๎…ผ๎† ๎…ผ๎†ฃ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚๎ƒฟ๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ๎€‚๎“๎…ฒ๎€‚๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎œ‰๎€‚
๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎€‚๎…ง๎…ผ๎†ซ๎†ธ๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎šŽ๎š•๎šŽ๎œ‰๎šŒ๎šŒ๎šŒ๎€‚๎†ซ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎€‚๎…‚๎„ช๎„ช๎†ธ๎€‚๎…ผ๎…‚๎€‚๎…ฐ๎„ช๎„ช๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ซ๎† ๎ƒฟ๎„œ๎„ช๎€‚๎…๎…ฒ๎€‚๎š๎š’๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎š๎š”๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚ ๎…ผ๎…‚๎€‚๎ƒฟ๎…ง๎…ง๎€‚
๎†ธ๎…Š๎„ช๎€‚ ๎…ฐ๎„ช๎„ช๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ซ๎† ๎ƒฟ๎„œ๎„ช๎€‚๎…ง๎…ผ๎†ซ๎†ธ๎€‚ ๎…๎…ฒ๎€‚ ๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚ ๎ด๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚ ๎š”๎šŽ๎€‚ ๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚ ๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚ ๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚ ๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…Š๎ƒฟ๎„ฃ๎€‚ ๎…ฐ๎„ช๎„ช๎†ธ๎…๎…ฒ๎…ƒ๎€‚
๎†ซ๎† ๎ƒฟ๎„œ๎„ช๎œ‰๎€‚๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎†ฃ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎‡๎…๎„ฃ๎„ช๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎š“๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎œ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚๎…๎†ซ๎€‚๎†ซ๎„ช๎„œ๎…ผ๎…ฒ๎„ฃ๎€‚๎…ผ๎…ฒ๎…ง๎‡ฃ๎€‚๎†ธ๎…ผ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎œ‰๎€‚๎‡๎…Š๎„ช๎†ฃ๎„ช๎€‚๎š”๎š•๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚
of hotels closed had meeting space, although they accounted for just over 162,000 square feet of lost meeting
๎†ซ๎† ๎ƒฟ๎„œ๎„ช๎œ๎€‚๎€ ๎…ผ๎…ฒ๎‡œ๎„ช๎†ฃ๎†ซ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎†ซ๎†ธ๎ƒฟ๎…ค๎„ช๎…Š๎…ผ๎…ง๎„ฃ๎„ช๎†ฃ๎†ซ๎€‚๎…๎…ฒ๎„ฃ๎…๎„œ๎ƒฟ๎†ธ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎„œ๎…ผ๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…‚๎ƒฟ๎„œ๎…๎…ง๎…๎†ธ๎…๎„ช๎†ซ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎†ซ๎†ธ๎†ฃ๎‡€๎…ƒ๎…ƒ๎…ง๎…๎…ฒ๎…ƒ๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎ƒฟ๎…ง๎…ง๎‡ฃ๎œ‰๎€‚๎„›๎…ผ๎†ธ๎…Š๎€‚
nationally and in NYC before the pandemic. In many cities across the nation, hotel developers require subsidies
๎†ธ๎…ผ๎€‚๎…ผ๎† ๎„ช๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎†ธ๎‡ฃ๎† ๎„ช๎œ๎€‚๎‚ผ๎…Š๎‡€๎†ซ๎œ‰๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎€‚๎„œ๎…Š๎ƒฟ๎…ฒ๎…ƒ๎„ช๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎† ๎†ฃ๎…ผ๎‡ฟ๎†ธ๎ƒฟ๎„›๎…๎…ง๎…๎†ธ๎‡ฃ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎…ง๎…ผ๎†ซ๎†ซ๎„ช๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎„œ๎ƒฟ๎…ฒ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎ƒฟ๎€‚๎„ฃ๎…๎†ซ๎† ๎†ฃ๎…ผ๎† ๎…ผ๎†ฃ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎†ธ๎„ช๎€‚
impact on these hotels compared to hotels overall.
SUPPLY
๎‚ผ๎…Š๎„ช๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎œ•๎‚ผ๎…๎…ฐ๎„ช๎†ซ๎€‚๎‚ฎ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎ƒฟ๎…๎…ฒ๎†ซ๎€‚๎ƒฟ๎€‚๎„ฃ๎…๎‡œ๎„ช๎†ฃ๎†ซ๎„ช๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎œ‰๎€‚๎…๎…ฒ๎€‚๎†ธ๎„ช๎†ฃ๎…ฐ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ซ๎…๎‡ญ๎„ช๎œ‰๎€‚๎ƒฟ๎…ƒ๎„ช๎€‚
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎œ๎€‚๎ƒ ๎…Š๎…๎…ง๎„ช๎€‚๎…‚๎…ผ๎‡€๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ธ๎…ผ๎† ๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎œ•๎‚ผ๎…๎…ฐ๎„ช๎†ซ๎€‚๎‚ฎ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ‰๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚
๎†ธ๎…Š๎„ช๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ข๎‡€๎…๎†ซ๎œ‰๎€‚๎Ž๎…๎…ง๎†ธ๎…ผ๎…ฒ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎œ‰๎€‚๎‚ฎ๎…Š๎„ช๎†ฃ๎ƒฟ๎†ธ๎…ผ๎…ฒ๎€‚๎‚ผ๎…๎…ฐ๎„ช๎†ซ๎€‚๎‚ฎ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฆ๎…ผ๎‡๎€‚๎ด๎ƒฆ๎€ ๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎š๎œ‰๎š๎šŒ๎šŒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚
the submarket also has a variety of small boutique and independent hotels. In terms of hotel age, the submarket
๎„œ๎…ผ๎…ฒ๎†ธ๎ƒฟ๎…๎…ฒ๎†ซ๎€‚๎ƒฟ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎…ผ๎…ง๎„ฃ๎„ช๎†ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„ช๎‡ข๎† ๎„ช๎†ฃ๎…๎„ช๎…ฒ๎„œ๎„ช๎„ฃ๎€‚๎ƒฟ๎€‚๎…ฐ๎…ผ๎„ฃ๎„ช๎†ซ๎†ธ๎€‚๎ƒฟ๎…ฐ๎…ผ๎‡€๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎…ฒ๎„ช๎‡๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚
2010. The hotels built since 2010 tend to be concentrated in two areas, along 57th Street and Broadway, as well
as around Times Square.
4443
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
๎€ ๎‡€๎†ฃ๎†ฃ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎œ‰๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎šŽ๎š๎œ๎šŽ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎š๎š๎œ๎šŽ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎œ‰๎€‚
๎…๎…ฒ๎„ฃ๎…๎„œ๎ƒฟ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ฃ๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎…๎‡ญ๎„ช๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎…๎…ฒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎€‚๎†ธ๎…ผ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ๎€‚๎€ƒ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎…ง๎‡ฃ๎œ‰๎€‚
๎ƒฟ๎…ง๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎œ•๎‚ผ๎…๎…ฐ๎„ช๎†ซ๎€‚๎‚ฎ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎ƒฟ๎€‚๎…๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ‰๎€‚๎…๎†ธ๎€‚๎„ช๎‡ข๎† ๎„ช๎†ฃ๎…๎„ช๎…ฒ๎„œ๎„ช๎„ฃ๎€‚๎ƒฟ๎€‚๎…ง๎…ผ๎‡๎„ช๎†ฃ๎€‚๎ƒฟ๎…ฐ๎…ผ๎‡€๎…ฒ๎†ธ๎€‚
๎…ผ๎…‚๎€‚๎…ฒ๎„ช๎‡๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎„ฃ๎„ช๎„œ๎ƒฟ๎„ฃ๎„ช๎€‚๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎€‚๎†ธ๎…ผ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎„ช๎…ฐ๎„ช๎†ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎† ๎†ฃ๎…๎…ผ๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œ๎€‚
Since 2009, 34 new hotels have been delivered in this submarket, including 8,730 hotel rooms. This accounts
๎…‚๎…ผ๎†ฃ๎€‚๎šŽ๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎„ช๎‡๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎š‘๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎„ฃ๎„ช๎…ง๎…๎‡œ๎„ช๎†ฃ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎„ฃ๎„ช๎„œ๎ƒฟ๎„ฃ๎„ช๎œ๎€‚
There are an additional 2,427 rooms in the pipeline in 5 new hotels for the submarket, and another 448 rooms in
existing hotels that have applied to expand their hotel. If all rooms in the pipeline are delivered, development
will be consistent with share of development in this submarket over the past decade, as the pipeline accounts for
๎šŽ๎š๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎…๎† ๎„ช๎…ง๎…๎…ฒ๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚
While Upscale hotels account for the majority of the existing room inventory, this submarket has the largest
๎†ซ๎…Š๎ƒฟ๎†ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎š๎š๎œ๎š“๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎œ๎€‚๎‚ผ๎…ผ๎…ƒ๎„ช๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎€ ๎…ง๎ƒฟ๎†ซ๎†ซ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚๎š•๎œ‰๎šŽ๎š’๎š”๎€‚๎œ ๎š๎š‘๎œ๎š“๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎œก๎€‚๎…ผ๎…‚๎€‚
๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„ช๎…๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎…ผ๎†ฃ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…๎…ฒ๎€‚๎†ธ๎„ช๎†ฃ๎…ฐ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ƒ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎„›๎†ซ๎…ผ๎…ง๎‡€๎†ธ๎„ช๎€‚๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎†ซ๎€‚
๎…๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎„œ๎…ผ๎…ฒ๎„œ๎„ช๎…ฒ๎†ธ๎†ฃ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚
๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎†ซ๎€‚ ๎„ฃ๎…ผ๎‡๎…ฒ๎€‚๎„›๎‡ฃ๎€‚๎š”๎š“๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚ ๎†ธ๎…ผ๎€‚๎…ก๎‡€๎†ซ๎†ธ๎€‚๎•๎š๎š’๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎š๎š•๎œ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚๎„ฃ๎„ช๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎†ฃ๎„ช๎‡ต๎…ง๎„ช๎„œ๎†ธ๎†ซ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚
submarketโ€™s reliance on tourism, conventions, and other industries that COVID has directly undermined. This is
๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„ช๎„œ๎…ผ๎…ฒ๎„ฃ๎œซ๎…ง๎…ผ๎‡๎„ช๎†ซ๎†ธ๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎…ง๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎„ช๎†ข๎‡€๎ƒฟ๎…ง๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎•๎š๎š‘๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎…๎…ฒ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚
lowest RevPAR In the city.
FIGURE 10: MIDTOWN WEST/TIMES SQUARE HOTEL MARKET REVPAR TRENDS, JANUARY 2018โ€“SEPTEMBER 2020
$50
$100
$150
$200
$250
$300
Sept. 2020
July 2020
Apr. 2020
Jan. 2020
Oct. 2019
July 2019
Apr. 2019
Jan. 2019
Oct. 2018
July 2018
Apr. 2018
Jan. 2018
SOURCE: STR, 2020.
DEMAND DRIVERS
๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚ ๎ƒ ๎„ช๎†ซ๎†ธ๎œ•๎‚ผ๎…๎…ฐ๎„ช๎†ซ๎€‚ ๎‚ฎ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎€‚ ๎„ฃ๎†ฃ๎ƒฟ๎‡๎†ซ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎…ƒ๎‡€๎„ช๎†ซ๎†ธ๎†ซ๎€‚ ๎†ธ๎…ผ๎€‚ ๎ƒฟ๎€‚ ๎‡๎…๎„ฃ๎„ช๎€‚ ๎‡œ๎ƒฟ๎†ฃ๎…๎„ช๎†ธ๎‡ฃ๎€‚ ๎…ผ๎…‚๎€‚ ๎…ง๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚ ๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚ ๎…๎†ซ๎€‚ ๎„œ๎…ง๎…ผ๎†ซ๎„ช๎€‚ ๎†ธ๎…ผ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎‚ผ๎…Š๎„ช๎ƒฟ๎†ธ๎„ช๎†ฃ๎€‚
District and Hellโ€™s Kitchenโ€™s lively commercial and restaurant corridors. In addition, many of the larger hotels
in this submarket serve as convention hotels for meetings at the Javits Center. While the past decade saw many
select-service, nationally branded midscale hotels open in the Far West Side that cater to both domestic and
international budget-minded leisure travelers, recent years have seen smaller boutique and independent hotels
that cater to more discriminating travelers who still want to be in the heart of the Theater District.
Manhattan Submarket Profile: Midtown East
๎‚ผ๎…Š๎„ช๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎ƒฟ๎€‚ ๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎…ง๎‡ฃ๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚ ๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎šŽ๎š’๎€‚ ๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚ ๎„œ๎…ผ๎…ฒ๎†ธ๎ƒฟ๎…๎…ฒ๎…๎…ฒ๎…ƒ๎€‚๎š‘๎œ‰๎š•๎šŽ๎š“๎€‚
rooms, perhaps due to a relative lack of tourist amenities sought by non-business travelers. The hotels in the
๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎†ธ๎„ช๎…ฒ๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎„›๎„ช๎€‚๎…ผ๎…ง๎„ฃ๎„ช๎†ฃ๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎ƒฟ๎…ƒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎š๎š๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎„ฃ๎†ฃ๎…๎‡œ๎„ช๎…ฒ๎€‚๎„›๎‡ฃ๎€‚๎…ง๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎€‚
new development, with only ten new hotels opening since 2010. Geographically, hotels tend to be concentrated
๎ƒฟ๎†ฃ๎…ผ๎‡€๎…ฒ๎„ฃ๎€‚๎‡๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎€ ๎„ช๎…ฒ๎†ธ๎†ฃ๎ƒฟ๎…ง๎€‚ ๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚ ๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚ ๎…Š๎ƒฟ๎†ซ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚ ๎„›๎„ช๎„ช๎…ฒ๎€‚ ๎…Š๎„ช๎ƒฟ๎‡œ๎…๎…ง๎‡ฃ๎€‚ ๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚ ๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œซ๎š๎š•๎œ‰๎€‚๎„ช๎‡ข๎† ๎„ช๎†ฃ๎…๎„ช๎…ฒ๎„œ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚
๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚ ๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ƒ๎„ช๎€‚ ๎„œ๎…Š๎ƒฟ๎…ฒ๎…ƒ๎„ช๎€‚ ๎…๎…ฒ๎€‚ ๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚ ๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚ ๎‡๎…๎†ธ๎…Š๎€‚ ๎š‘๎š“๎œ๎š๎€‚ ๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚ ๎…ผ๎…‚๎€‚ ๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚ ๎…๎…ฒ๎€‚ ๎†ธ๎…Š๎…๎†ซ๎€‚ ๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚ ๎…ƒ๎…ผ๎…๎…ฒ๎…ƒ๎€‚ ๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎œ๎€‚ ๎‚ผ๎…Š๎…๎†ซ๎€‚
๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…ง๎…ผ๎†ซ๎†ธ๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎š”๎œ‰๎šŒ๎šŒ๎šŒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ง๎…ผ๎†ซ๎†ธ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚
๎ƒ ๎„ช๎†ซ๎†ธ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎†ธ๎…Š๎†ฃ๎„ช๎„ช๎€‚๎†ธ๎…๎…ฐ๎„ช๎†ซ๎€‚๎ƒฟ๎†ซ๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎€‚๎…๎…ฒ๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎“๎…ฒ๎€‚๎…‚๎ƒฟ๎„œ๎†ธ๎œ‰๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎…ง๎…ผ๎†ซ๎†ธ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚
๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎‚ฎ๎…ผ๎‡€๎†ธ๎…Š๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…Š๎ƒฟ๎„ฃ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎„ฃ๎…ผ๎‡€๎„›๎…ง๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎…๎…ฒ๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎œ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚
๎…ฒ๎…ผ๎‡๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„ช๎„œ๎…ผ๎…ฒ๎„ฃ๎œซ๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎„ช๎†ซ๎†ธ๎€‚๎†ซ๎…Š๎ƒฟ๎†ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎…ผ๎…ฒ๎…ง๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎† ๎† ๎„ช๎†ฃ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎œ•
๎ƒƒ๎† ๎† ๎„ช๎†ฃ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎œ•๎Ž๎ƒฟ๎†ฃ๎…ง๎„ช๎…ฐ๎œ•๎ƒƒ๎† ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ๎€‚ ๎ƒ ๎…๎†ธ๎…Š๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚ ๎š๎š’๎šŽ๎œ‰๎šŒ๎šŒ๎šŒ๎€‚ ๎†ซ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎€‚๎…‚๎„ช๎„ช๎†ธ๎€‚ ๎…ผ๎…‚๎€‚๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎€‚ ๎…ฐ๎„ช๎„ช๎†ธ๎…๎…ฒ๎…ƒ๎€‚ ๎†ซ๎† ๎ƒฟ๎„œ๎„ช๎œ‰๎€‚
๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎…ง๎…ผ๎†ซ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„ช๎„œ๎…ผ๎…ฒ๎„ฃ๎€‚๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎…ฐ๎„ช๎„ช๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ซ๎† ๎ƒฟ๎„œ๎„ช๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ‰๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚ ๎š•๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚ ๎…ผ๎…‚๎€‚๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎€‚
hotels in this submarket had meeting space.
SUPPLY
๎€ƒ๎†ซ๎€‚ ๎…ฒ๎…ผ๎†ธ๎„ช๎„ฃ๎€‚ ๎ƒฟ๎„›๎…ผ๎‡œ๎„ช๎œ‰๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚ ๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚ ๎…Š๎ƒฟ๎†ซ๎€‚ ๎…ƒ๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚ ๎„œ๎…ผ๎…ฒ๎†ซ๎…๎†ซ๎†ธ๎„ช๎„ฃ๎€‚ ๎…ผ๎…‚๎€‚ ๎…ผ๎…ง๎„ฃ๎„ช๎†ฃ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎…Š๎…๎…ƒ๎…Š๎„ช๎†ฃ๎œซ๎„ช๎…ฒ๎„ฃ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ๎€‚
๎Ž๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…๎…ƒ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎„œ๎ƒฟ๎†ซ๎‡€๎ƒฟ๎…ง๎†ธ๎…๎„ช๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎€‚๎…๎…ฒ๎€‚๎†ธ๎„ช๎†ฃ๎…ฐ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚
๎…ƒ๎…ผ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ƒ๎…๎‡œ๎„ช๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…ผ๎…ฒ๎„œ๎„ช๎…ฒ๎†ธ๎†ฃ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎†ฃ๎…ผ๎‡ฟ๎…ง๎„ช๎€‚๎…ผ๎…‚๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚
๎„œ๎…Š๎ƒฟ๎…ฒ๎…ƒ๎„ช๎„ฃ๎€‚๎„ฃ๎†ฃ๎ƒฟ๎†ซ๎†ธ๎…๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎ƒ ๎…Š๎„ช๎†ฃ๎„ช๎ƒฟ๎†ซ๎€‚๎š•๎š๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎„ช๎…๎†ธ๎…Š๎„ช๎†ฃ๎€‚ ๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎…ผ๎†ฃ๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚
๎† ๎†ฃ๎…๎…ผ๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œ‰๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎‡ฟ๎…ƒ๎‡€๎†ฃ๎„ช๎€‚๎…๎†ซ๎€‚๎…ฒ๎…ผ๎‡๎€‚๎š’๎š•๎œ๎š’๎€‚ ๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚ ๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎†ฃ๎…๎†ซ๎…๎…ฒ๎…ƒ๎€‚๎šŽ๎š•๎œ๎š๎€‚ ๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚
compared to just 2.9 percent in January.
๎ฒ๎…ผ๎†ฃ๎„ช๎…ผ๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…ผ๎† ๎„ช๎…ฒ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎šŽ๎šŒ๎š๎šŒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎…ผ๎…ฒ๎…ง๎‡ฃ๎€‚๎†ธ๎„ช๎…ฒ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎…๎…ฒ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎œ‰๎€‚
๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎š๎œ‰๎š‘๎š๎š‘๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚๎…ผ๎†ฃ๎€‚๎š๎š๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œน๎†ซ๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎œ๎€‚๎ฟ๎…ฒ๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎œ‰๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎…ผ๎…ฒ๎„ช๎œซ๎†ธ๎…Š๎…๎†ฃ๎„ฃ๎€‚๎…ผ๎…‚๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎„›๎‡€๎…๎…ง๎†ธ๎€‚๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎š๎šŒ๎€‚๎…๎…ฒ๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎†ซ๎‡€๎…ƒ๎…ƒ๎„ช๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…ฒ๎„ช๎‡๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎…ง๎‡ฃ๎€‚๎‡€๎…ฒ๎„ฃ๎„ช๎†ฃ๎†ฃ๎„ช๎† ๎†ฃ๎„ช๎†ซ๎„ช๎…ฒ๎†ธ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚
๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ๎€‚๎“๎…ฒ๎€‚๎…‚๎ƒฟ๎„œ๎†ธ๎œ‰๎€‚๎„ฃ๎„ช๎†ซ๎† ๎…๎†ธ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎„ช๎‡ข๎† ๎ƒฟ๎…ฒ๎†ซ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚
submarket has not seen a new hotel deliver since 2016. While the older hotels tend to be independent hotels, the
๎†ฃ๎„ช๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎„ฃ๎„ช๎…ง๎…๎‡œ๎„ช๎†ฃ๎…๎„ช๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎†ธ๎‡ฃ๎† ๎…๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎ƒฟ๎‡ณ๎‡ฟ๎…ง๎…๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎œ‰๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎Ž๎…๎…ง๎†ธ๎…ผ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎Ž๎‡ฃ๎ƒฟ๎†ธ๎†ธ๎œ
4645
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
๎‚ฎ๎…๎…ฒ๎„œ๎„ช๎€‚๎šŽ๎šŒ๎š๎š๎œ‰๎€‚๎…ผ๎…ฒ๎…ง๎‡ฃ๎€‚๎†ธ๎‡๎…ผ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„ช๎‡œ๎„ช๎…ฒ๎€‚๎…ฒ๎„ช๎‡๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎œ๎€‚๎“๎…ฒ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎…๎† ๎„ช๎…ง๎…๎…ฒ๎„ช๎€‚๎„ฃ๎ƒฟ๎†ธ๎ƒฟ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚
hotel rooms suggest that only one new hotel is expected to be built in this submarket, accounting for 161 new
rooms, while two hotels are permitted to be altered for a net loss of 1,111 rooms. Therefore, there is a net loss of
๎š•๎š‘๎šŒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎…ฒ๎…ง๎‡ฃ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎‡๎…Š๎„ช๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎…๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎ƒฟ๎†ซ๎„ช๎œ๎€‚
๎€ƒ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎ƒฟ๎†ซ๎€‚๎†ซ๎…Š๎…ผ๎‡๎…ฒ๎€‚๎…๎…ฒ๎€‚๎†๎…๎…ƒ๎‡€๎†ฃ๎„ช๎€‚๎š๎šŒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚ ๎‡๎ƒฟ๎†ซ๎€‚๎•๎š๎š‘๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎…ผ๎‡๎„ช๎†ซ๎†ธ๎€‚๎ƒฟ๎…ฐ๎…ผ๎…ฒ๎…ƒ๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚
๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ๎€‚ ๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚ ๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚ ๎…๎†ซ๎€‚ ๎„ช๎‡ข๎† ๎„ช๎†ฃ๎…๎„ช๎…ฒ๎„œ๎…๎…ฒ๎…ƒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚ ๎…ƒ๎ƒฟ๎† ๎€‚ ๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎†ธ๎‡ฃ๎† ๎…๎„œ๎ƒฟ๎…ง๎€‚ ๎„œ๎…Š๎ƒฟ๎…ฒ๎…ƒ๎„ช๎€‚ ๎…๎…ฒ๎€‚ ๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚ ๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚
February and September in recent years compared to 2020. RevPAR increased by 146.3 percent between February
and September of 2019, while decreasing by 74.3 percent in 2020โ€”a gap of 220.6 points.
FIGURE 11: MIDTOWN EAST HOTEL MARKET REVPAR TRENDS, JANUARY 2018โ€“SEPTEMBER 2020
$50
$100
$150
$200
$250
$300
$350
Sept. 2020
July 2020
Apr. 2020
Jan. 2020
Oct. 2019
July 2019
Apr. 2019
Jan. 2019
Oct. 2018
July 2018
Apr. 2018
Jan. 2018
SOURCE: STR, 2020.
DEMAND DRIVERS
๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎ƒฟ๎†ธ๎†ธ๎†ฃ๎ƒฟ๎„œ๎†ธ๎†ซ๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎…๎†ธ๎†ซ๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎…ง๎‡ฃ๎€‚๎‡€๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎‡๎…Š๎…ผ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„ฃ๎†ฃ๎ƒฟ๎‡๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎†ฃ๎…ผ๎‡ข๎…๎…ฐ๎…๎†ธ๎‡ฃ๎€‚๎†ธ๎…ผ๎€‚๎„œ๎…ผ๎†ฃ๎„ช๎€‚๎…ผ๎‡ณ๎‡ฟ๎„œ๎„ช๎€‚
๎„›๎‡€๎…๎…ง๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎„œ๎…ผ๎†ฃ๎†ฃ๎…๎„ฃ๎…ผ๎†ฃ๎†ซ๎€‚๎ƒฟ๎…ง๎…ผ๎…ฒ๎…ƒ๎€‚ ๎จ๎„ช๎‡ข๎…๎…ฒ๎…ƒ๎†ธ๎…ผ๎…ฒ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎‚ผ๎…Š๎…๎†ฃ๎„ฃ๎€‚๎€ƒ๎‡œ๎„ช๎…ฒ๎‡€๎„ช๎†ซ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚ ๎ƒƒ๎…ฒ๎…๎†ธ๎„ช๎„ฃ๎€‚๎ด๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎œ ๎ƒƒ๎ด๎œก๎€‚ ๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎†ซ๎„ช๎†ฃ๎‡œ๎„ช๎†ซ๎€‚๎ƒฟ๎†ซ๎€‚๎ƒฟ๎…ฒ๎€‚๎…๎…ฐ๎† ๎…ผ๎†ฃ๎†ธ๎ƒฟ๎…ฒ๎†ธ๎€‚
demand driver in this submarket, with many hotels in the far East 40s and East 50s catering to UN diplomats and
๎†ซ๎†ธ๎ƒฟ๎‡ณ๎…‚๎œ๎€‚๎‚ฃ๎†ฃ๎…ผ๎‡ข๎…๎…ฐ๎…๎†ธ๎‡ฃ๎€‚๎†ธ๎…ผ๎€‚๎‡๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎„ช๎…ฒ๎†ธ๎†ฃ๎ƒฟ๎…ง๎€‚๎‚ผ๎„ช๎†ฃ๎…ฐ๎…๎…ฒ๎ƒฟ๎…ง๎€‚๎…๎†ซ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎ƒฟ๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„ฃ๎†ฃ๎…๎‡œ๎„ช๎†ฃ๎€‚๎…๎…ฒ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎œ
Manhattan Submarket Profile: Midtown South/Chelsea
๎‚ผ๎…Š๎„ช๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎‚ฎ๎…ผ๎‡€๎†ธ๎…Š๎œ•๎€ ๎…Š๎„ช๎…ง๎†ซ๎„ช๎ƒฟ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎œ‰๎€‚๎ƒฟ๎…ง๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚
๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎…ง๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎ƒฟ๎…ฐ๎„ช๎€‚๎†ซ๎…๎‡ญ๎„ช๎€‚๎ƒฟ๎†ซ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎† ๎†ฃ๎„ช๎‡œ๎…๎…ผ๎‡€๎†ซ๎…ง๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎‡€๎…ฒ๎†ธ๎…๎…ง๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎œ๎€‚๎“๎…ฒ๎€‚
๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎„ช๎ƒฟ๎†ซ๎†ธ๎€‚๎„ช๎‡ข๎† ๎„ช๎…ฒ๎†ซ๎…๎‡œ๎„ช๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎‡๎…๎†ธ๎…Š๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎…ผ๎‡๎„ช๎†ซ๎†ธ๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚
๎…ผ๎…‚๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎†ฃ๎„ช๎…ฐ๎ƒฟ๎…๎…ฒ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎ƒฟ๎†ซ๎„ช๎€‚๎…๎…ฒ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎€ ๎…ผ๎‡œ๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎ƒฟ๎†ฃ๎„ช๎ƒฟ๎€‚๎‡๎…๎†ธ๎…Š๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚
๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎‚ฎ๎…ผ๎‡€๎†ธ๎…Š๎€‚๎ƒฟ๎†ฃ๎„ช๎ƒฟ๎€‚๎„ช๎…ฒ๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎†ซ๎†ซ๎„ช๎†ซ๎€‚๎„›๎…ผ๎†ธ๎…Š๎€‚๎„ช๎‡ข๎…๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„ช๎…ฐ๎„ช๎†ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎„ช๎‡ข๎† ๎ƒฟ๎…ฒ๎†ซ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚
the hotel inventory is in the garment district, with close proximity to Penn Station, Hudson Yards, and the Javits
๎€ ๎„ช๎…ฒ๎†ธ๎„ช๎†ฃ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎‚ฎ๎…ผ๎‡€๎†ธ๎…Š๎œ•๎€ ๎…Š๎„ช๎…ง๎†ซ๎„ช๎ƒฟ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎ƒฟ๎€‚๎„œ๎…ง๎‡€๎†ซ๎†ธ๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…ก๎‡€๎†ซ๎†ธ๎€‚๎…ผ๎‡€๎†ธ๎†ซ๎…๎„ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎†๎…ง๎ƒฟ๎†ธ๎…๎†ฃ๎…ผ๎…ฒ๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚
near the Empire State Building.
SUPPLY
๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎‚ฎ๎…ผ๎‡€๎†ธ๎…Š๎€‚๎„ช๎‡ข๎† ๎„ช๎†ฃ๎…๎„ช๎…ฒ๎„œ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ซ๎†ธ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎…ผ๎…‚๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎†ธ๎…Š๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎šŽ๎šŒ๎š๎šŒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎š’๎š’๎€‚๎…ฒ๎„ช๎‡๎€‚
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎š๎š๎œ‰๎š’๎šŽ๎šŒ๎€‚๎…ฒ๎„ช๎‡๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎„ฃ๎„ช๎…ง๎…๎‡œ๎„ช๎†ฃ๎„ช๎„ฃ๎œ๎€‚๎‚ผ๎…Š๎„ช๎†ซ๎„ช๎€‚๎…ฐ๎ƒฟ๎…ค๎„ช๎€‚๎‡€๎† ๎€‚๎š๎šŽ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎†ธ๎…Š๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎„ฃ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚
same period, even though the submarket only contained 27 percent of the boroughโ€™s inventory in January 2020.
๎€ƒ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎ƒฟ๎…๎…ฒ๎†ซ๎€‚๎š‘๎š๎œ๎š”๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎„›๎‡€๎…๎…ง๎†ธ๎€‚๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎š๎šŒ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚
majority of newer rooms are in the Garment District, with close proximity to Penn Station, Hudson Yards, and the
Javits Center, with two additional clusters in between Penn Station and the Flatiron Building and near the Empire
State Building. These new deliveries were mainly Upscale hotels from major national hotel brands (Hyatt,
๎€ ๎…ผ๎‡€๎†ฃ๎†ธ๎‡ฃ๎ƒฟ๎†ฃ๎„ฃ๎œ‰๎€‚๎†๎ƒฟ๎…๎†ฃ๎‡ฟ๎„ช๎…ง๎„ฃ๎€‚๎“๎…ฒ๎…ฒ๎œ‰๎€‚๎‚ฎ๎…Š๎„ช๎†ฃ๎ƒฟ๎†ธ๎…ผ๎…ฒ๎œ‰๎€‚๎Ž๎…๎…ง๎†ธ๎…ผ๎…ฒ๎œ‰๎€‚๎‚ฆ๎ƒฟ๎„ฃ๎…๎†ซ๎†ซ๎…ผ๎…ฒ๎œ‰๎€‚๎„ช๎†ธ๎„œ๎œ๎œก๎œ๎€‚๎‚ฃ๎…๎† ๎„ช๎…ง๎…๎…ฒ๎„ช๎€‚๎„ฃ๎ƒฟ๎†ธ๎ƒฟ๎€‚๎†ซ๎‡€๎…ƒ๎…ƒ๎„ช๎†ซ๎†ธ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎†ซ๎„ช๎€‚๎†ธ๎†ฃ๎„ช๎…ฒ๎„ฃ๎†ซ๎€‚๎‡๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎…๎…ฒ๎‡€๎„ช๎œ‰๎€‚
๎ƒฟ๎†ซ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎‚ฎ๎…ผ๎‡€๎†ธ๎…Š๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎š’๎œ‰๎šŽ๎š๎š“๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎šŽ๎š”๎€‚๎† ๎†ฃ๎…ผ๎† ๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…๎†ซ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎…Š๎ƒฟ๎…ง๎…‚๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎† ๎…๎† ๎„ช๎…ง๎…๎…ฒ๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎€‚
the borough.
๎€ƒ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎…๎…ฒ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎‚ฎ๎…ผ๎‡€๎†ธ๎…Š๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎•๎š๎š๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…๎†ซ๎€‚๎†ซ๎…ง๎…๎…ƒ๎…Š๎†ธ๎…ง๎‡ฃ๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†๎…๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎ƒฟ๎…ง๎€‚๎€ง๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎€‚
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ๎€‚๎€ƒ๎…ง๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎ƒฟ๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œ‰๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎‚ฎ๎…ผ๎‡€๎†ธ๎…Š๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ฃ๎„ช๎†ซ๎…๎…ง๎…๎„ช๎…ฒ๎†ธ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚
๎†ธ๎…Š๎„ช๎€‚ ๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚ ๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚ ๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ‰๎€‚ ๎…ง๎…ผ๎†ซ๎…๎…ฒ๎…ƒ๎€‚ ๎…‚๎„ช๎‡๎„ช๎†ฃ๎€‚ ๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚ ๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚ ๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚ ๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚ ๎„ฃ๎„ช๎†ซ๎† ๎…๎†ธ๎„ช๎€‚ ๎„›๎„ช๎…๎…ฒ๎…ƒ๎€‚ ๎…ฒ๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚ ๎†ธ๎‡๎…๎„œ๎„ช๎€‚ ๎ƒฟ๎†ซ๎€‚ ๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎œ๎€‚
Nonetheless, in recent years, RevPAR had increased by over 94 percent between February and September, but
they are down 68 percent since the start of the pandemic due to a lack of demand from tourists and business
travelers, which is a gap of over 150 points. This is presented in Figure 11.
4847
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
FIGURE 12: MIDTOWN SOUTH HOTEL MARKET TRENDS, JANUARY 2018 โ€“ SEPTEMBER 2020
$50
$100
$150
$200
$250
$300
Sept. 2020
July 2020
Apr. 2020
Jan. 2020
Oct. 2019
July 2019
Apr. 2019
Jan. 2019
Oct. 2018
July 2018
Apr. 2018
Jan. 2018
SOURCE: STR, 2020.
DEMAND DRIVERS
๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎‚ฎ๎…ผ๎‡€๎†ธ๎…Š๎œ•๎€ ๎…Š๎„ช๎…ง๎†ซ๎„ช๎ƒฟ๎€‚๎…๎†ซ๎€‚๎„œ๎‡€๎†ฃ๎†ฃ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…‚๎ƒฟ๎†ซ๎†ธ๎„ช๎†ซ๎†ธ๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎…๎…ฒ๎…ƒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎„ฃ๎†ฃ๎ƒฟ๎‡๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎€‚๎ƒฟ๎†ธ๎†ธ๎†ฃ๎ƒฟ๎„œ๎†ธ๎„ช๎„ฃ๎€‚
๎†ธ๎…ผ๎€‚๎…๎†ธ๎†ซ๎€‚๎† ๎†ฃ๎…ผ๎‡ข๎…๎…ฐ๎…๎†ธ๎‡ฃ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ผ๎…Š๎„ช๎ƒฟ๎†ธ๎„ช๎†ฃ๎€‚๎€ง๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎ค๎ƒฟ๎‡œ๎…๎†ธ๎†ซ๎€‚๎€ ๎„ช๎…ฒ๎†ธ๎„ช๎†ฃ๎œ‰๎€‚๎Ž๎‡€๎„ฃ๎†ซ๎…ผ๎…ฒ๎€‚๎ƒฆ๎ƒฟ๎†ฃ๎„ฃ๎†ซ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฃ๎„ช๎…ฒ๎…ฒ๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ๎€‚๎ฒ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚
submarket still brand themselves as โ€œTimes Squareโ€ despite their location several blocks to the south. While
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ƒ๎‡€๎„ช๎†ซ๎†ธ๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎ƒฟ๎€‚๎‡๎…๎„ฃ๎„ช๎€‚๎‡œ๎ƒฟ๎†ฃ๎…๎„ช๎†ธ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎‡ต๎…ง๎ƒฟ๎…ƒ๎…ƒ๎„ช๎„ฃ๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎…ฐ๎…ฐ๎…ผ๎„ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎†ธ๎…Š๎„ช๎…ฐ๎€‚๎…๎…ฒ๎€‚
this submarket, new independent hotels have also opened in the West 30s and parts of Chelsea. In addition, the
๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎†๎†ฃ๎„ช๎„ช๎…Š๎ƒฟ๎…ฒ๎„ฃ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ผ๎…ฒ๎€‚๎จ๎„ช๎‡ข๎…๎…ฒ๎…ƒ๎†ธ๎…ผ๎…ฒ๎€‚๎€ƒ๎‡œ๎„ช๎…ฒ๎‡€๎„ช๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎€‚๎‡๎†ฃ๎ƒฟ๎…ฐ๎„ช๎†ฃ๎„œ๎‡ฃ๎€‚๎‚ฃ๎ƒฟ๎†ฃ๎…ค๎œ‰๎€‚๎†ธ๎…ผ๎…ƒ๎„ช๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚
in this area, have created a fashionable cluster of unique hotels in this area that have little connection to the
๎†ฃ๎„ช๎†ซ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎‚ฎ๎…ผ๎‡€๎†ธ๎…Š๎œ๎€‚๎€ ๎…ผ๎…ฒ๎‡œ๎„ช๎†ฃ๎†ซ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎†ซ๎†ธ๎ƒฟ๎…ค๎„ช๎…Š๎…ผ๎…ง๎„ฃ๎„ช๎†ฃ๎†ซ๎€‚๎…๎…ฒ๎„ฃ๎…๎„œ๎ƒฟ๎†ธ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎†ธ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒฟ๎†ธ๎†ธ๎†ฃ๎ƒฟ๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…Š๎„ช๎…ง๎†ซ๎„ช๎ƒฟ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚
๎†๎…ง๎ƒฟ๎†ธ๎…๎†ฃ๎…ผ๎…ฒ๎€‚๎ƒฟ๎†ฃ๎„ช๎ƒฟ๎†ซ๎€‚๎„›๎„ช๎„œ๎ƒฟ๎‡€๎†ซ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎‡ฃ๎€‚๎…‚๎„ช๎„ช๎…ง๎€‚๎„ฃ๎…๎‡ณ๎…‚๎„ช๎†ฃ๎„ช๎…ฒ๎†ธ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎† ๎ƒฟ๎†ฃ๎†ธ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚
good proximity to restaurants and other entertainment.
Manhattan Submarket Profile: Soho/Union Square/Village/Tribeca/Lower East Side
๎‚ผ๎…Š๎„ช๎€‚๎‚ฎ๎…ผ๎…Š๎…ผ๎œ•๎ƒƒ๎…ฒ๎…๎…ผ๎…ฒ๎€‚๎‚ฎ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎œ•๎ƒŸ๎…๎…ง๎…ง๎ƒฟ๎…ƒ๎„ช๎œ•๎‚ผ๎†ฃ๎…๎„›๎„ช๎„œ๎ƒฟ๎œ•๎จ๎…ผ๎‡๎„ช๎†ฃ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎€‚๎…๎†ซ๎€‚๎ƒฟ๎€‚๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎…ง๎‡ฃ๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎‡๎…๎†ธ๎…Š๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚
๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎š”๎œ‰๎š๎šŒ๎šŽ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚๎…ผ๎†ฃ๎€‚๎š๎šŽ๎œ๎š๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎ƒฟ๎…๎…ฒ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‡œ๎ƒฟ๎†ฃ๎…๎„ช๎†ธ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚
class types, with independent hotels accounting for the majority of existing hotels. However, more recent trends
๎† ๎…ผ๎…๎…ฒ๎†ธ๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎…ฒ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎…๎…ฒ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎„œ๎…Š๎ƒฟ๎…๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ
Until the pandemic, it was the second smallest submarket within the borough although it is now the third smallest
๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ฃ๎†ฃ๎ƒฟ๎†ซ๎†ธ๎…๎„œ๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œซ๎š๎š•๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎…Š๎ƒฟ๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎œ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎„ช๎ƒฟ๎†ซ๎†ธ๎€‚
๎ƒฟ๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎œ‰๎€‚๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎…ง๎‡ฃ๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…ผ๎…ฒ๎…ง๎‡ฃ๎€‚๎š๎š•๎œ๎š•๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…ƒ๎…ผ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎€‚๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎†ฃ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎œซ๎‡๎…๎„ฃ๎„ช๎€‚
average of 37.3 percent.
SUPPLY
๎€ง๎„ช๎†ซ๎† ๎…๎†ธ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…Š๎ƒฟ๎„ฃ๎€‚๎„ช๎‡ข๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎„ฃ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎„ฃ๎„ช๎„œ๎ƒฟ๎„ฃ๎„ช๎œ๎€‚๎€ ๎…ผ๎…ฒ๎‡œ๎„ช๎†ฃ๎†ซ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚
๎†ซ๎†ธ๎ƒฟ๎…ค๎„ช๎…Š๎…ผ๎…ง๎„ฃ๎„ช๎†ฃ๎†ซ๎€‚๎…๎…ฒ๎„ฃ๎…๎„œ๎ƒฟ๎†ธ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎†ธ๎…Š๎€‚๎…ฐ๎ƒฟ๎‡ฃ๎€‚๎„›๎„ช๎€‚๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎†ธ๎†ซ๎€‚๎‡๎…Š๎…ผ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…ง๎…ผ๎…ผ๎…ค๎…๎…ฒ๎…ƒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ƒฟ๎†ฃ๎„ช๎ƒฟ๎†ซ๎€‚๎…ผ๎‡€๎†ธ๎†ซ๎…๎„ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚
that have good proximity to restaurants and other entertainment. Nearly half of the existing hotel rooms
๎ƒฟ๎†ฃ๎„ช๎€‚๎…๎…ฒ๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎„›๎‡€๎…๎…ง๎†ธ๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚ ๎šŽ๎šŒ๎š๎šŒ๎œ๎€‚๎ฒ๎…ผ๎†ซ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚ ๎…ฒ๎„ช๎‡๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚ ๎…ผ๎„œ๎„œ๎‡€๎†ฃ๎†ฃ๎„ช๎„ฃ๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ธ๎„ช๎†ฃ๎…ฐ๎…๎…ฒ๎‡€๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚
๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚ ๎€Ÿ๎†ฃ๎…๎„ฃ๎…ƒ๎„ช๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎ƒฟ๎…ง๎…ผ๎…ฒ๎…ƒ๎€‚ ๎€Ÿ๎…ผ๎‡๎„ช๎†ฃ๎‡ฃ๎€‚ ๎…๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎จ๎…ผ๎‡๎„ช๎†ฃ๎€‚ ๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚ ๎‚ฎ๎…๎„ฃ๎„ช๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎€ ๎…Š๎…๎…ฒ๎ƒฟ๎†ธ๎…ผ๎‡๎…ฒ๎€‚ ๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎†ซ๎œ๎€‚ ๎‚ผ๎…Š๎„ช๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚ ๎…๎†ซ๎€‚
diverse and generally mirrors the distribution of hotel classes boroughwide. Nearly three-quarters of all hotels in
the submarket are independent, although more recent trends indicate an increase in midscale and upscale hotel
๎„œ๎…Š๎ƒฟ๎…๎…ฒ๎†ซ๎œ‰๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ฒ๎ฟ๎ƒฅ๎ƒฆ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎ƒŸ๎…๎…ง๎…ง๎ƒฟ๎…ƒ๎„ช๎œ‰๎€‚๎€ƒ๎„œ๎„ช๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎‚ฎ๎…๎†ซ๎†ธ๎„ช๎†ฃ๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ค๎…ผ๎…๎„ช๎€‚๎€ง๎„ช๎€‚๎ƒŸ๎…๎‡œ๎†ฃ๎„ช๎€‚๎š‘๎šŒ๎€‚๎€Ÿ๎…ผ๎‡๎„ช๎†ฃ๎‡ฃ๎œ๎€‚
๎‚ผ๎…Š๎…๎†ซ๎€‚๎† ๎†ฃ๎…ผ๎‡ฟ๎…ง๎„ช๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ฃ๎„ช๎…ฐ๎ƒฟ๎…๎…ฒ๎„ช๎„ฃ๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎…๎†ซ๎†ธ๎„ช๎…ฒ๎†ธ๎€‚๎„ช๎‡œ๎„ช๎…ฒ๎€‚๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ช๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎œ‰๎€‚๎„ฃ๎„ช๎†ซ๎† ๎…๎†ธ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ฃ๎„ช๎„œ๎…ง๎…๎…ฒ๎„ช๎€‚
๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎…Š๎ƒฟ๎†ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„œ๎…ผ๎†ฃ๎†ฃ๎„ช๎†ซ๎† ๎…ผ๎…ฒ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎…๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚๎†ซ๎…Š๎ƒฟ๎†ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚
rooms. Both this submarket and the Upper East Side/Upper West Side/Harlem/Uptown submarket lost a similar
number of rooms overall. However, as this submarket lost more hotels overall, the rooms lost were in smaller
hotels. Indeed, over 40 percent of the hotels closed due the pandemic were Boutiques, compared to an average
๎…ผ๎…‚๎€‚๎šŽ๎š“๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎œ๎€‚๎‚ฃ๎…๎† ๎„ช๎…ง๎…๎…ฒ๎„ช๎€‚๎„ฃ๎ƒฟ๎†ธ๎ƒฟ๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎†ซ๎€‚๎„ฃ๎„ช๎…ง๎…๎‡œ๎„ช๎†ฃ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎š๎œ‰๎šŒ๎š๎š‘๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ซ๎…๎‡ข๎€‚๎…ฒ๎„ช๎‡๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎‡๎…ผ๎‡€๎…ง๎„ฃ๎€‚
๎„›๎„ช๎€‚๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎†ซ๎…๎‡ญ๎„ช๎€‚๎…ผ๎…‚๎€‚๎š๎š“๎š๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎‡๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎„›๎„ช๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎…๎†ซ๎†ธ๎„ช๎…ฒ๎†ธ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎†ฃ๎…ผ๎‡ฟ๎…ง๎„ช๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎† ๎†ฃ๎…๎…ผ๎†ฃ๎€‚๎†ธ๎…ผ๎€‚
COVID-19.
๎€ƒ๎†ซ๎€‚๎†ซ๎…Š๎…ผ๎‡๎…ฒ๎€‚๎…๎…ฒ๎€‚๎†๎…๎…ƒ๎‡€๎†ฃ๎„ช๎€‚๎š๎šŽ๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎‡ต๎…ง๎‡€๎„œ๎†ธ๎‡€๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎…ƒ๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎†ฃ๎„ช๎…ฐ๎ƒฟ๎…๎…ฒ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚
๎š”๎š‘๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎š”๎š”๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎œ๎€‚๎‚ฎ๎…๎…ฐ๎…๎…ง๎ƒฟ๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ‰๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎„ฃ๎„ช๎„œ๎…ง๎…๎…ฒ๎„ช๎„ฃ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š”๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚
however to a lesser degree relative to other submarkets. As of September 2020, the occupancy rate is 40.0 percent
and the ADR is $139, which are, respectively, 57 and 62 percent below September 2019 levels. This is roughly in
๎…ง๎…๎…ฒ๎„ช๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎†ธ๎†ฃ๎„ช๎…ฒ๎„ฃ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎œ๎€‚๎ด๎…ผ๎…ฒ๎„ช๎†ธ๎…Š๎„ช๎…ง๎„ช๎†ซ๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฎ๎…ผ๎…Š๎…ผ๎œ•๎ƒƒ๎…ฒ๎…๎…ผ๎…ฒ๎€‚๎‚ฎ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎œ•๎ƒŸ๎…๎…ง๎…ง๎ƒฟ๎…ƒ๎„ช๎œ•
๎‚ผ๎†ฃ๎…๎„›๎„ช๎„œ๎ƒฟ๎œ•๎จ๎…ผ๎‡๎„ช๎†ฃ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„ช๎„œ๎…ผ๎…ฒ๎„ฃ๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ซ๎†ธ๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎…๎…ฒ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎ƒฟ๎…ฐ๎…ผ๎…ฒ๎…ƒ๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚
submarkets, at $55.50, compared to $43.60 borough wide.
5049
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
FIGURE 13: SOHO/UNION SQUARE/VILLAGE/TRIBECA/LOWER EAST SIDE HOTEL MARKET TRENDS,
JANUARY 2018โ€“SEPTEMBER 2020
$50
$100
$150
$200
$250
$300
$350
Sept. 2020
July 2020
Apr. 2020
Jan. 2020
Oct. 2019
July 2019
Apr. 2019
Jan. 2019
Oct. 2018
July 2018
Apr. 2018
Jan. 2018
SOURCE: STR, 2020.
DEMAND DRIVERS
๎‚ผ๎…Š๎…๎†ซ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎ƒฟ๎†ธ๎†ธ๎†ฃ๎ƒฟ๎„œ๎†ธ๎†ซ๎€‚ ๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎€‚๎…ง๎…ผ๎…ผ๎…ค๎…๎…ฒ๎…ƒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ƒฟ๎€‚๎‡€๎…ฒ๎…๎†ข๎‡€๎„ช๎€‚ ๎ด๎„ช๎‡๎€‚ ๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚ ๎„ช๎‡ข๎† ๎„ช๎†ฃ๎…๎„ช๎…ฒ๎„œ๎„ช๎€‚๎…๎…ฒ๎€‚๎…๎„œ๎…ผ๎…ฒ๎…๎„œ๎€‚ ๎…‚๎ƒฟ๎†ซ๎…Š๎…๎…ผ๎…ฒ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚
๎…ฒ๎„ช๎…๎…ƒ๎…Š๎„›๎…ผ๎†ฃ๎…Š๎…ผ๎…ผ๎„ฃ๎†ซ๎œ๎€‚ ๎ฒ๎ƒฟ๎…ฒ๎‡ฃ๎€‚ ๎…ผ๎…‚๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚ ๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎€‚ ๎‡๎…Š๎…ผ๎€‚ ๎†ซ๎†ธ๎ƒฟ๎‡ฃ๎€‚ ๎…๎…ฒ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚ ๎…๎…ฒ๎€‚ ๎†ธ๎…Š๎…๎†ซ๎€‚ ๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚ ๎‡๎…ผ๎†ฃ๎…ค๎€‚ ๎…๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎œถ๎‚ผ๎€ƒ๎ฒ๎“๎œท๎€‚
๎œ ๎‚ผ๎„ช๎„œ๎…Š๎…ฒ๎…ผ๎…ง๎…ผ๎…ƒ๎‡ฃ๎œ‰๎€‚๎€ƒ๎†ฃ๎†ธ๎†ซ๎œ‰๎€‚๎ฒ๎„ช๎„ฃ๎…๎ƒฟ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎“๎…ฒ๎…‚๎…ผ๎†ฃ๎…ฐ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œก๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…ผ๎†ฃ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎ƒฟ๎€‚๎‡๎…๎„ฃ๎„ช๎€‚๎…ผ๎† ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎‡€๎…ฒ๎…๎†ข๎‡€๎„ช๎€‚๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚
smaller boutique properties to accommodate them. Almost all new development in this submarket in the
๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎†ธ๎‡๎…ผ๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎‡€๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎…ง๎…ผ๎„œ๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€Ÿ๎…ผ๎‡๎„ช๎†ฃ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎จ๎…ผ๎‡๎„ช๎†ฃ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎‚ฎ๎…๎„ฃ๎„ช๎œ๎€‚๎ด๎„ช๎‡๎€‚
commercial developments around Hudson Square are also being complemented with new hotels on the Far
West Side of this submarket.
Manhattan Submarket Profile: Financial District
๎‚ผ๎…Š๎„ช๎€‚๎†๎…๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎ƒฟ๎…ง๎€‚๎€ง๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎€‚๎…๎†ซ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œน๎†ซ๎€‚๎†ซ๎„ช๎„œ๎…ผ๎…ฒ๎„ฃ๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎„ช๎†ซ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ‰๎€‚๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎œ‰๎€‚๎„ฃ๎„ช๎†ซ๎† ๎…๎†ธ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎€‚
of business-oriented travelers. Home to 28 hotels and 6,417 hotel rooms, the Financial district has experienced robust
๎…ฒ๎„ช๎‡๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎†ธ๎…Š๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎šŽ๎šŒ๎š๎šŒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎š๎š•๎œ๎€‚๎‚ฎ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎œ‰๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎š‘๎š๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎š‘๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎‡€๎†ฃ๎†ฃ๎„ช๎…ฒ๎†ธ๎€‚
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎„›๎‡€๎…๎…ง๎†ธ๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚๎šŽ๎šŒ๎š๎šŒ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ธ๎‡ฃ๎† ๎…ผ๎…ง๎…ผ๎…ƒ๎‡ฃ๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„›๎‡€๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…๎†ซ๎€‚๎…Š๎„ช๎ƒฟ๎‡œ๎…๎…ง๎‡ฃ๎€‚๎†ซ๎…ค๎„ช๎‡๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎‡๎ƒฟ๎†ฃ๎„ฃ๎†ซ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚
hotels, which account for more than 75 percent of all hotels. Only 1.8 percent of the existing hotels are considered
๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎œ‰๎€‚๎†ฃ๎„ช๎† ๎†ฃ๎„ช๎†ซ๎„ช๎…ฒ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„ช๎„œ๎…ผ๎…ฒ๎„ฃ๎€‚๎…ง๎…ผ๎‡๎„ช๎†ซ๎†ธ๎€‚๎†ซ๎…Š๎ƒฟ๎†ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎‚ฎ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ‰๎€‚๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎€‚๎œ ๎š๎œ๎š๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎œก๎œ
Hotels are evenly dispersed throughout the submarket, with one expanding cluster near the World Trade Center
๎ƒฟ๎†ฃ๎„ช๎ƒฟ๎œ๎€‚๎‚ฎ๎…๎…ฐ๎…๎…ง๎ƒฟ๎†ฃ๎€‚ ๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚ ๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎„ฃ๎…ผ๎‡๎…ฒ๎†ธ๎…ผ๎‡๎…ฒ๎€‚ ๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ‰๎€‚ ๎…๎†ธ๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎„ช๎„ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ƒฟ๎€‚๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎…ง๎‡ฃ๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎€‚๎š‘๎œ๎š๎€‚ ๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚ ๎…ผ๎…‚๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚
๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎‡๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎€‚๎„ฃ๎‡€๎„ช๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎œ๎€‚
SUPPLY
๎‚ผ๎…Š๎„ช๎€‚๎†๎…๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎ƒฟ๎…ง๎€‚๎€ง๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎„ช๎†ซ๎€‚๎š’๎š๎œ๎š๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…๎†ซ๎€‚๎ƒฟ๎„›๎…ผ๎‡œ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎€‚
๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎š‘๎š’๎œ๎š“๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ซ๎†ธ๎€‚๎†ซ๎…Š๎ƒฟ๎†ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚๎„œ๎…ผ๎…ฐ๎† ๎†ฃ๎…๎†ซ๎…๎…ฒ๎…ƒ๎€‚๎š“๎š’๎œ๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚
in the submarket. Interestingly, this submarket experienced the smallest change in Upscale rooms, which only
declined 7.7 percent - by far the lowest among the submarkets. Also, pipeline data indicates that Financial District
๎…๎†ซ๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎€‚๎ƒฟ๎…ฒ๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎šŽ๎œ‰๎šŒ๎šŽ๎š’๎€‚๎…ฒ๎„ช๎†ธ๎€‚๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…๎†ซ๎€‚๎…ผ๎…ฒ๎€‚๎† ๎ƒฟ๎†ฃ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ๎€‚
๎‚ผ๎…Š๎„ช๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎ƒฟ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎…๎†ซ๎€‚๎š๎š๎œ๎š”๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎ƒฟ๎…ฒ๎€‚๎€ƒ๎€ง๎‚ฆ๎€‚๎…ผ๎…‚๎€‚๎•๎š๎š๎š๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎…ผ๎‡๎„ช๎†ซ๎†ธ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚
๎‚ผ๎…Š๎„ช๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎…ผ๎…‚๎€‚๎•๎š๎š”๎œ๎š“๎šŒ๎€‚๎…๎†ซ๎€‚๎„›๎„ช๎…ง๎…ผ๎‡๎€‚๎†ธ๎…Š๎„ช๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎•๎š๎š๎œ๎š’๎šŒ๎œ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚๎…๎†ซ๎€‚๎‡€๎…ฒ๎†ซ๎‡€๎†ฃ๎† ๎†ฃ๎…๎†ซ๎…๎…ฒ๎…ƒ๎€‚๎…ƒ๎…๎‡œ๎„ช๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚
restrictions and teleworking on business travel. In recent years, the growth in occupancy rates between February
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎ƒฟ๎†ฃ๎…ผ๎‡€๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…๎†ซ๎€‚๎ƒฟ๎…ฐ๎…ผ๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ซ๎†ธ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ง๎…๎…ค๎„ช๎…ง๎‡ฃ๎€‚
coincides with the seasonal business cycle, but occupancy rates between February and September 2020 have
fallen by 56 percent. This is summarized in Figure 13.
FIGURE 14: FINANCIAL DISTRICT HOTEL MARKET TRENDS, JANUARY 2018โ€“SEPTEMBER 2020
$50
$100
$150
$200
$250
$300
Sept. 2020
July 2020
Apr. 2020
Jan. 2020
Oct. 2019
July 2019
Apr. 2019
Jan. 2019
Oct. 2018
July 2018
Apr. 2018
Jan. 2018
SOURCE: STR, 2020.
5251
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
DEMAND DRIVERS
Hotel development in the Financial District has traditionally been driven by commercial activity, particularly within
๎†ธ๎…Š๎„ช๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎„ช๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…ผ๎†ฃ๎œ‰๎€‚๎…๎…ฒ๎€‚๎‡๎…Š๎ƒฟ๎†ธ๎€‚๎…๎†ซ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚๎†ซ๎„ช๎„œ๎…ผ๎…ฒ๎„ฃ๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎€ ๎„ช๎…ฒ๎†ธ๎†ฃ๎ƒฟ๎…ง๎€‚๎€Ÿ๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎€ง๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎œ๎€‚๎Ž๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎†ฃ๎„ช๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚
seen this submarket diversify, with less reliance on the traditional FIRE (Finance, Insurance and Real Estate) sectors,
๎ƒฟ๎…ฒ๎€‚๎„ช๎‡ข๎† ๎ƒฟ๎…ฒ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ฃ๎„ช๎†ซ๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎€‚๎† ๎…ผ๎† ๎‡€๎…ง๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…‚๎‡€๎…ง๎…ง๎€‚๎†ฃ๎„ช๎„›๎…๎†ฃ๎†ธ๎…Š๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒ ๎…ผ๎†ฃ๎…ง๎„ฃ๎€‚๎‚ผ๎†ฃ๎ƒฟ๎„ฃ๎„ช๎€‚๎€ ๎„ช๎…ฒ๎†ธ๎„ช๎†ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎„›๎‡ฃ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎‡ฟ๎„ช๎…ง๎„ฃ๎€‚๎‚ฃ๎…ง๎ƒฟ๎„œ๎„ช๎œ๎€‚
In the past two years, new hotel development in this submarket has been characterized by small independent
๎„›๎…ผ๎‡€๎†ธ๎…๎†ข๎‡€๎„ช๎†ซ๎€‚๎…ผ๎†ฃ๎€‚๎…ฒ๎„ช๎‡๎€‚๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎œ‰๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎œน๎†ซ๎€‚๎ฒ๎ฟ๎ƒฅ๎ƒฆ๎œ‰๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎„œ๎ƒฟ๎†ธ๎„ช๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎…ฐ๎…๎…ง๎…ง๎„ช๎…ฒ๎…ฒ๎…๎ƒฟ๎…ง๎€‚๎…ผ๎†ฃ๎€‚๎œถ๎ด๎„ช๎‡ข๎†ธ๎œซ๎‡๎„ช๎…ฒ๎œท๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎œ
Queens
๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎œ‰๎€‚๎…Š๎…ผ๎…ฐ๎„ช๎€‚๎…ผ๎…‚๎€‚ ๎ค๎†๎ฆ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎จ๎ƒฟ๎‡๎‡€๎ƒฟ๎†ฃ๎„ฃ๎…๎ƒฟ๎€‚ ๎€ƒ๎…๎†ฃ๎† ๎…ผ๎†ฃ๎†ธ๎†ซ๎œ‰๎€‚ ๎…๎†ซ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎†ซ๎„ช๎„œ๎…ผ๎…ฒ๎„ฃ๎€‚ ๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚ ๎…ผ๎…‚๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎‡ฟ๎‡œ๎„ช๎€‚ ๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎œ๎€‚ ๎€ƒ๎†ซ๎€‚๎…ผ๎…‚๎€‚
๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚ ๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚ ๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚ ๎…Š๎ƒฟ๎†ซ๎€‚ ๎š๎š๎œ‰๎š“๎š•๎š•๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚ ๎š๎š๎š๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎œ‰๎€‚ ๎…ฒ๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚ ๎†ธ๎‡๎…๎„œ๎„ช๎€‚ ๎ƒฟ๎†ซ๎€‚๎…ฐ๎ƒฟ๎…ฒ๎‡ฃ๎€‚ ๎ƒฟ๎†ซ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎…ฒ๎„ช๎‡ข๎†ธ๎€‚ ๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚
๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ‰๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎œ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎„ช๎‡œ๎„ช๎…ฒ๎…ง๎‡ฃ๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„›๎‡€๎†ธ๎„ช๎„ฃ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎œ‰๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎œ‰๎€‚
๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎„œ๎ƒฟ๎†ธ๎„ช๎…ƒ๎…ผ๎†ฃ๎‡ฃ๎€‚๎ƒฟ๎†ธ๎€‚๎š๎š”๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎…๎†ธ๎†ซ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎œ๎€‚๎ƒ ๎…Š๎…๎…ง๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒฟ๎…๎†ฃ๎† ๎…ผ๎†ฃ๎†ธ๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚
๎„›๎„ช๎„ช๎…ฒ๎€‚๎ƒฟ๎…ฒ๎€‚๎…๎…ฐ๎† ๎…ผ๎†ฃ๎†ธ๎ƒฟ๎…ฒ๎†ธ๎€‚๎„ฃ๎†ฃ๎…๎‡œ๎„ช๎†ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎œ‰๎€‚๎…๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎…๎…ฒ๎…ƒ๎…ง๎‡ฃ๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎„ฃ๎†ฃ๎…๎‡œ๎„ช๎…ฒ๎€‚๎„›๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎œน๎†ซ๎€‚๎„›๎…ผ๎…ผ๎…ฐ๎…๎…ฒ๎…ƒ๎€‚
๎…ฒ๎„ช๎…๎…ƒ๎…Š๎„›๎…ผ๎†ฃ๎…Š๎…ผ๎…ผ๎„ฃ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎ƒฟ๎†ซ๎€‚๎‡๎„ช๎…ง๎…ง๎œ๎€‚๎ฒ๎…ผ๎†ซ๎†ธ๎€‚๎† ๎†ฃ๎…ผ๎…ฐ๎…๎…ฒ๎„ช๎…ฒ๎†ธ๎€‚๎ƒฟ๎…ฐ๎…ผ๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎†ซ๎„ช๎€‚๎…๎†ซ๎€‚๎จ๎…ผ๎…ฒ๎…ƒ๎€‚๎“๎†ซ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†๎…ง๎‡€๎†ซ๎…Š๎…๎…ฒ๎…ƒ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚
๎†ซ๎„ช๎„ช๎…ฒ๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎†ธ๎…Š๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…ผ๎‡€๎†ธ๎†ซ๎…๎„ฃ๎„ช๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎„ฃ๎„ช๎„œ๎ƒฟ๎„ฃ๎„ช๎œ
๎ƒ ๎…Š๎…๎…ง๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎†ซ๎€‚๎„œ๎…ง๎„ช๎ƒฟ๎†ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ฃ๎ƒฟ๎†ธ๎ƒฟ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ช๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎€‚๎† ๎ƒฟ๎…ง๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎†ฃ๎…๎†ซ๎…ผ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚
๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎‡€๎…ง๎†ธ๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚๎„ฃ๎†ฃ๎…๎‡œ๎„ช๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎‡๎…๎„ฃ๎„ช๎€‚๎†ธ๎†ฃ๎„ช๎…ฒ๎„ฃ๎†ซ๎œ๎€‚๎‚ฎ๎†ธ๎…๎…ง๎…ง๎œ‰๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎…๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎…ฒ๎…ง๎‡ฃ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎†ธ๎…ผ๎€‚๎„ฃ๎„ช๎…ฐ๎…ผ๎…ฒ๎†ซ๎†ธ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎ƒฟ๎…ฒ๎€‚
๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œ๎€‚๎‚ฎ๎…๎‡ข๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎œ‰๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎š“๎š‘๎š๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚๎Ž๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚
added the TWA Hotel near JFK just as the pandemic began, adding 159 Upscale rooms the boroughโ€™s inventory.
๎‚ผ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎„ฃ๎„ช๎„œ๎ƒฟ๎„ฃ๎„ช๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„ช๎‡ข๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎„ฃ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎…ง๎‡ฃ๎œ๎€‚๎†๎†ฃ๎…ผ๎…ฐ๎€‚๎ƒฟ๎€‚๎„›๎ƒฟ๎†ซ๎„ช๎€‚๎…ผ๎…‚๎€‚๎š“๎œ‰๎š”๎š๎š”๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎š“๎š๎€‚
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎šŒ๎š•๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎„ฃ๎…ผ๎‡€๎„›๎…ง๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎„ช๎…ฒ๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎š๎š๎œ‰๎š๎š•๎š๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎š๎š๎š’๎€‚
๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎œ๎€‚๎€ง๎„ช๎†ซ๎† ๎…๎†ธ๎„ช๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎†ธ๎…Š๎€‚๎…๎…ฒ๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎œ‰๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎†ซ๎†ธ๎„ช๎ƒฟ๎„ฃ๎…๎…ง๎‡ฃ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎š๎š•๎œ๎€‚
๎‚ฎ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎œ‰๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎‡ข๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚๎š”๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š๎€‚๎†ธ๎…ผ๎€‚๎š”๎š‘๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š”๎œ๎€‚๎ฒ๎…ผ๎†ฃ๎„ช๎€‚๎†ฃ๎„ช๎„œ๎„ช๎…ฒ๎†ธ๎€‚
๎†ธ๎†ฃ๎„ช๎…ฒ๎„ฃ๎†ซ๎œ‰๎€‚๎…Š๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎†ซ๎…Š๎…ผ๎‡๎€‚๎ƒฟ๎€‚๎„ฃ๎„ช๎„œ๎…ง๎…๎…ฒ๎„ช๎€‚๎…๎…ฒ๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎œ‰๎€‚๎„ฃ๎…ผ๎‡๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎š”๎š๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…ฐ๎…๎†ฃ๎†ฃ๎…ผ๎†ฃ๎†ซ๎€‚๎„›๎†ฃ๎…ผ๎ƒฟ๎„ฃ๎„ช๎†ฃ๎€‚
๎„œ๎…๎†ธ๎‡ฃ๎‡๎…๎„ฃ๎„ช๎€‚๎†ธ๎†ฃ๎„ช๎…ฒ๎„ฃ๎†ซ๎œ๎€‚๎€ ๎…ผ๎…ฒ๎†ธ๎†ฃ๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎œ‰๎€‚๎…Š๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎„ฃ๎ƒฟ๎…๎…ง๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎†ซ๎†ธ๎„ช๎ƒฟ๎„ฃ๎…๎…ง๎‡ฃ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚
๎šŽ๎šŒ๎š๎š๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚๎…ง๎„ช๎ƒฟ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎…๎…ฒ๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎œ๎€‚
๎€ƒ๎†ซ๎€‚๎…ฐ๎„ช๎…ฒ๎†ธ๎…๎…ผ๎…ฒ๎„ช๎„ฃ๎œ‰๎€‚ ๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎„ฃ๎†ฃ๎…๎‡œ๎„ช๎†ซ๎€‚๎†ธ๎†ฃ๎„ช๎…ฒ๎„ฃ๎†ซ๎€‚๎…๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎‡๎…๎„ฃ๎„ช๎€‚ ๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œ‰๎€‚๎†ซ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚ ๎„œ๎…Š๎ƒฟ๎…ฒ๎…ƒ๎„ช๎€‚๎…๎…ฒ๎€‚ ๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎œ ๎œซ๎š๎šŽ๎œ๎š“๎€‚
percent) and ADR (-31.5 percent) between September 2019 and September 2020 is well below the City average.
The September 2020 RevPAR was $76.20. The change in RevPAR since February 2020 is much lower than it was in
๎šŽ๎šŒ๎š๎š”๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚๎ƒฟ๎†ซ๎€‚๎†ซ๎…Š๎…ผ๎‡๎…ฒ๎€‚๎…๎…ฒ๎€‚๎†๎…๎…ƒ๎‡€๎†ฃ๎„ช๎€‚๎š๎š๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…๎†ซ๎€‚๎ƒฟ๎€‚๎†ธ๎†ฃ๎„ช๎…ฒ๎„ฃ๎€‚๎ƒฟ๎„œ๎†ฃ๎…ผ๎†ซ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ซ๎…Š๎…ผ๎‡๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎†ซ๎€‚
๎†ซ๎†ธ๎…๎…ง๎…ง๎€‚๎‡œ๎„ช๎†ฃ๎‡ฃ๎€‚๎…ฐ๎‡€๎„œ๎…Š๎€‚๎‡€๎…ฒ๎„ฃ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…๎…ฒ๎‡ต๎…ง๎‡€๎„ช๎…ฒ๎„œ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎œ๎€‚
FIGURE 15: QUEENS HOTEL MARKET TRENDS, JANUARY 2018โ€“SEPTEMBER 2020
$50
$100
$150
$200
$250
$300
Sept. 2020
July 2020
Apr. 2020
Jan. 2020
Oct. 2019
July 2019
Apr. 2019
Jan. 2019
Oct. 2018
July 2018
Apr. 2018
Jan. 2018
SOURCE: STR, 2020.
Queens Submarket Profile: Long Island City
๎จ๎…ผ๎…ฒ๎…ƒ๎€‚๎“๎†ซ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ช๎…ฒ๎…ƒ๎…๎…ฒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎„ช๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎†ธ๎…Š๎€‚๎…๎…ฒ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ฃ๎„ช๎…ฐ๎ƒฟ๎…๎…ฒ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚
๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎œ๎€‚๎€ƒ๎„œ๎„œ๎…ผ๎†ฃ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚๎‚ฎ๎‚ผ๎‚ฆ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎จ๎…ผ๎…ฒ๎…ƒ๎€‚๎“๎†ซ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎ƒฟ๎…๎…ฒ๎†ซ๎€‚๎š๎œ‰๎š๎š•๎š“๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎š๎š๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ๎€‚
๎‚ผ๎…Š๎„ช๎€‚๎จ๎…ผ๎…ฒ๎…ƒ๎€‚๎“๎†ซ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎‚ฃ๎ƒฟ๎†ฃ๎†ธ๎…ฒ๎„ช๎†ฃ๎†ซ๎…Š๎…๎† ๎€‚๎œ ๎จ๎“๎€ ๎‚ฃ๎œก๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„œ๎‡€๎†ฃ๎†ฃ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎š๎œ‰๎š‘๎šŒ๎šŒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎…ฒ๎€‚
approximately 35 properties, while STR reports nearly 4,000 hotel rooms. As recently as 2010, there were only a
๎…‚๎„ช๎‡๎€‚๎…ฐ๎ƒฟ๎…ก๎…ผ๎†ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎…ผ๎…‚๎€‚๎จ๎…ผ๎…ฒ๎…ƒ๎€‚๎“๎†ซ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎€‚๎…ƒ๎†ฃ๎…ผ๎‡€๎† ๎€‚๎…ผ๎…‚๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎„ช๎†ฃ๎€‚๎…ฐ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„ช๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎„œ๎…ง๎‡€๎†ซ๎†ธ๎„ช๎†ฃ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎€ง๎‡€๎†ธ๎„œ๎…Š๎€‚
๎ฆ๎…๎…ง๎…ง๎†ซ๎œ๎€‚๎‚ฎ๎…๎…ฒ๎„œ๎„ช๎€‚๎†ธ๎…Š๎„ช๎…ฒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎†ซ๎„ช๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ง๎€‚๎…Š๎‡€๎„›๎†ซ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎จ๎…ผ๎…ฒ๎…ƒ๎€‚๎“๎†ซ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎€ง๎‡€๎†ธ๎„œ๎…Š๎€‚๎ฆ๎…๎…ง๎…ง๎†ซ๎œ‰๎€‚
๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎‚ฃ๎…ง๎ƒฟ๎‡ญ๎ƒฟ๎œ‰๎€‚๎€ ๎…ผ๎‡€๎†ฃ๎†ธ๎…Š๎…ผ๎‡€๎†ซ๎„ช๎€‚๎‚ฎ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡๎ƒฟ๎†ธ๎„ช๎†ฃ๎…‚๎†ฃ๎…ผ๎…ฒ๎†ธ๎œ‰๎€‚๎š๎š๎†ธ๎…Š๎€‚๎€ƒ๎‡œ๎„ช๎…ฒ๎‡€๎„ช๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฆ๎ƒฟ๎‡œ๎„ช๎…ฒ๎†ซ๎‡๎…ผ๎…ผ๎„ฃ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎„ช๎ƒฟ๎†ซ๎†ธ๎„ช๎†ฃ๎…ฒ๎€‚๎„ช๎„ฃ๎…ƒ๎„ช๎€‚
๎…ผ๎…‚๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎‚ฃ๎…ง๎ƒฟ๎‡ญ๎ƒฟ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„›๎„ช๎„œ๎…ผ๎…ฐ๎„ช๎€‚๎ƒฟ๎€‚๎…Š๎‡€๎„›๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎„ช๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎ƒฟ๎„œ๎†ธ๎…๎‡œ๎…๎†ธ๎‡ฃ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎† ๎„ช๎…ฒ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎…‚๎€‚๎š‘๎šŽ๎šŒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ƒฟ๎…ฒ๎€‚๎€ƒ๎…ง๎…ผ๎‡ฝ๎†ธ๎œ‰๎€‚๎€ ๎…ผ๎‡€๎†ฃ๎†ธ๎‡ฃ๎ƒฟ๎†ฃ๎„ฃ๎€‚๎„›๎‡ฃ๎€‚
๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎Ž๎…๎…ง๎†ธ๎…ผ๎…ฒ๎€‚๎‡๎ƒฟ๎†ฃ๎„ฃ๎„ช๎…ฒ๎€‚๎“๎…ฒ๎…ฒ๎œ๎€‚๎‚ฃ๎…๎† ๎„ช๎…ง๎…๎…ฒ๎„ช๎€‚๎„ฃ๎ƒฟ๎†ธ๎ƒฟ๎€‚๎†ซ๎…Š๎…ผ๎‡๎†ซ๎€‚๎š๎œ‰๎š๎š‘๎š๎€‚๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚๎…ฒ๎„ช๎†ธ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎จ๎…ผ๎…ฒ๎…ƒ๎€‚๎“๎†ซ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎šŽ๎œ‰๎š•๎š•๎šŒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚
in 20 new buildings permitted for construction. This level of projected development is greater than all other New
๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎„ช๎‡ข๎„œ๎„ช๎† ๎†ธ๎€‚๎ค๎ƒฟ๎…ฐ๎ƒฟ๎…๎„œ๎ƒฟ๎œ•๎ค๎†๎ฆ๎€‚๎…๎…ฒ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎‚ฎ๎…ผ๎‡€๎†ธ๎…Š๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ
๎‚ฎ๎…๎…ฒ๎„œ๎„ช๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎ƒฟ๎€‚๎…ฒ๎„ช๎†ธ๎€‚๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚๎…ผ๎…‚๎€‚๎š๎š’๎š•๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎†ฃ๎„ช๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎…ฐ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎œ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚
๎†ซ๎†ธ๎…๎…ง๎…ง๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎š๎š๎œ๎š•๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎จ๎…ผ๎…ฒ๎…ƒ๎€‚๎“๎†ซ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎œ๎€‚๎ฟ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ƒ๎€ง๎‚ฆ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„›๎…ผ๎†ธ๎…Š๎€‚๎š๎š”๎€‚
percent lower than in September 2019, at 5.4 percent and $115, respectively. This is below the borough average of
59.9 percent and $127.
5453
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
Queens Submarket Profile: Flushing/LGA/North Queens
๎‚ผ๎…Š๎„ช๎€‚๎†๎…ง๎‡€๎†ซ๎…Š๎…๎…ฒ๎…ƒ๎œ•๎จ๎‡๎€ƒ๎œ•๎ด๎…ผ๎†ฃ๎†ธ๎…Š๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎†ซ๎€‚ ๎„ฃ๎†ฃ๎…๎‡œ๎„ช๎…ฒ๎€‚๎„›๎…ผ๎†ธ๎…Š๎€‚๎„›๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎‡€๎†ซ๎†ธ๎…ง๎…๎…ฒ๎…ƒ๎œ‰๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎…ง๎‡ฃ๎€‚๎€ƒ๎†ซ๎…๎ƒฟ๎…ฒ๎€‚๎„œ๎„ช๎…ฒ๎†ธ๎†ฃ๎ƒฟ๎…ง๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎€‚
๎…ผ๎…‚๎€‚ ๎€ง๎…ผ๎‡๎…ฒ๎†ธ๎…ผ๎‡๎…ฒ๎€‚ ๎†๎…ง๎‡€๎†ซ๎…Š๎…๎…ฒ๎…ƒ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎ƒฟ๎…๎†ฃ๎† ๎…ผ๎†ฃ๎†ธ๎œซ๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚ ๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚ ๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚ ๎จ๎ƒฟ๎‡๎‡€๎ƒฟ๎†ฃ๎„ฃ๎…๎ƒฟ๎œ๎€‚ ๎ƒ ๎…Š๎…๎…ง๎„ช๎€‚ ๎†ซ๎…ผ๎…ฐ๎„ช๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚ ๎…๎…ฒ๎€‚ ๎€ง๎…ผ๎‡๎…ฒ๎†ธ๎…ผ๎‡๎…ฒ๎€‚
๎†๎…ง๎‡€๎†ซ๎…Š๎…๎…ฒ๎…ƒ๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎…ฐ๎†ซ๎„ช๎…ง๎‡œ๎„ช๎†ซ๎€‚๎ƒฟ๎†ซ๎€‚๎ƒฟ๎…๎†ฃ๎† ๎…ผ๎†ฃ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฎ๎…Š๎„ช๎†ฃ๎ƒฟ๎†ธ๎…ผ๎…ฒ๎€‚๎จ๎ƒฟ๎‡๎‡€๎ƒฟ๎†ฃ๎„ฃ๎…๎ƒฟ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎†ธ๎…Š๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎†๎…ง๎‡€๎†ซ๎…Š๎…๎…ฒ๎…ƒ๎€‚
business community has become an equally important demand driver. The manager of the Sheraton told the
Consultant Team that, while airport business has dropped, non-airport business accounted for 50 percent of the
hotelโ€™s guests prior to the pandemic. Five new hotels opened in Downtown Flushing between 2010 and January
๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎€ฏ๎€ง๎€ ๎œ‰๎€‚๎…๎…ฒ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฐ๎ƒฟ๎…ฒ๎ƒฟ๎…ƒ๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฎ๎…Š๎„ช๎†ฃ๎ƒฟ๎†ธ๎…ผ๎…ฒ๎€‚๎จ๎ƒฟ๎‡๎‡€๎ƒฟ๎†ฃ๎„ฃ๎…๎ƒฟ๎€‚๎€ฏ๎ƒฟ๎†ซ๎†ธ๎œ‰๎€‚๎„ช๎‡ข๎† ๎†ฃ๎„ช๎†ซ๎†ซ๎„ช๎„ฃ๎€‚๎„œ๎…ผ๎…ฒ๎„œ๎„ช๎†ฃ๎…ฒ๎€‚๎ƒฟ๎„›๎…ผ๎‡€๎†ธ๎€‚
saturation in this market.
๎€ƒ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎†๎…ง๎‡€๎†ซ๎…Š๎…๎…ฒ๎…ƒ๎œ•๎จ๎‡๎€ƒ๎œ•๎ด๎…ผ๎†ฃ๎†ธ๎…Š๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎…๎†ซ๎€‚๎š’๎š๎œ๎š’๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ƒ๎€ง๎‚ฆ๎€‚๎…๎†ซ๎€‚๎•๎š๎š๎šŽ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚
๎…๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ซ๎†ธ๎€‚๎…๎…ฒ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎„›๎‡€๎†ธ๎€‚๎…ผ๎…ฒ๎…ง๎‡ฃ๎€‚๎†ธ๎‡๎…ผ๎€‚๎„ฃ๎…ผ๎…ง๎…ง๎ƒฟ๎†ฃ๎†ซ๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ค๎†๎ฆ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎ƒฟ๎†ฃ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎œ‰๎€‚
occupancy and ADR are down the least from their September 2019 levels, although these are also comparable to
the JFK submarket.
Queens Submarket Profile: Jamaica/JFK
Hotel development in Jamaica has been catalyzed by the development of the AirTrain with direct service to JFK, in
addition to the 2007 rezoning that created the Jamaica Downtown Special District. Jamaica hotels are attractive
๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎…ผ๎†ซ๎„ช๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎‡๎ƒฟ๎…ฒ๎†ธ๎€‚๎†ข๎‡€๎…๎„œ๎…ค๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„ช๎ƒฟ๎†ซ๎‡ฃ๎€‚๎ƒฟ๎„œ๎„œ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎ค๎†๎ฆ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„ฃ๎…ผ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎‡๎ƒฟ๎…ฒ๎†ธ๎€‚๎†ธ๎…ผ๎€‚๎† ๎ƒฟ๎‡ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…๎„œ๎„ช๎†ซ๎œ๎€‚๎ด๎„ช๎‡๎€‚
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎Ž๎…๎…ง๎†ธ๎…ผ๎…ฒ๎€‚๎‡๎ƒฟ๎†ฃ๎„ฃ๎„ช๎…ฒ๎€‚๎“๎…ฒ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎…ผ๎‡€๎†ฃ๎†ธ๎‡ฃ๎ƒฟ๎†ฃ๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎…‚๎…ผ๎„œ๎‡€๎†ซ๎€‚๎…ผ๎…ฒ๎€‚๎…Š๎…ผ๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎‡ต๎…ง๎…๎…ƒ๎…Š๎†ธ๎€‚๎„œ๎†ฃ๎„ช๎‡๎†ซ๎œ
On a net basis, this submarket was relatively unimpacted by COVID. Although there was a decline of over 400
midscale rooms, only one hotel with 60 rooms closed, and the new TWA hotel with 512 new Upscale rooms was
๎ƒฟ๎„ฃ๎„ฃ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎…ฒ๎„ช๎†ธ๎€‚๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎œ ๎š‘๎œ‰๎š“๎š๎š”๎œก๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎œ ๎š‘๎š๎œก๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ฃ๎„ช๎…ฐ๎ƒฟ๎…๎…ฒ๎„ช๎„ฃ๎€‚๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎…ง๎‡ฃ๎€‚๎‡€๎…ฒ๎„œ๎…Š๎ƒฟ๎…ฒ๎…ƒ๎„ช๎„ฃ๎œ‰๎€‚
although the impact of COVID is evident on occupancy and ADR. The September 2020 occupancy rate of 61.9
percent is 32.4 percent below its September 2019 level. ADR has fallen at a similar rate to $130. In addition,
according to pipeline data, the Jamaica/JFK submarket is projected to add 3,613 new hotel rooms, which is the
๎…Š๎…๎…ƒ๎…Š๎„ช๎†ซ๎†ธ๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎„ช๎‡ข๎„œ๎„ช๎† ๎†ธ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎‚ฎ๎…ผ๎‡€๎†ธ๎…Š๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚
Brooklyn
๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ธ๎…Š๎…๎†ฃ๎„ฃ๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎œ‰๎€‚๎…๎†ซ๎€‚๎ƒฟ๎€‚๎„ฃ๎‡ฃ๎…ฒ๎ƒฟ๎…ฐ๎…๎„œ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎…ฒ๎€‚๎†ข๎‡€๎…๎„œ๎…ค๎…ง๎‡ฃ๎€‚
over the past decade and encompasses a diverse typology of hotels, from the new business-oriented Select-
๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎„ฃ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎€ง๎…ผ๎‡๎…ฒ๎†ธ๎…ผ๎‡๎…ฒ๎œ‰๎€‚๎†ธ๎…ผ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎…ง๎„ช๎…๎†ซ๎‡€๎†ฃ๎„ช๎œซ๎…ผ๎†ฃ๎…๎„ช๎…ฒ๎†ธ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎†๎‡€๎…ง๎…ง๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ด๎…ผ๎†ฃ๎†ธ๎…Š๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎œ‰๎€‚๎†ธ๎…ผ๎€‚๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎‡๎…ผ๎‡๎ƒฟ๎…ฒ๎‡€๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฎ๎‡€๎…ฒ๎†ซ๎„ช๎†ธ๎€‚๎‚ฃ๎ƒฟ๎†ฃ๎…ค๎œ
๎€ƒ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎š“๎œ‰๎š‘๎š๎š๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎š“๎š”๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎œ๎€‚๎‚ฆ๎„ช๎‡ต๎…ง๎„ช๎„œ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎…๎„ฃ๎„ช๎†ฃ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎„ช๎‡œ๎…ผ๎…ง๎‡€๎†ธ๎…๎…ผ๎…ฒ๎€‚
of the Brooklyn market and the large upmarket hotels that have opened recently in Downtown, in addition to
relatively large independent hotels in North Brooklyn, STR ranks over 40 percent of the hotel rooms in Brooklyn
๎ƒฟ๎†ซ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎œ‰๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎š๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎ƒฟ๎†ซ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎š‘๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎ƒฟ๎†ซ๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎œ๎€‚๎ƒฆ๎„ช๎†ธ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎„ช๎†ฃ๎€‚๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚
market is evident in the fact that over one-third (37 percent) of the hotel rooms in the borough are in independent
properties and that nearly 75 percent of Brooklynโ€™s hotel properties have less than 100 rooms.
No hotels in Brooklyn closed as a result of the pandemic, and there was a net gain of four rooms. There was a
๎…ฐ๎ƒฟ๎†ฃ๎…ƒ๎…๎…ฒ๎ƒฟ๎…ง๎€‚๎„ฃ๎„ช๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎…ผ๎…‚๎€‚๎š๎šŒ๎š๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎š’๎š‘๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚๎„›๎‡€๎†ธ๎€‚๎ƒฟ๎…ฒ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎…ผ๎…‚๎€‚๎š๎š“๎šŽ๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ๎€‚๎€ƒ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚
๎‡๎ƒฟ๎†ซ๎€‚๎…ฒ๎…ผ๎€‚๎„œ๎…Š๎ƒฟ๎…ฒ๎…ƒ๎„ช๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎…๎†ธ๎€‚๎…๎†ซ๎€‚๎† ๎…ผ๎†ซ๎†ซ๎…๎„›๎…ง๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎œ‰๎€‚๎…๎…‚๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎ƒฟ๎…ง๎…ง๎œ‰๎€‚๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚
๎‡๎„ช๎†ฃ๎„ช๎€‚๎†ฃ๎„ช๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…๎†ซ๎€‚๎‡€๎…ง๎†ธ๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚๎„ฃ๎„ช๎†ธ๎„ช๎†ฃ๎…ฐ๎…๎…ฒ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎‚ฎ๎‚ผ๎‚ฆ๎€‚๎„›๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎€‚๎† ๎†ฃ๎…๎„œ๎„ช๎€‚๎† ๎…ผ๎…๎…ฒ๎†ธ๎œ๎€‚
๎€ง๎„ช๎†ซ๎† ๎…๎†ธ๎„ช๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚ ๎„ช๎‡ข๎† ๎ƒฟ๎…ฒ๎†ซ๎…๎…ผ๎…ฒ๎€‚ ๎…ผ๎…‚๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚ ๎…๎…ฒ๎€‚ ๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚ ๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚ ๎šŽ๎šŒ๎š๎šŒ๎œ‰๎€‚ ๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚ ๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚ ๎…ƒ๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚
increased until the start of the pandemic. Between 2016 and 2019, occupancy rates in the borough increased
from 78.9 percent to 84.3 percent, suggesting Brooklyn was able to absorb the substantial inventory of hotels
delivered in the past decade. It worth noting that Brooklyn occupancy rates were still slightly below the citywide
๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎…ผ๎…‚๎€‚๎š”๎š’๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎€‚๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎€ง๎„ช๎†ซ๎† ๎…๎†ธ๎„ช๎€‚๎…ฒ๎…ผ๎€‚๎„ช๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎œ‰๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚
clearly impacted by COVID-19, with a 36.6 percent decline in occupancy rates from September 2019 to September
๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎†ซ๎„ช๎„œ๎…ผ๎…ฒ๎„ฃ๎€‚๎…ผ๎…ฒ๎…ง๎‡ฃ๎€‚๎†ธ๎…ผ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚๎€ƒ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎…๎…ฒ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎…๎†ซ๎€‚๎š‘๎š‘๎œ๎š‘๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎œ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚๎…๎†ซ๎€‚
summarized in Figure 15.
As occupancy rates increased in Brooklyn between 2016 and 2019, ADRs also increased over the same time period,
suggesting strong demand in the borough. Average daily hotel rates in Brooklyn in 2016 were roughly $176 and
increased to $196 in just three years. This ADR trend also translates into increasing RevPAR in the borough.
๎‚ฎ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎œ‰๎€‚ ๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚ ๎…๎…ฒ๎€‚ ๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚ ๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚ ๎šŽ๎šŒ๎€‚ ๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚ ๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚ ๎šŽ๎šŒ๎š๎š’๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚ ๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚ ๎•๎š๎š๎š•๎€‚ ๎†ธ๎…ผ๎€‚ ๎•๎š๎š’๎š‘๎œ๎€‚ ๎Ž๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚
despite the recent strength of this market, Brooklynโ€™s ADRs fell 35.9 percent to $142 between September 2019
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…๎†ซ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎ƒฟ๎…ฐ๎„ช๎€‚๎†ธ๎…๎…ฐ๎„ช๎€‚๎† ๎„ช๎†ฃ๎…๎…ผ๎„ฃ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚
continued relative strength of the Brooklyn hotel market compared to the other boroughs remains evident as
๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎œน๎†ซ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎…๎†ซ๎€‚๎•๎š“๎š•๎œ๎šŒ๎š“๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„ช๎„œ๎…ผ๎…ฒ๎„ฃ๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ซ๎†ธ๎€‚๎ƒฟ๎…ฐ๎…ผ๎…ฒ๎…ƒ๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎€‚๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ฒ๎‡ข๎œ๎€‚๎€ƒ๎…ง๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚
๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ƒ๎€ง๎‚ฆ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎…‚๎ƒฟ๎…ง๎…ง๎„ช๎…ฒ๎€‚๎…๎…ฒ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎ƒฟ๎†ธ๎€‚๎…ƒ๎†ฃ๎„ช๎ƒฟ๎†ธ๎„ช๎†ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎œ‰๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎…๎†ซ๎€‚๎†ซ๎†ธ๎…๎…ง๎…ง๎€‚๎†ซ๎…ง๎…๎…ƒ๎…Š๎†ธ๎…ง๎‡ฃ๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ฃ๎€‚
in Brooklyn.
5655
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
FIGURE 16: BROOKLYN HOTEL MARKET TRENDS, JANUARY 2018โ€“SEPTEMBER 2020
$50
$100
$150
$200
$250
Sept. 2020
July 2020
Apr. 2020
Jan. 2020
Oct. 2019
July 2019
Apr. 2019
Jan. 2019
Oct. 2018
July 2018
Apr. 2018
Jan. 2018
SOURCE: STR, 2020.
Brooklyn also has numerous distinct submarkets. Downtown Brooklyn/Gowanus/Red Hook encompasses the
๎€ ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎„œ๎„ช๎…ฒ๎†ธ๎†ฃ๎ƒฟ๎…ง๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎€‚๎…ผ๎‡€๎†ธ๎†ซ๎…๎„ฃ๎„ช๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎†ฃ๎ƒฟ๎† ๎…๎„ฃ๎…ง๎‡ฃ๎€‚๎„œ๎…Š๎ƒฟ๎…ฒ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎…๎ƒฟ๎…ง๎€‚๎…ฒ๎„ช๎…๎…ƒ๎…Š๎„›๎…ผ๎†ฃ๎…Š๎…ผ๎…ผ๎„ฃ๎†ซ๎€‚
along the Gowanus Canal and the South Brooklyn waterfront. North Brooklyn includes Williamsburg and
๎‡๎†ฃ๎„ช๎„ช๎…ฒ๎† ๎…ผ๎…๎…ฒ๎†ธ๎œ‰๎€‚ ๎†ธ๎‡๎…ผ๎€‚ ๎…ฒ๎„ช๎…๎…ƒ๎…Š๎„›๎…ผ๎†ฃ๎…Š๎…ผ๎…ผ๎„ฃ๎†ซ๎€‚ ๎†ธ๎…Š๎ƒฟ๎†ธ๎œ‰๎€‚ ๎„ฃ๎„ช๎†ซ๎† ๎…๎†ธ๎„ช๎€‚ ๎†ธ๎…Š๎„ช๎…๎†ฃ๎€‚ ๎…ง๎ƒฟ๎„œ๎…ค๎€‚ ๎…ผ๎…‚๎€‚ ๎„ฃ๎…๎†ฃ๎„ช๎„œ๎†ธ๎€‚ ๎†ซ๎‡€๎„›๎‡๎ƒฟ๎‡ฃ๎€‚ ๎†ซ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚ ๎†ธ๎…ผ๎€‚ ๎ฒ๎…๎„ฃ๎†ธ๎…ผ๎‡๎…ฒ๎€‚ ๎…ผ๎†ฃ๎€‚ ๎€ง๎…ผ๎‡๎…ฒ๎†ธ๎…ผ๎‡๎…ฒ๎€‚
๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎„ช๎„ฃ๎€‚๎ƒฟ๎€‚๎„œ๎…ง๎‡€๎†ซ๎†ธ๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎†๎‡€๎…ง๎…ง๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ๎€‚๎ƒ ๎…Š๎…๎…ง๎„ช๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎€‚๎…๎†ซ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎ƒฟ๎…ฒ๎ƒฟ๎…ง๎‡ฃ๎‡ญ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎…ฐ๎€‚
in detail, Brooklyn has also recently developed additional clusters of hotels in Greenwood/Sunset Park and along
the Atlantic Avenue corridor east of Flatbush Avenue.
๎‚ผ๎…Š๎„ช๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎†ซ๎€‚๎„ฃ๎†ฃ๎…๎‡œ๎„ช๎…ฒ๎€‚๎„›๎‡ฃ๎€‚๎†ซ๎„ช๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ง๎€‚๎…‚๎ƒฟ๎„œ๎†ธ๎…ผ๎†ฃ๎†ซ๎œ‰๎€‚๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎…ฒ๎€‚๎„ช๎‡ข๎ƒฟ๎„œ๎†ธ๎€‚๎…ง๎…ผ๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎‡๎…๎†ธ๎…Š๎…๎…ฒ๎€‚
the borough. The Downtown Brooklyn hotel market is focused on New York Cityโ€™s largest Central Business
๎€ง๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎€‚๎…ผ๎‡€๎†ธ๎†ซ๎…๎„ฃ๎„ช๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…ฐ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎œซ๎…ผ๎†ฃ๎…๎„ช๎…ฒ๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎„ช๎…ง๎„ช๎„œ๎†ธ๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†๎‡€๎…ง๎…ง๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎œ‰๎€‚๎‡๎…Š๎…๎…ง๎„ช๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚
๎„›๎„ช๎…ฒ๎„ช๎‡ฟ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎…๎†ธ๎†ซ๎€‚๎† ๎…ผ๎†ซ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚๎ƒฟ๎†ซ๎€‚๎ƒฟ๎€‚๎…ฐ๎ƒฟ๎…ก๎…ผ๎†ฃ๎€‚๎†ซ๎‡€๎„›๎‡๎ƒฟ๎‡ฃ๎€‚๎†ธ๎†ฃ๎ƒฟ๎…ฒ๎†ซ๎† ๎…ผ๎†ฃ๎†ธ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…Š๎‡€๎„›๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎„ช๎ƒฟ๎†ซ๎‡ฃ๎€‚๎ƒฟ๎„œ๎„œ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚๎“๎…ฒ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎œ‰๎€‚
๎‡๎…๎†ธ๎…Š๎€‚๎ƒฟ๎…ฐ๎„ช๎…ฒ๎…๎†ธ๎…๎„ช๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎€ƒ๎„œ๎ƒฟ๎„ฃ๎„ช๎…ฐ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎ฒ๎‡€๎†ซ๎…๎„œ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎€‚๎‡œ๎…๎„›๎†ฃ๎ƒฟ๎…ฒ๎†ธ๎€‚๎†ฃ๎„ช๎†ธ๎ƒฟ๎…๎…ง๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„ช๎‡œ๎…ผ๎…ง๎‡œ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ธ๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎‚ฃ๎…ผ๎…๎…ฒ๎†ธ๎œ•๎€ง๎„ช๎ฆ๎ƒฟ๎…ง๎„›๎€‚
๎ฒ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎‡€๎†ฃ๎†ฃ๎…ผ๎‡€๎…ฒ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎…ฒ๎„ช๎…๎…ƒ๎…Š๎„›๎…ผ๎†ฃ๎…Š๎…ผ๎…ผ๎„ฃ๎†ซ๎œ‰๎€‚๎€ง๎…ผ๎‡๎…ฒ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„›๎„ช๎„œ๎…ผ๎…ฐ๎„ช๎€‚๎ƒฟ๎€‚๎„ฃ๎„ช๎†ซ๎†ธ๎…๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎…๎†ธ๎†ซ๎€‚ ๎…ผ๎‡๎…ฒ๎€‚๎†ฃ๎…๎…ƒ๎…Š๎†ธ๎œ๎€‚
๎‚ผ๎…ผ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎†ซ๎…ผ๎‡€๎†ธ๎…Š๎€‚๎…ผ๎…‚๎€‚ ๎€ง๎…ผ๎‡๎…ฒ๎†ธ๎…ผ๎‡๎…ฒ๎œ‰๎€‚๎‡๎…ผ๎‡๎ƒฟ๎…ฒ๎‡€๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฎ๎‡€๎…ฒ๎†ซ๎„ช๎†ธ๎€‚ ๎‚ฃ๎ƒฟ๎†ฃ๎…ค๎€‚ ๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎€‚๎…ฐ๎‡€๎…ง๎†ธ๎…๎† ๎…ง๎„ช๎€‚๎† ๎ƒฟ๎†ฃ๎„œ๎„ช๎…ง๎†ซ๎€‚ ๎…๎…ฒ๎€‚๎จ๎…๎…ƒ๎…Š๎†ธ๎€‚๎ฒ๎ƒฟ๎…ฒ๎‡€๎…‚๎ƒฟ๎„œ๎†ธ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎†ซ๎€‚
๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎…๎„ฃ๎„ช๎ƒฟ๎…ง๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎„›๎„ช๎…ฒ๎„ช๎‡ฟ๎†ธ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎„ช๎ƒฟ๎†ซ๎‡ฃ๎€‚๎ƒฟ๎„œ๎„œ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎…ผ๎€‚
๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…ง๎„ช๎…๎†ซ๎‡€๎†ฃ๎„ช๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎œ๎€‚๎ƒ ๎…Š๎…๎…ง๎„ช๎€‚๎€ง๎…ผ๎‡๎…ฒ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„ช๎…ฒ๎‡œ๎…๎†ฃ๎…ผ๎…ฒ๎†ซ๎€‚๎„ช๎‡ข๎† ๎„ช๎†ฃ๎…๎„ช๎…ฒ๎„œ๎„ช๎„ฃ๎€‚๎ƒฟ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„›๎…ผ๎…ผ๎…ฐ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚
2010 and 2017, no new hotels have opened in this submarket since 2017.
Brooklyn Submarket Profile: Downtown/Gowanus/Red Hook
Downtown Brooklyn is the oldest and most established submarket in the borough and home to Brooklynโ€™s largest
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ง๎…ผ๎…ฒ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎„ช๎†ซ๎†ธ๎ƒฟ๎„›๎…ง๎…๎†ซ๎…Š๎„ช๎„ฃ๎€‚๎†๎‡€๎…ง๎…ง๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎š’๎š’๎š’๎œซ๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎€Ÿ๎†ฃ๎…๎„ฃ๎…ƒ๎„ช๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎œ๎€‚๎“๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎„ฃ๎„ช๎„œ๎ƒฟ๎„ฃ๎„ช๎œ‰๎€‚
the Downtown business district has seen other large Upscale hotels develop that cater to the business traveler,
including the 200-room Brooklyn Hilton and the 245-room Brooklyn Holiday Inn.
๎‡๎…ผ๎‡๎ƒฟ๎…ฒ๎‡€๎†ซ๎€‚ ๎‡๎ƒฟ๎†ซ๎€‚ ๎…ผ๎…ฒ๎„ช๎€‚ ๎…ผ๎…‚๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎‡ฟ๎†ฃ๎†ซ๎†ธ๎€‚ ๎…ฒ๎„ช๎…๎…ƒ๎…Š๎„›๎…ผ๎†ฃ๎…Š๎…ผ๎…ผ๎„ฃ๎†ซ๎€‚ ๎…๎…ฒ๎€‚ ๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚ ๎…ผ๎‡€๎†ธ๎†ซ๎…๎„ฃ๎„ช๎€‚ ๎€ง๎…ผ๎‡๎…ฒ๎†ธ๎…ผ๎‡๎…ฒ๎€‚ ๎†ธ๎…ผ๎€‚ ๎„ช๎‡ข๎† ๎„ช๎†ฃ๎…๎„ช๎…ฒ๎„œ๎„ช๎€‚ ๎…ƒ๎†ฃ๎…ผ๎‡๎†ธ๎…Š๎€‚ ๎…๎…ฒ๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚
๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎œ๎€‚๎†๎…ผ๎†ฃ๎€‚๎„ช๎‡ข๎ƒฟ๎…ฐ๎† ๎…ง๎„ช๎œ‰๎€‚๎…๎…ฒ๎€‚ ๎šŽ๎šŒ๎šŒ๎š“๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚ ๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎‡€๎† ๎† ๎„ช๎†ฃ๎€‚ ๎…ฐ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎จ๎„ช๎€Ÿ๎…ง๎„ช๎‡€๎€‚๎…ผ๎† ๎„ช๎…ฒ๎„ช๎„ฃ๎€‚ ๎…ผ๎…ฒ๎€‚๎š๎†ธ๎…Š๎€‚๎€ƒ๎‡œ๎„ช๎…ฒ๎‡€๎„ช๎€‚๎…๎…ฒ๎€‚
๎‡๎…ผ๎‡๎ƒฟ๎…ฒ๎‡€๎†ซ๎œ๎€‚ ๎†๎‡€๎†ฃ๎†ธ๎…Š๎„ช๎†ฃ๎œ‰๎€‚ ๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚ ๎šŽ๎šŒ๎šŒ๎š’๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎šŽ๎šŒ๎š๎š๎œ‰๎€‚ ๎ƒฟ๎€‚ ๎Ž๎…ผ๎…ง๎…๎„ฃ๎ƒฟ๎‡ฃ๎€‚ ๎“๎…ฒ๎…ฒ๎€‚ ๎€ฏ๎‡ข๎† ๎†ฃ๎„ช๎†ซ๎†ซ๎œ‰๎€‚ ๎‚ฎ๎‡€๎† ๎„ช๎†ฃ๎€‚ ๎š”๎œ‰๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎†๎ƒฟ๎…๎†ฃ๎‡ฟ๎„ช๎…ง๎„ฃ๎€‚ ๎“๎…ฒ๎…ฒ๎€‚ ๎…ผ๎† ๎„ช๎…ฒ๎„ช๎„ฃ๎€‚ ๎‡๎…๎†ธ๎…Š๎…๎…ฒ๎€‚
blocks of each other near 3rd Avenue and Union Street. Since 2011, Gowanus has seen the delivery of two upscale
hotels, both under the Ascend Collection of the Choice Hotels brand. With an occupancy rate of 47.4 percent in
September 2020 and an ADR of $142, the RevPAR of $67.20 is the lowest in Brooklyn. Indeed, occupancy is down
nearly 50 percent from September 2019, which represents the largest decrease in all Brooklyn submarkets.
Brooklyn Submarket Profile: North Brooklyn
North Brooklyn, encompassing the neighborhoods of Williamsburg, Greenpoint, and Bushwick, is a dynamic
and fast-growing hotel submarket that has grown almost entirely in the past ten years. Today, this submarket
๎„›๎…ผ๎ƒฟ๎†ซ๎†ธ๎†ซ๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎š๎œ‰๎š’๎š‘๎šŒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎š๎š‘๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎š’๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎…๎‡ฟ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎„›๎‡ฃ๎€‚๎‚ฎ๎‚ผ๎‚ฆ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚
hotel inventory here is largely in independent hotels, such as the William Vale, Wythe, Williamsburg, and Condor
hotels that cater to a fashionable, young, and international clientele. It is not uncommon for these properties to
๎„œ๎…ผ๎…ฐ๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ƒ๎€ง๎‚ฆ๎†ซ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎†ฃ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎†ธ๎…ผ๎€‚๎…ผ๎†ฃ๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚๎€ ๎‡€๎†ซ๎†ธ๎…ผ๎…ฐ๎„ช๎†ฃ๎†ซ๎€‚๎ƒฟ๎†ธ๎€‚๎ด๎…ผ๎†ฃ๎†ธ๎…Š๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…ƒ๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚
๎ƒฟ๎†ฃ๎„ช๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎…ง๎…ผ๎…ผ๎…ค๎…๎…ฒ๎…ƒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…ง๎„ช๎†ซ๎†ซ๎€‚๎„ช๎‡ข๎† ๎„ช๎…ฒ๎†ซ๎…๎‡œ๎„ช๎€‚๎…ผ๎† ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎„ช๎ƒฟ๎†ซ๎‡ฃ๎€‚๎ƒฟ๎„œ๎„œ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎†ธ๎…Š๎…ผ๎†ซ๎„ช๎€‚๎…๎…ฒ๎€‚๎‡๎…ผ๎‡๎ƒฟ๎…ฒ๎‡€๎†ซ๎œ๎€‚๎€ƒ๎„œ๎„œ๎…ผ๎†ฃ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚
to hotel developers and others with whom the Consultant Team spoke, for hotel guests in North Brooklyn, North
๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎…๎†ซ๎€‚๎…ผ๎‡ฝ๎†ธ๎„ช๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎†ฃ๎…๎…ฐ๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎„ฃ๎„ช๎†ซ๎†ธ๎…๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ๎€‚
The September 2020 occupancy rate is 47.1 percent, which is the lowest among Brooklyn submarkets, while the
ADR is $171, which is the highest among Brooklyn submarkets. As a result, the RevPAR of $80.25 is almost equal
to the borough average of $79.07.
Brooklyn Submarket Profile: Remainder of Brooklyn
The largest cluster of hotels in Brooklyn outside the Downtown/Gowanus and North Brooklyn submarkets is
Sunset Park, particularly along 4th Avenue and 39th Street. Tourists are attracted to ADRs that have been far
๎„›๎„ช๎…ง๎…ผ๎‡๎€‚๎†ธ๎…Š๎…ผ๎†ซ๎„ช๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ง๎…ผ๎‡๎…ฒ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎œ ๎ƒฟ๎†ซ๎€‚๎…ง๎…๎†ธ๎†ธ๎…ง๎„ช๎€‚๎ƒฟ๎†ซ๎€‚๎•๎š๎š๎šŒ๎€‚๎† ๎„ช๎†ฃ๎€‚๎…ฒ๎…๎…ƒ๎…Š๎†ธ๎€‚๎„ฃ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎„œ๎„ช๎†ฃ๎†ธ๎ƒฟ๎…๎…ฒ๎€‚๎†ธ๎…๎…ฐ๎„ช๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎œก๎œ‰๎€‚
while still having direct access to the subway.
5857
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
๎‚ผ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„œ๎‡€๎†ฃ๎†ฃ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎†ธ๎„ช๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎ƒฟ๎œ‰๎€‚๎…ฒ๎…๎…ฒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…ผ๎† ๎„ช๎…ฒ๎„ช๎„ฃ๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚๎šŽ๎šŒ๎š๎šŒ๎œ๎€‚๎ฒ๎…ผ๎†ซ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎†ซ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚
๎…ผ๎†ฃ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎œ‰๎€‚๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎„›๎‡€๎…๎…ง๎†ธ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎‡๎†ฃ๎„ช๎„ช๎…ฒ๎‡๎…ผ๎…ผ๎„ฃ๎€‚๎Ž๎„ช๎…๎…ƒ๎…Š๎†ธ๎†ซ๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎…ผ๎†ฃ๎†ธ๎…Š๎„ช๎†ฃ๎…ฒ๎€‚๎„ช๎„ฃ๎…ƒ๎„ช๎€‚
๎…ผ๎…‚๎€‚๎‚ฎ๎‡€๎…ฒ๎†ซ๎„ช๎†ธ๎€‚๎‚ฃ๎ƒฟ๎†ฃ๎…ค๎œ๎€‚๎ฒ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎†ซ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…‚๎…ผ๎…ง๎…ง๎…ผ๎‡๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎† ๎†ฃ๎…ผ๎„ฃ๎‡€๎„œ๎†ธ๎€‚๎…ฐ๎…ผ๎„ฃ๎„ช๎…ง๎€‚๎…ผ๎…‚๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚
that opened earlier in Gowanus, along the R subway line to the north. Because of land prices, these hotels can
๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎€‚๎€ƒ๎€ง๎‚ฆ๎†ซ๎€‚๎…ง๎…ผ๎‡๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎†ธ๎…Š๎…ผ๎†ซ๎„ช๎€‚๎…๎…ฒ๎€‚๎‡๎…ผ๎‡๎ƒฟ๎…ฒ๎‡€๎†ซ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎†ซ๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎€‚๎š๎œ‰๎šŽ๎š๎š๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚๎„›๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚๎† ๎…๎† ๎„ช๎…ง๎…๎…ฒ๎„ช๎€‚๎„ฃ๎ƒฟ๎†ธ๎ƒฟ๎œ‰๎€‚
representing over half of all pipeline rooms in Brooklyn.
Other noteworthy hotel clusters include East New York/Brownsville, and the Atlantic Avenue corridor in Crown
Heights. Hotels in East New York/Brownsville tend to be Economy class branded hotels, such as Days Inn. Hotels
on the Atlantic Avenue corridor have historically also been Economy class. However, two new independent
๎„›๎…ผ๎‡€๎†ธ๎…๎†ข๎‡€๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎…ผ๎† ๎„ช๎…ฒ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎ƒฟ๎†ซ๎†ธ๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ‰๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎š๎š๎œซ๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎š‘๎š”๎œซ๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎จ๎‡ฃ๎…ฒ๎‡ข๎œ๎€‚
This submarket was particularly resilient to the effects of COVID-19, as occupancy rates fell by less than 20
percent since September 2019 to 72.3 percent in September 2020. Similarly, ADRs are $131, which is down
19.7 percent from September 2019. The RevPAR of $94.43 is considerably higher than the Brooklyn average,
is the second highest in the City after the Bronx, and equals the September 2020 RevPAR in the Uptown
๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ๎€‚
The Bronx
๎‚ผ๎…Š๎„ช๎†ฃ๎„ช๎€‚ ๎ƒฟ๎†ฃ๎„ช๎€‚ ๎„œ๎‡€๎†ฃ๎†ฃ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚ ๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎‡ข๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚ ๎šŽ๎š’๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚ ๎…๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎€Ÿ๎†ฃ๎…ผ๎…ฒ๎‡ข๎€‚ ๎‡๎…๎†ธ๎…Š๎€‚ ๎š๎œ‰๎š๎š”๎š๎€‚ ๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚ ๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ๎€‚ ๎ฒ๎…ผ๎†ซ๎†ธ๎€‚ ๎…ผ๎…‚๎€‚ ๎†ธ๎…Š๎„ช๎†ซ๎„ช๎€‚
๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎œ‰๎€‚๎…Š๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…ง๎„ฃ๎„ช๎†ฃ๎€‚๎…ฐ๎…ผ๎†ธ๎…ผ๎†ฃ๎€‚๎…๎…ฒ๎…ฒ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎œซ๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎„ช๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ๎€‚๎ฟ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎€‚
๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎€‚๎จ๎…ผ๎„ฃ๎…ƒ๎„ช๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎„›๎‡€๎…๎…ง๎†ธ๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎šŒ๎šŒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎…ฒ๎…ผ๎€‚๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎„ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎‡€๎…ฒ๎†ธ๎…๎…ง๎€‚๎šŽ๎šŒ๎šŒ๎š’๎œ‰๎€‚๎‡๎…Š๎„ช๎…ฒ๎€‚
๎†ธ๎…Š๎„ช๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ฒ๎‡ข๎€‚๎Ž๎…ผ๎‡๎ƒฟ๎†ฃ๎„ฃ๎€‚๎ค๎…ผ๎…Š๎…ฒ๎†ซ๎…ผ๎…ฒ๎œน๎†ซ๎€‚๎…ผ๎† ๎„ช๎…ฒ๎„ช๎„ฃ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎š๎š‘๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…ผ๎…ฒ๎€‚๎€ฏ๎œ๎€‚๎‚ผ๎†ฃ๎„ช๎…ฐ๎…ผ๎…ฒ๎†ธ๎€‚๎€ƒ๎‡œ๎„ช๎…ฒ๎‡€๎„ช๎œ๎€‚๎“๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎ƒฟ๎†ซ๎†ธ๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ‰๎€‚๎…Š๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎…‚๎…ผ๎‡€๎†ฃ๎€‚
๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ฃ๎€‚๎†ข๎‡€๎ƒฟ๎…ง๎…๎†ธ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎…ผ๎† ๎„ช๎…ฒ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ฒ๎‡ข๎€‚๎œจ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฆ๎„ช๎†ซ๎…๎„ฃ๎„ช๎…ฒ๎„œ๎„ช๎€‚๎“๎…ฒ๎…ฒ๎€‚๎„›๎‡ฃ๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎€‚๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎Ž๎‡€๎†ธ๎„œ๎…Š๎…๎…ฒ๎†ซ๎…ผ๎…ฒ๎€‚๎ฒ๎„ช๎†ธ๎†ฃ๎…ผ๎€‚
๎€ ๎„ช๎…ฒ๎†ธ๎„ช๎†ฃ๎€‚๎œ ๎š๎šŽ๎š‘๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œก๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎Ž๎…ผ๎…ง๎…๎„ฃ๎ƒฟ๎‡ฃ๎€‚๎“๎…ฒ๎…ฒ๎€‚๎€ฏ๎‡ข๎† ๎†ฃ๎„ช๎†ซ๎†ซ๎€‚๎ƒฟ๎†ธ๎€‚๎ƒฆ๎ƒฟ๎…ฒ๎…ค๎„ช๎„ช๎€‚๎‚ฎ๎†ธ๎ƒฟ๎„ฃ๎…๎‡€๎…ฐ๎€‚ ๎œ ๎š”๎š‘๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œก๎œ‰๎€‚๎ƒฟ๎€‚ ๎€ ๎…ผ๎…ฐ๎…‚๎…ผ๎†ฃ๎†ธ๎€‚๎“๎…ฒ๎…ฒ๎€‚๎…๎…ฒ๎€‚ ๎ฒ๎…ผ๎†ธ๎†ธ๎€‚๎Ž๎ƒฟ๎‡œ๎„ช๎…ฒ๎€‚๎œ ๎š”๎š๎€‚
rooms), and the Best Western Plus Stadium Inn (60 rooms). Two independent boutique hotels have also opened
in The Hub, the Umbrella Hotel and the Opera House Hotel.
The Bronx has a small but growing hotel inventory, with almost half of the current rooms built since 2010. From
a base of 716 rooms in 2010, almost all of which were Economy class hotels, the Bronxโ€™s hotel supply has added
about 670 rooms in 10 properties, an average of 67 rooms and one hotel per year. While the majority of these new
hotels have been Economy class, the Bronx has also gained two new Upscale hotels, the Residence Inn and the
๎„›๎…ผ๎‡€๎†ธ๎…๎†ข๎‡€๎„ช๎€‚๎ƒƒ๎…ฐ๎„›๎†ฃ๎„ช๎…ง๎…ง๎ƒฟ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎Ž๎‡€๎„›๎œ‰๎€‚๎ƒฟ๎†ซ๎€‚๎‡๎„ช๎…ง๎…ง๎€‚๎ƒฟ๎†ซ๎€‚๎…‚๎…ผ๎‡€๎†ฃ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎†ซ๎…๎†ธ๎‡€๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎…ผ๎‡€๎†ธ๎…Š๎„ช๎†ฃ๎…ฒ๎€‚๎„›๎…ผ๎†ฃ๎„ฃ๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚
๎€Ÿ๎†ฃ๎…ผ๎…ฒ๎‡ข๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎„ช๎ƒฟ๎†ซ๎‡ฃ๎€‚๎ƒฟ๎„œ๎„œ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ
๎‚ผ๎…Š๎„ช๎€‚๎‡œ๎…๎†ซ๎…๎†ธ๎…ผ๎†ฃ๎€‚๎† ๎†ฃ๎…ผ๎‡ฟ๎…ง๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ฒ๎‡ข๎€‚๎…๎†ซ๎€‚๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎…ผ๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎œน๎†ซ๎€‚๎„›๎…๎…ƒ๎…ƒ๎„ช๎†ซ๎†ธ๎œ‰๎€‚๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎‡€๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎œ‰๎€‚
๎†ธ๎…Š๎„ช๎€‚๎‚ฆ๎„ช๎†ซ๎…๎„ฃ๎„ช๎…ฒ๎„œ๎„ช๎€‚๎“๎…ฒ๎…ฒ๎€‚๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎Ž๎‡€๎†ธ๎„œ๎…Š๎…๎…ฒ๎†ซ๎…ผ๎…ฒ๎€‚๎ฒ๎„ช๎†ธ๎†ฃ๎…ผ๎€‚๎€ ๎„ช๎…ฒ๎†ธ๎„ช๎†ฃ๎œ‰๎€‚๎†ซ๎„ช๎†ฃ๎‡œ๎„ช๎†ซ๎€‚๎…ƒ๎‡€๎„ช๎†ซ๎†ธ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„ฃ๎…ผ๎…๎…ฒ๎…ƒ๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎† ๎ƒฟ๎†ฃ๎…ค๎€‚๎…ผ๎†ฃ๎€‚๎…๎…ฒ๎€‚
๎…ฒ๎„ช๎ƒฟ๎†ฃ๎„›๎‡ฃ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎„œ๎…Š๎„ช๎†ซ๎†ธ๎„ช๎†ฃ๎€‚๎€ ๎…ผ๎‡€๎…ฒ๎†ธ๎‡ฃ๎œ‰๎€‚๎…๎…ฒ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎‡œ๎…๎†ซ๎…๎†ธ๎…ผ๎†ฃ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎„›๎‡ฃ๎€‚๎€ƒ๎…ง๎„›๎„ช๎†ฃ๎†ธ๎€‚๎€ฏ๎…๎…ฒ๎†ซ๎†ธ๎„ช๎…๎…ฒ๎€‚๎€ ๎…ผ๎…ง๎…ง๎„ช๎…ƒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎ฒ๎„ช๎„ฃ๎…๎„œ๎…๎…ฒ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฒ๎„ช๎†ฃ๎„œ๎‡ฃ๎€‚๎€ ๎…ผ๎…ง๎…ง๎„ช๎…ƒ๎„ช๎œ
๎“๎†ธ๎€‚๎…๎†ซ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎„ช๎ƒฟ๎†ซ๎…๎…ง๎‡ฃ๎€‚๎ƒฟ๎„œ๎„œ๎„ช๎†ซ๎†ซ๎…๎„›๎…ง๎„ช๎€‚๎„›๎‡ฃ๎€‚๎† ๎‡€๎„›๎…ง๎…๎„œ๎€‚๎†ธ๎†ฃ๎ƒฟ๎…ฒ๎†ซ๎…๎†ธ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„ฃ๎…ผ๎„ช๎†ซ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎…ƒ๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎†ซ๎„ช๎†ฃ๎‡œ๎„ช๎€‚๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎†ธ๎†ซ๎€‚๎‡๎…Š๎…ผ๎€‚๎‡๎ƒฟ๎…ฒ๎†ธ๎€‚๎ƒฟ๎„œ๎„œ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚
The Holiday Inn Express at Yankee Stadium and Comfort Inn both serve guests who want to be near Yankee
๎‚ฎ๎†ธ๎ƒฟ๎„ฃ๎…๎‡€๎…ฐ๎€‚๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…ผ๎‡€๎†ฃ๎†ธ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎†ธ๎†ซ๎€‚๎…ง๎…ผ๎…ผ๎…ค๎…๎…ฒ๎…ƒ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎„ช๎ƒฟ๎†ซ๎‡ฃ๎€‚๎†ซ๎‡€๎„›๎‡๎ƒฟ๎‡ฃ๎€‚๎ƒฟ๎„œ๎„œ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎†ธ๎€‚๎€ƒ๎€ง๎‚ฆ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒฟ๎€‚๎…‚๎†ฃ๎ƒฟ๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚
๎†ธ๎…Š๎…ผ๎†ซ๎„ช๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎œ ๎†ซ๎…ผ๎…ฐ๎„ช๎†ธ๎…๎…ฐ๎„ช๎†ซ๎€‚๎ƒฟ๎†ซ๎€‚๎…ง๎…ผ๎‡๎€‚๎ƒฟ๎†ซ๎€‚๎•๎š๎š๎šŒ๎€‚๎† ๎„ช๎†ฃ๎€‚๎…ฒ๎…๎…ƒ๎…Š๎†ธ๎œ‰๎€‚๎† ๎†ฃ๎…๎…ผ๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œก๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎Ž๎‡€๎„›๎€‚๎†ซ๎„ช๎†ฃ๎‡œ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎ƒฟ๎…ฐ๎„ช๎€‚
market segment, as well as hotels near Fordham University that also serve the University market.
The Bronx hotel market is very new, and its market demand is being tested. The Comfort Inn and Holiday Inn
Express have shown favorable occupancy rates and new hotels are planned in the South Bronx by local developers,
๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎€‚๎š๎š‘๎šŒ๎œซ๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎Ž๎ƒฟ๎…ฐ๎† ๎†ธ๎…ผ๎…ฒ๎€‚๎“๎…ฒ๎…ฒ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎‡๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎„›๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…๎…ƒ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎€‚๎† ๎…ง๎ƒฟ๎…ฒ๎…ฒ๎„ช๎„ฃ๎€‚๎š๎š๎šŒ๎œซ๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎จ๎ƒฟ๎€‚
๎‚ฅ๎‡€๎…๎…ฒ๎†ธ๎ƒฟ๎€‚๎“๎…ฒ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎‚ฃ๎…ผ๎†ฃ๎†ธ๎€‚๎ฒ๎…ผ๎†ฃ๎†ฃ๎…๎†ซ๎œ
As the Bronx hotel market is new, STR has only recently begun to track it separately. Between 2016 and 2019,
occupancy rates increased by nearly ten percentage points, from roughly 72 to 82 percent. Over that same
time period, ADRs in the Bronx also increased, from a 2016 average rate of $145 to $178 in 2019. These trends
๎†ฃ๎‡€๎…ฒ๎€‚ ๎„œ๎…ผ๎…ฒ๎†ธ๎†ฃ๎ƒฟ๎†ฃ๎‡ฃ๎€‚ ๎†ธ๎…ผ๎€‚ ๎„›๎†ฃ๎…ผ๎ƒฟ๎„ฃ๎„ช๎†ฃ๎€‚ ๎€ ๎…๎†ธ๎‡ฃ๎‡๎…๎„ฃ๎„ช๎€‚ ๎†ธ๎†ฃ๎„ช๎…ฒ๎„ฃ๎†ซ๎€‚ ๎„›๎‡€๎†ธ๎€‚ ๎ƒฟ๎†ฃ๎„ช๎€‚ ๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎†ฃ๎ƒฟ๎„›๎…ง๎„ช๎€‚ ๎†ธ๎…ผ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚ ๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎€‚ ๎…ผ๎‡€๎†ธ๎†ซ๎…๎„ฃ๎„ช๎€‚ ๎…ผ๎…‚๎€‚ ๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚
๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎…ฒ๎…ผ๎†ธ๎ƒฟ๎„›๎…ง๎‡ฃ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎œ๎€‚๎€Ÿ๎„ช๎„œ๎ƒฟ๎‡€๎†ซ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎…๎…ฒ๎…ƒ๎€‚๎€ƒ๎€ง๎‚ฆ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎œ‰๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ฒ๎‡ข๎€‚
๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š’๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎š๎š•๎œ๎€‚๎†๎†ฃ๎…ผ๎…ฐ๎€‚๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎…ฒ๎‡€๎ƒฟ๎…ง๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎…ผ๎…‚๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎•๎š๎šŒ๎š‘๎€‚๎† ๎„ช๎†ฃ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š’๎œ‰๎€‚
revenue per available room increased nearly 40 percent through 2019, reaching $146 per available room. With
a stable demand base, the Bronx has the highest pandemic RevPAR in September 2020, at $100.16, which is
product of a 66 percent occupancy rate and $152 ADR, both the highest of any borough. This may be due to a
previously limited market experiencing greater demand from government contracts.
FIGURE 17: BRONX HOTEL MARKET TRENDS, JANUARY 2018โ€“SEPTEMBER 2020
$50
$100
$150
$200
Sept. 2020
July 2020
Apr. 2020
Jan. 2020
Oct. 2019
July 2019
Apr. 2019
Jan. 2019
Oct. 2018
July 2018
Apr. 2018
Jan. 2018
SOURCE: STR, 2020.
6059
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
Staten Island
With fewer than 800 rooms in less than ten individual hotel properties, Staten Island has the smallest hotel
๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ๎€‚๎€Ÿ๎„ช๎„œ๎ƒฟ๎‡€๎†ซ๎„ช๎€‚๎…ผ๎…‚๎€‚๎…๎†ธ๎†ซ๎€‚๎„ฃ๎…๎†ซ๎†ธ๎ƒฟ๎…ฒ๎„œ๎„ช๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œ‰๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎…ฒ๎€‚๎“๎†ซ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎œน๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎†ซ๎€‚๎„ฃ๎…๎‡ณ๎…‚๎„ช๎†ฃ๎„ช๎…ฒ๎†ธ๎€‚
from the other boroughsโ€™ in that it is much more of a stand-alone market that serves a more local clientele.
๎ƒƒ๎…ฒ๎…ง๎…๎…ค๎„ช๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎‡๎…Š๎„ช๎†ฃ๎„ช๎€‚๎…ฐ๎ƒฟ๎‡ข๎…๎…ฐ๎…๎‡ญ๎…๎…ฒ๎…ƒ๎€‚๎…ƒ๎‡€๎„ช๎†ซ๎†ธ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎†ซ๎€‚๎† ๎ƒฟ๎†ฃ๎ƒฟ๎…ฐ๎…ผ๎‡€๎…ฒ๎†ธ๎€‚๎†ธ๎…ผ๎€‚๎„ช๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎…๎„œ๎€‚๎†ซ๎‡€๎„œ๎„œ๎„ช๎†ซ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…‚๎…ผ๎…ผ๎„ฃ๎€‚๎ž ๎€‚๎„›๎„ช๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎…๎†ซ๎€‚
less important, Staten Islandโ€™s major hotel developer told the Consultant Team that food and beverage sales,
as well as meeting space are much more important for economic success in the borough. Parking is also a much
๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎…๎…ฐ๎† ๎…ผ๎†ฃ๎†ธ๎ƒฟ๎…ฒ๎†ธ๎€‚๎…‚๎ƒฟ๎„œ๎†ธ๎…ผ๎†ฃ๎€‚๎…๎…ฒ๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎…ฒ๎€‚๎“๎†ซ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎œ‰๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎œ‰๎€‚๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ฒ๎‡ข๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎ƒฟ๎„œ๎„œ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎…ผ๎€‚
greater public transportation options. The Hilton Garden Inn on the West Shore, which opened in 2001, is Staten
Islandโ€™s only Upscale hotel and accounts for almost one-quarter of the boroughโ€™s current room inventory.
๎ƒ ๎…Š๎…๎…ง๎„ช๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎Ž๎…๎…ง๎†ธ๎…ผ๎…ฒ๎€‚ ๎‡๎ƒฟ๎†ฃ๎„ฃ๎„ช๎…ฒ๎€‚ ๎“๎…ฒ๎…ฒ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎œ ๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚ ๎šŽ๎šŒ๎šŒ๎š“๎œก๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎ƒฟ๎„ฃ๎…ก๎ƒฟ๎„œ๎„ช๎…ฒ๎†ธ๎€‚ ๎Ž๎ƒฟ๎…ฐ๎† ๎†ธ๎…ผ๎…ฒ๎€‚ ๎“๎…ฒ๎…ฒ๎œ‰๎€‚ ๎‡๎…๎†ธ๎…Š๎€‚ ๎…ผ๎‡œ๎„ช๎†ฃ๎€‚ ๎š๎šŒ๎šŒ๎€‚ ๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚ ๎„œ๎…ผ๎…ฐ๎„›๎…๎…ฒ๎„ช๎„ฃ๎œ‰๎€‚
๎„ฃ๎…ผ๎…ฐ๎…๎…ฒ๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฒ๎…๎„ฃ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…๎…ฒ๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎…ฒ๎€‚๎“๎†ซ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ƒฟ๎€‚๎„ฃ๎„ช๎„œ๎ƒฟ๎„ฃ๎„ช๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎œน๎†ซ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎„œ๎…Š๎ƒฟ๎…ฒ๎…ƒ๎„ช๎„ฃ๎€‚
in 2010 when a Comfort Inn and Holiday Inn Express opened on the West Shore, followed by the 100-room
๎†๎ƒฟ๎…๎†ฃ๎‡ฟ๎„ช๎…ง๎„ฃ๎€‚๎“๎…ฒ๎…ฒ๎€‚๎„ฃ๎„ช๎…ง๎…๎‡œ๎„ช๎†ฃ๎„ช๎„ฃ๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎„›๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š๎œ๎€‚๎“๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎…ง๎‡ฃ๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎€‚๎…‚๎‡€๎†ธ๎‡€๎†ฃ๎„ช๎œ‰๎€‚๎ƒฟ๎…ฒ๎€‚๎ƒƒ๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎…๎…ฒ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎š๎š“๎š‘๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎…ผ๎† ๎„ช๎…ฒ๎€‚
in St. George near the Ferry Terminal in addition to another planned hotel as part of the Empire Outlets/Staten
Island Wheel project in St. George.
While the developer of the planned Westin Hotel is optimistic about the areaโ€™s prospects and the potential
๎†ธ๎…ผ๎€‚๎ƒฟ๎†ธ๎†ธ๎†ฃ๎ƒฟ๎„œ๎†ธ๎€‚ ๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎†ธ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎„ช๎†ซ๎€‚ ๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎„ช๎ƒฟ๎†ซ๎‡ฃ๎€‚ ๎ƒฟ๎„œ๎„œ๎„ช๎†ซ๎†ซ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎…‚๎„ช๎†ฃ๎†ฃ๎‡ฃ๎œ‰๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎„ช๎‡ข๎…๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„œ๎…ง๎‡€๎†ซ๎†ธ๎„ช๎†ฃ๎€‚
๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎€‚ ๎‚ฎ๎…Š๎…ผ๎†ฃ๎„ช๎€‚๎…‚๎ƒฟ๎„œ๎„ช๎†ซ๎€‚๎„ฃ๎…๎‡ณ๎…‚๎„ช๎†ฃ๎„ช๎…ฒ๎†ธ๎€‚ ๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎„ฃ๎‡ฃ๎…ฒ๎ƒฟ๎…ฐ๎…๎„œ๎†ซ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎€‚๎‚ฎ๎…Š๎…ผ๎†ฃ๎„ช๎€‚ ๎…๎†ซ๎€‚๎†ฃ๎„ช๎…ฐ๎…ผ๎‡œ๎„ช๎„ฃ๎€‚ ๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎‚ฎ๎†ธ๎œ๎€‚๎‡๎„ช๎…ผ๎†ฃ๎…ƒ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎† ๎‡€๎„›๎…ง๎…๎„œ๎€‚
transportation and will likely continue to be dependent on the local market. The developer/owner of the Hilton
Garden Inn is pessimistic about the West Shoreโ€™s prospects and believes the market has become oversupplied.
๎‚ผ๎…Š๎„ช๎€‚๎„œ๎…ผ๎†ฃ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎† ๎ƒฟ๎†ฃ๎…ค๎€‚๎…๎†ซ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎„ฃ๎†ฃ๎…๎‡œ๎…๎…ฒ๎…ƒ๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ด๎„ช๎‡๎€‚๎ค๎„ช๎†ฃ๎†ซ๎„ช๎‡ฃ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎†ซ๎€‚๎…ง๎…ผ๎‡๎„ช๎†ฃ๎€‚๎€ƒ๎€ง๎‚ฆ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎ƒฟ๎‡ข๎„ช๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎€‚
๎…ฒ๎„ช๎„ช๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎…ง๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎€‚๎ด๎„ช๎‡๎ƒฟ๎†ฃ๎…ค๎€‚๎จ๎…๎„›๎„ช๎†ฃ๎†ธ๎‡ฃ๎€‚๎€ƒ๎…๎†ฃ๎† ๎…ผ๎†ฃ๎†ธ๎œ๎€‚
The data from STR show a sizeable decrease in occupancy rates between 2013 and 2014, but this is due to the
impact of Superstorm Sandy and the number of Staten Island residents and work crews that stayed in local hotels
๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š๎œ๎€‚๎€ƒ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎†ฃ๎„ช๎ƒฟ๎„œ๎…Š๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎€‚๎…ง๎…ผ๎‡๎€‚๎…ผ๎…‚๎€‚๎š’๎š‘๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š๎œ‰๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎…ฒ๎€‚๎“๎†ซ๎…ง๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎…ƒ๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚
trended upwards, reaching a high of 73.4 percent in 2018, followed by a small decline in occupancy in 2019.
๎ฟ๎‡œ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎†ธ๎…๎…ฐ๎„ช๎œ‰๎€‚๎€ƒ๎€ง๎‚ฆ๎†ซ๎€‚๎†ฃ๎„ช๎…ฐ๎ƒฟ๎…๎…ฒ๎„ช๎„ฃ๎€‚๎†ซ๎†ธ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎šŽ๎šŒ๎š๎š“๎œ‰๎€‚๎…‚๎…ผ๎…ง๎…ง๎…ผ๎‡๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎…‚๎ƒฟ๎…๎†ฃ๎…ง๎‡ฃ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎€ƒ๎€ง๎‚ฆ๎†ซ๎€‚
between 2017 and 2019, although it continued to trail other boroughs prior to COVID. RevPAR in September 2020
is 53 percent below where it was in September 2019. The occupancy rate of 49.9 percent and ADR of $112 yields
๎ƒฟ๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎…ผ๎…‚๎€‚๎•๎š‘๎š‘๎œ๎š•๎š๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…๎†ซ๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎œ‰๎€‚๎„›๎‡€๎†ธ๎€‚๎…ง๎…ผ๎‡๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎‡€๎†ฃ๎†ฃ๎„ช๎…ฒ๎†ธ๎€‚๎‚ฆ๎„ช๎‡œ๎‚ฃ๎€ƒ๎‚ฆ๎€‚๎…ผ๎…‚๎€‚
most borough submarkets.
FIGURE 18: STATEN ISLAND HOTEL MARKET TRENDS, JANUARY 2018 โ€“ SEPTEMBER 2020
$30
$60
$90
$120
$150
Sept. 2020
July 2020
Apr. 2020
Jan. 2020
Oct. 2019
July 2019
Apr. 2019
Jan. 2019
Oct. 2018
July 2018
Apr. 2018
Jan. 2018
SOURCE: STR. 2020.
ROLE OF THE SHORT-TERM RENTAL MARKET
The U.S. market for short-term vacation rentals is doing better during the pandemic than the traditional hotel
market. Initially, from January 2020 to April 2020, short-term rentals fell by 47%.8 As stay-at-home orders began
๎†ธ๎…ผ๎€‚๎…ง๎…๎‡ฝ๎†ธ๎œ‰๎€‚๎†ซ๎…Š๎…ผ๎†ฃ๎†ธ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚๎†ฃ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎€‚๎„›๎…ผ๎…ผ๎…ค๎…๎…ฒ๎…ƒ๎†ซ๎€‚๎„›๎„ช๎…ƒ๎ƒฟ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„›๎…ผ๎…ผ๎…ค๎…๎…ฒ๎…ƒ๎†ซ๎œ๎€‚๎‚ฎ๎‚ผ๎‚ฆ๎€‚๎€ง๎ƒฟ๎†ธ๎ƒฟ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ƒ๎…๎†ฃ๎€ง๎ด๎€ƒ๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚
average RevPAR was down 65% for hotels in June 2020 but only 5% for STRs; Transparent Data shows occupancy rates
for short-term rentals in the U.S. returning to pre-COVID levels.9 This may be due to the fact that people feel more
comfortable driving to a nearby town and staying in an STR with more privacy and social distancing space, instead of
๎‡ต๎…ง๎‡ฃ๎…๎…ฒ๎…ƒ๎€‚๎…๎…ฒ๎†ธ๎„ช๎†ฃ๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ซ๎†ธ๎ƒฟ๎‡ฃ๎…๎…ฒ๎…ƒ๎€‚๎…๎…ฒ๎€‚๎ƒฟ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎„œ๎…ผ๎…ฐ๎…ฐ๎…ผ๎…ฒ๎€‚๎†ซ๎† ๎ƒฟ๎„œ๎„ช๎†ซ๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎…ง๎…ผ๎„›๎„›๎…๎„ช๎†ซ๎œ‰๎€‚๎„ช๎…ง๎„ช๎‡œ๎ƒฟ๎†ธ๎…ผ๎†ฃ๎†ซ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎ƒฟ๎‡€๎†ฃ๎ƒฟ๎…ฒ๎†ธ๎†ซ๎œ๎€‚
The impacts of the short-term rental business by companies such as Airbnb, VRBO and HomeAway.com on the
hotel industry may intensify. Trends in the post-COVID short-term rental market include longer stays as more
people are working remotely. We may be seeing a change in the market where short-term vacation rentals
become mainstream and are used more for business travel.
10
8
https://www.usatoday.com/story/travel/hotels/2020/08/26/airbnb-vrbo-more-popular-than-hotels-during-
covid-19-pandemic/5607312002/.
9
McKinsey Skift Report, Travel Industry Turned Upside Down, September 2020.
10
Ibid.
6261
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
Additionally, people have been showing preference for locations within a 250-mile radius of home and those
in less-dense towns near national parks, beaches and mountains.
11
According to Airbnb, June 2020 earnings for
hosts in rural areas increased by 25% over the previous year while less than 10% of earnings were for rentals in
the 10 most populated U.S. cities.
12
๎‚ผ๎…Š๎„ช๎€‚๎†ซ๎…Š๎…ผ๎†ฃ๎†ธ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚๎†ฃ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎€‚ ๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ‰๎€‚๎…Š๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚ ๎…Š๎ƒฟ๎†ซ๎€‚๎„ช๎‡ข๎† ๎„ช๎†ฃ๎…๎„ช๎…ฒ๎„œ๎„ช๎„ฃ๎€‚ ๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎†ซ๎œ๎€‚๎จ๎…๎…ค๎„ช๎€‚ ๎†ธ๎†ฃ๎ƒฟ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…ผ๎†ฃ๎†ซ๎œ‰๎€‚
hosts of short-term rentals are required to change their operations to minimize spread of the coronavirus. Before
check-in, hosts must verify that renters traveling from high-risk states have quarantined for 14 days. Airbnb has
also banned all parties and events at its listings and capped occupancy at 16 people.
13
14
Airbnb was forced to raise
$2 billion in debt to get through the pandemic and to reduce workforce by 25%. VRBO has performed better than
Airbnb partly because their properties tend to be more detached and less urban.
Additionally, the short-term rental marketโ€™s master lease model has collapsed. This is when a short-term rental
๎…ฐ๎ƒฟ๎…ฒ๎ƒฟ๎…ƒ๎„ช๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎†ซ๎€‚๎…ฐ๎‡€๎…ง๎†ธ๎…๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎€‚๎…ง๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎†ฃ๎ƒฟ๎„œ๎†ธ๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎„›๎‡€๎…๎…ง๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎‡๎…ฒ๎„ช๎†ฃ๎†ซ๎œ‰๎€‚๎…ผ๎‡ฝ๎†ธ๎„ช๎…ฒ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…ƒ๎‡€๎ƒฟ๎†ฃ๎ƒฟ๎…ฒ๎†ธ๎„ช๎„ช๎„ฃ๎€‚๎† ๎ƒฟ๎‡ฃ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚
๎„œ๎…ง๎ƒฟ๎‡€๎†ซ๎„ช๎†ซ๎œ๎€‚๎‚ฎ๎†ธ๎ƒฟ๎‡ฃ๎€‚๎€ƒ๎…ง๎…‚๎†ฃ๎„ช๎„ฃ๎€‚๎„œ๎„ช๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฎ๎…ผ๎…ฒ๎„ฃ๎„ช๎†ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎จ๎‡ฃ๎†ฃ๎…๎„œ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„ฃ๎…ผ๎‡๎…ฒ๎†ซ๎…๎‡ญ๎…๎…ฒ๎…ƒ๎€‚๎† ๎ƒฟ๎‡ฃ๎†ฃ๎…ผ๎…ง๎…ง๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎…๎„ฃ๎„ช๎†ฃ๎ƒฟ๎„›๎…ง๎‡ฃ๎œ
15
11
https://www.bloomberg.com/news/articles/2020-06-07/airbnb-joins-vacation-rental-sites-seeing-surge-in-
summer-demand.
12
https://news.airbnb.com/rural-stays-and-online-experiences-boost-host-income/.
13
https://news.airbnb.com/airbnb-announces-global-party-ban/.
14
๎๎…Š๎†ธ๎†ธ๎† ๎†ซ๎œˆ๎œ•๎œ•๎‡๎‡๎‡๎œ๎…ฒ๎‡ฃ๎š๎œ๎„œ๎…ผ๎…ฐ๎œ•๎…ฒ๎‡ฃ๎„œ๎œ•๎ƒฟ๎…ง๎…ง๎œซ๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎œ•๎„œ๎…ผ๎†ฃ๎…ผ๎…ฒ๎ƒฟ๎‡œ๎…๎†ฃ๎‡€๎†ซ๎œ•๎šŽ๎šŒ๎šŽ๎šŒ๎œ•๎šŒ๎š”๎œ•๎šŽ๎šŒ๎œ•๎ƒฟ๎…๎†ฃ๎„›๎…ฒ๎„›๎œซ๎…ง๎…๎…ฐ๎…๎†ธ๎†ซ๎œซ๎…Š๎…ผ๎‡€๎†ซ๎„ช๎œซ๎† ๎ƒฟ๎†ฃ๎†ธ๎…๎„ช๎†ซ๎œ
15
๎McKinsey Skift Report, Travel Industry Turned Upside Down, September 2020.
๎š๎š’๎
https://www.cnbc.com/2020/08/06/rural-airbnb-bookings-are-surging-as-vacationers-look-to-escape-the-
coronavirus.html.
17
๎๎ด๎ƒฆ๎€ ๎€‚๎ž ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎œ‰๎€‚NYC Hotel Occupancy, ADR & Room Demand 5 Year Trend Report, September 1, 2020.
New York City
Two hotel operators the Consultant Team spoke with said that, pre-COVID, the short-term rental market did not
๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎€‚ ๎†ธ๎…Š๎„ช๎€‚๎ด๎ƒฆ๎€ ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ๎€‚๎€ƒ๎…ฒ๎‡ฃ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎„ช๎†ธ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎„œ๎„œ๎‡€๎†ฃ๎†ฃ๎„ช๎„ฃ๎€‚๎…ฐ๎ƒฟ๎…๎…ฒ๎…ง๎‡ฃ๎€‚ ๎„ฃ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎†ฃ๎„ช๎†ซ๎†ซ๎…๎…ผ๎…ฒ๎€‚๎…ฒ๎…๎…ƒ๎…Š๎†ธ๎†ซ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚
๎ƒฟ๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎† ๎†ฃ๎…๎„œ๎…๎…ฒ๎…ƒ๎œ‰๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎œ๎€‚๎€ƒ๎…ง๎…ง๎‚ผ๎…Š๎„ช๎‚ฆ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎€ƒ๎…ฒ๎ƒฟ๎…ง๎‡ฃ๎†ธ๎…๎„œ๎†ซ๎€‚๎„ช๎†ซ๎†ธ๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ซ๎…Š๎…ผ๎†ฃ๎†ธ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚๎†ฃ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎€‚๎„›๎…ผ๎…ผ๎…ค๎…๎…ฒ๎…ƒ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚
City dropped by 25% during the summer.
16
In contrast, NYC & Company estimates that NYC hotel occupancy was
at 45% in July 2020, while it was at almost 90% in July 2019.
17
The website InsideAirbnb.com provides publicly available data on worldwide Airbnb listings. Figure 18 below
shows an analysis of their New York City listings. The city saw a drop in total listings of approximately -11% from
๎ค๎ƒฟ๎…ฒ๎‡€๎ƒฟ๎†ฃ๎‡ฃ๎€‚ ๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎œ ๎š‘๎š๎œ‰๎š๎š’๎š๎œก๎€‚ ๎†ธ๎…ผ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚ ๎œ ๎š๎š‘๎œ‰๎š“๎š‘๎š’๎œก๎œ๎€‚ ๎จ๎…๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎†ซ๎€‚ ๎…๎…ฒ๎€‚ ๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚ ๎…‚๎„ช๎…ง๎…ง๎€‚ ๎…ก๎‡€๎†ซ๎†ธ๎€‚ ๎…ผ๎‡œ๎„ช๎†ฃ๎€‚ ๎œซ๎š๎šŒ๎ž„๎€‚๎„ฃ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚๎†ซ๎ƒฟ๎…ฐ๎„ช๎€‚
period. The largest monthly decrease occurred between July and August, with -4% throughout the city and almost
๎œซ๎š‘๎ž„๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎„œ๎…ผ๎…ฐ๎† ๎…ผ๎†ซ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎…ง๎…๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎†ซ๎€‚๎†ธ๎…Š๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎…ผ๎‡€๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎š‘๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎€‚๎†ฃ๎„ช๎…ฐ๎ƒฟ๎…๎…ฒ๎„ช๎„ฃ๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎†ธ๎ƒฟ๎…ฒ๎†ธ๎€‚๎„ฃ๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎…ผ๎†ซ๎„ช๎€‚๎„ช๎…๎…ƒ๎…Š๎†ธ๎€‚
๎…ฐ๎…ผ๎…ฒ๎†ธ๎…Š๎†ซ๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎†ฃ๎…๎†ซ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎† ๎† ๎†ฃ๎…ผ๎‡ข๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎…ง๎‡ฃ๎€‚๎š๎š๎ž„๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎š๎šŒ๎ž„๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚๎…ง๎…๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎†ซ๎œ‰๎€‚๎†ฃ๎„ช๎†ซ๎† ๎„ช๎„œ๎†ธ๎…๎‡œ๎„ช๎…ง๎‡ฃ
FIGURE 19: NEW YORK CITY AIRBNB LISTINGS, JANUARY 2020 โ€“ SEPTEMBER 2020
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
55,000
January February March April May June July August September
SOURCE: Inside Airbnb, October 2020.
6463
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
ECONOMIC IMPACTS, 2019
18
18
๎๎ด๎…ผ๎†ธ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎„ฃ๎ƒฟ๎†ธ๎ƒฟ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎† ๎†ฃ๎…ผ๎‡œ๎…๎„ฃ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎ด๎ƒฆ๎€ ๎€‚๎ž ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎œ
Tourism Industry Impacts
T
ourism is a critical generator of economic activity for New York City. According to NYC & Company, in 2019 the
travel and tourism industry experienced its 10th consecutive year of visitor growth with a record 66.6 million
visitors. This made New York City the most popular big-city destination in the country. Activity from visitors
๎†ซ๎‡€๎† ๎† ๎…ผ๎†ฃ๎†ธ๎„ช๎„ฃ๎€‚๎ƒฟ๎€‚๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ง๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎•๎š“๎šŽ๎€‚๎„›๎…๎…ง๎…ง๎…๎…ผ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎†ซ๎ƒฟ๎…ง๎„ช๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎ด๎ƒฆ๎€ ๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎„ช๎†ซ๎œ๎€‚๎ฒ๎„ช๎ƒฟ๎†ซ๎‡€๎†ฃ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎„ฃ๎…๎†ฃ๎„ช๎„œ๎†ธ๎€‚๎„ช๎…ฐ๎† ๎…ง๎…ผ๎‡ฃ๎…ฐ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎…ฐ๎€‚
sector is the seventh largest industry in New York City, directly supporting 305,900 jobs.
In 2019, visitors generated almost $47.7 billion in sales in New York City. Over 70 percent of this spending was
from the leisure traveler market, underscoring this segmentโ€™s importance to the tourism economy. Additionally,
the domestic traveler market generated the majority of sales, at 58 percent. Figure 19 shows direct spending by
category of traveler.
FIGURE 20: DIRECT SPENDING, LEISURE VS. BUSINESS AND DOMESTIC VS. INTERNATIONAL TRAVELERS, 2019
$0
$10
$20
$30
$40
$50
$13.80
$33.60
$20.10
$27.30
SOURCE: NYC & Company
When indirect and induced employment is added to direct employment, the tourism sector supported a total
of 403,200 jobs in 2019. Consequently, the tourism sector generated almost $30 billion in direct, indirect and
induced personal income.
In 2019, visitors to New York City generated $2.1 billion in State tax revenue and $4.9 billion in local tax revenue,
for a total of $7 billion in tax revenue.
Lodging Industry Impacts
๎‚ผ๎…Š๎„ช๎€‚๎…ง๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎…๎†ซ๎€‚๎…ผ๎…ฒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…ผ๎†ฃ๎†ซ๎€‚๎…๎…ฐ๎† ๎ƒฟ๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎…ฐ๎œ๎€‚๎ฒ๎…ผ๎†ซ๎†ธ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎…ง๎‡ฃ๎œ‰๎€‚๎…ง๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎„ช๎…ฐ๎† ๎…ง๎…ผ๎‡ฃ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚
๎…๎†ซ๎€‚๎š๎šŒ๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎…ฐ๎œ๎€‚๎“๎…ฒ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎† ๎…ผ๎†ฃ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎‡œ๎…๎†ซ๎…๎†ธ๎…ผ๎†ฃ๎€‚๎„ฃ๎…ผ๎…ง๎…ง๎ƒฟ๎†ฃ๎†ซ๎€‚๎…ƒ๎…ผ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎จ๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎œ๎€‚
๎“๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š•๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎จ๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎„œ๎ƒฟ๎† ๎†ธ๎‡€๎†ฃ๎„ช๎„ฃ๎€‚๎•๎š๎š๎œ๎š‘๎€‚๎„›๎…๎…ง๎…ง๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎•๎š๎š“๎œ๎š“๎€‚๎„›๎…๎…ง๎…ง๎…๎…ผ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎‡œ๎…๎†ซ๎…๎†ธ๎…ผ๎†ฃ๎€‚๎†ซ๎† ๎„ช๎…ฒ๎„ฃ๎…๎…ฒ๎…ƒ๎œ‰๎€‚๎†ซ๎‡€๎†ฃ๎† ๎ƒฟ๎†ซ๎†ซ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†๎…ผ๎…ผ๎„ฃ๎€‚๎ž ๎€‚
๎€Ÿ๎„ช๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎œ‰๎€‚๎‚ฆ๎„ช๎†ธ๎ƒฟ๎…๎…ง๎œ‰๎€‚๎จ๎…ผ๎„œ๎ƒฟ๎…ง๎€‚๎‚ผ๎†ฃ๎ƒฟ๎…ฒ๎†ซ๎† ๎…ผ๎†ฃ๎†ธ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฆ๎„ช๎„œ๎†ฃ๎„ช๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎…๎„ช๎†ซ๎œ๎€‚
FIGURE 21: VISITOR SPENDING BY CATEGORY (IN BILLIONS), 2019
$8.5B
$9.3B
$10.5B
$13.5B
$5.6B
RECREATION LODGING FOOD & BEVERAGE RETAIL LOCAL TRANSPORTATION
SOURCE: NYC & Company.
6665
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
๎‚ผ๎…Š๎„ช๎€‚๎จ๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…ผ๎†ฃ๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎„ช๎„ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ƒฟ๎…ง๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎š‘๎š‘๎œ‰๎šŒ๎šŒ๎šŒ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚๎…ก๎…ผ๎„›๎†ซ๎€‚๎†ซ๎‡€๎† ๎† ๎…ผ๎†ฃ๎†ธ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎…ฐ๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎œ‰๎€‚๎„›๎„ช๎…Š๎…๎…ฒ๎„ฃ๎€‚๎…ผ๎…ฒ๎…ง๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚
Food & Beverage (120,000), and Recreation and Entertainment (62,000) sectors.
Of the almost $30 billion of total (direct, indirect and induced) personal income produced from tourism, almost $5.5
๎„›๎…๎…ง๎…ง๎…๎…ผ๎…ฒ๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎…ƒ๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎จ๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…ผ๎†ฃ๎œ๎€‚๎‚ผ๎…Š๎„ช๎€‚๎ƒฟ๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎ƒฟ๎…ฒ๎…ฒ๎‡€๎ƒฟ๎…ง๎€‚๎‡๎ƒฟ๎…ƒ๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ƒฟ๎€‚๎‡๎…ผ๎†ฃ๎…ค๎„ช๎†ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…ผ๎†ฃ๎€‚๎…๎†ซ๎€‚๎•๎š’๎š‘๎œ‰๎šŒ๎šŒ๎šŒ๎œ
19
19
๎Quarterly Census of Employment and Wages, 2019.
20
๎๎œถ๎‚ผ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎…ฐ๎œ‰๎€‚๎€ฏ๎…ฒ๎…ƒ๎…๎…ฒ๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ด๎œ๎ƒฆ๎œ๎€ ๎œ๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎œ‰๎€‚๎ฒ๎ƒฟ๎‡ฃ๎€‚๎ด๎…ผ๎†ธ๎€‚๎†๎‡€๎…ง๎…ง๎‡ฃ๎€‚๎‚ฆ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎ƒƒ๎…ฒ๎†ธ๎…๎…ง๎€‚๎šŽ๎šŒ๎šŽ๎š‘๎œ‰๎œ’๎€‚The New York Times,
November 16, 2020, https://www.nytimes.com/2020/11/16/nyregion/nyc-tourism-covid.html.
21
๎๎…Š๎†ธ๎†ธ๎† ๎†ซ๎œˆ๎œ•๎œ•๎…๎„›๎…ผ๎œ๎…ฒ๎‡ฃ๎„œ๎œ๎…ฒ๎‡ฃ๎œ๎‡€๎†ซ๎œ•๎…๎„›๎…ผ๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎†ซ๎œ•๎ƒฟ๎„ฃ๎…ผ๎† ๎†ธ๎„ช๎„ฃ๎œซ๎„›๎‡€๎„ฃ๎…ƒ๎„ช๎†ธ๎œซ๎†ซ๎…ฒ๎ƒฟ๎† ๎†ซ๎…Š๎…ผ๎†ธ๎œซ๎…ก๎‡€๎…ง๎‡ฃ๎œซ๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎…Š๎†ธ๎…ฐ๎…ง๎œ
22
๎๎€ƒ๎„œ๎„œ๎…ผ๎†ฃ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ด๎ƒฆ๎€ ๎€‚๎“๎€Ÿ๎ฟ๎œ‰๎€‚๎จ๎„ช๎…๎†ซ๎‡€๎†ฃ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎Ž๎…ผ๎†ซ๎† ๎…๎†ธ๎ƒฟ๎…ง๎…๎†ธ๎‡ฃ๎€‚๎“๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎„ช๎†ซ๎€‚๎†ซ๎† ๎…ผ๎†ฃ๎†ธ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„ช๎…ฒ๎†ธ๎„ช๎†ฃ๎†ธ๎ƒฟ๎…๎…ฒ๎…ฐ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚
accommodations and bars and restaurants.
23
๎๎ค๎…ผ๎…๎…ฒ๎†ธ๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎€‚๎„›๎‡ฃ๎€‚๎ฒ๎„œ๎ฆ๎…๎…ฒ๎†ซ๎„ช๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฎ๎…ค๎…๎‡ฝ๎†ธ๎œ‰๎€‚Travel Industry Turned Upside Down, September 2020.
Post-COVID Economic Impact
TOURISM INDUSTRY
๎€ƒ๎„œ๎„œ๎…ผ๎†ฃ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚๎ด๎ƒฆ๎€ ๎€‚๎ž ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎œ‰๎€‚๎š๎šŽ๎€‚๎…ฐ๎…๎…ง๎…ง๎…๎…ผ๎…ฒ๎€‚๎† ๎„ช๎…ผ๎† ๎…ง๎„ช๎€‚๎‡œ๎…๎†ซ๎…๎†ธ๎„ช๎„ฃ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎„›๎„ช๎…‚๎…ผ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ช๎…ฒ๎„ฃ๎€‚๎…ผ๎…‚๎€‚๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎†๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚
balance of 2020, the company estimates that number to be only up to 10 million people, including visiting
healthcare workers.
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In June 2020, The Real Deal, citing analysis from Crainโ€™s and Oxford Economics, reported
that the loss of tourism could drain New York State of $1.8 billion in tax revenue from hotels. This included $968
million in room occupancy taxes and $342 million in other state and city taxes but did not include property taxes.
LODGING INDUSTRY
As noted previously in the report, the pandemic has impacted the lodging industry particularly hard. New York
๎€ ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚๎“๎…ฒ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎€Ÿ๎‡€๎„ฃ๎…ƒ๎„ช๎†ธ๎€‚๎ฟ๎‡ณ๎‡ฟ๎„œ๎„ช๎€‚๎„ช๎†ซ๎†ธ๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎…ง๎…ผ๎†ซ๎„ช๎€‚๎š๎š•๎š“๎œ‰๎šŒ๎šŒ๎šŒ๎€‚๎…ก๎…ผ๎„›๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎„ช๎…๎†ซ๎‡€๎†ฃ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…Š๎…ผ๎†ซ๎† ๎…๎†ธ๎ƒฟ๎…ง๎…๎†ธ๎‡ฃ๎€‚
industry in 2020, comprising over 1 in 3 of all job losses.
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RECOVERY PROJECTIONS
The hotel industry has been among the hardest hit sectors by the pandemic and New York City hotels have
experienced greater negative impacts than hotels across the United States as a whole. Several industry and
independent economic and real estate analyses project that the US hotel sector will take at least three years
๎†ธ๎…ผ๎€‚ ๎†ฃ๎„ช๎†ธ๎‡€๎†ฃ๎…ฒ๎€‚ ๎†ธ๎…ผ๎€‚ ๎† ๎†ฃ๎„ช๎œซ๎€ ๎ฟ๎ƒŸ๎“๎€ง๎€‚ ๎…ง๎„ช๎‡œ๎„ช๎…ง๎†ซ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎†ธ๎…Š๎ƒฟ๎†ธ๎œ‰๎€‚ ๎„›๎„ช๎„œ๎ƒฟ๎‡€๎†ซ๎„ช๎€‚ ๎…ผ๎…‚๎€‚ ๎…๎†ธ๎†ซ๎€‚ ๎„œ๎…Š๎ƒฟ๎†ฃ๎ƒฟ๎„œ๎†ธ๎„ช๎†ฃ๎…๎†ซ๎†ธ๎…๎„œ๎†ซ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚ ๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎„œ๎…๎„ช๎†ซ๎œ‰๎€‚ ๎ด๎„ช๎‡๎€‚ ๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚
Cityโ€™s hotel sector will take two years longer to recover than the national market, which may be due to visitor
๎† ๎†ฃ๎„ช๎…‚๎„ช๎†ฃ๎„ช๎…ฒ๎„œ๎„ช๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…ง๎„ช๎†ซ๎†ซ๎€‚๎„ฃ๎„ช๎…ฒ๎†ซ๎„ช๎€‚๎† ๎…ง๎ƒฟ๎„œ๎„ช๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎‡œ๎…๎†ซ๎…๎†ธ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎€‚๎†ธ๎„ช๎†ฃ๎…ฐ๎œ๎€‚๎ฒ๎„œ๎ฆ๎…๎…ฒ๎†ซ๎„ช๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฎ๎…ค๎…๎‡ฝ๎†ธ๎€‚๎…ก๎…ผ๎…๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎…๎†ซ๎†ซ๎‡€๎„ช๎„ฃ๎€‚๎ƒฟ๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎€‚๎…๎…ฒ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚
2020 entitled Travel Industry Turned Upside Down in which they projected that, nationally, hotel demand was
not likely to reach pre-COVID levels until 2023. Citing STR projections, the report also noted that RevPAR may not
recover nationally until 2024.
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Hotel Market: National
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๎๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎“๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎‚ฎ๎…๎‡ข๎€‚๎ฒ๎…ผ๎…ฒ๎†ธ๎…Š๎†ซ๎€‚๎€ƒ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œ”๎€‚๎€ƒ๎…ฐ๎„ช๎†ฃ๎…๎„œ๎ƒฟ๎…ฒ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎ž ๎€‚๎จ๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎€ƒ๎†ซ๎†ซ๎…ผ๎„œ๎…๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ‰๎€‚๎€ƒ๎‡€๎…ƒ๎‡€๎†ซ๎†ธ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ
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๎๎€ ๎€Ÿ๎‚ฆ๎€ฏ๎œ‰๎€‚US Hotel Figures, 2020 Quarter 2, July 2020.
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๎๎“๎„›๎…๎„ฃ๎œ
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๎๎ค๎…ผ๎…๎…ฒ๎†ธ๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎€‚๎„›๎‡ฃ๎€‚๎ฒ๎„œ๎ฆ๎…๎…ฒ๎†ซ๎„ช๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฎ๎…ค๎…๎‡ฝ๎†ธ๎œ‰๎€‚Travel Industry Turned Upside Down, September 2020.
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๎๎‚ฃ๎ƒฟ๎†ธ๎†ฃ๎…๎„œ๎…ค๎€‚๎ฒ๎„œ๎‡๎„ช๎„ช๎…Š๎ƒฟ๎…ฒ๎œ‰๎€‚๎œ’๎ƒ ๎…Š๎‡ฃ๎€‚๎ด๎ƒฆ๎€ ๎œน๎†ซ๎€‚๎‚ฆ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎‡ฃ๎€‚๎ฒ๎ƒฟ๎‡ฃ๎€‚๎จ๎ƒฟ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฆ๎„ช๎†ซ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎ด๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ‰๎œ’๎€‚The New York Times, October 26, 2020.
๎“๎…ฒ๎€‚๎…๎†ธ๎†ซ๎€‚๎€ƒ๎‡€๎…ƒ๎‡€๎†ซ๎†ธ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎œ‰๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎“๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎‚ฎ๎…๎‡ข๎€‚๎ฒ๎…ผ๎…ฒ๎†ธ๎…Š๎†ซ๎€‚๎€ƒ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ƒ๎…ฐ๎„ช๎†ฃ๎…๎„œ๎ƒฟ๎…ฒ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎จ๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚
๎€ƒ๎†ซ๎†ซ๎…ผ๎„œ๎…๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎œ ๎€ƒ๎Ž๎จ๎€ƒ๎œก๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎€ƒ๎‡€๎…ƒ๎‡€๎†ซ๎†ธ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎‡€๎…ฐ๎„ช๎†ฃ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎…๎†ซ๎€‚๎ƒฟ๎†ธ๎€‚๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎…ง๎…ง๎œซ๎†ธ๎…๎…ฐ๎„ช๎€‚๎…ง๎…ผ๎‡๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎œถ๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚
in the United States remains on the brink of collapse,โ€ As of the report, 40 percent of hotel sector employees
๎‡๎„ช๎†ฃ๎„ช๎€‚๎†ซ๎†ธ๎…๎…ง๎…ง๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎‡๎…ผ๎†ฃ๎…ค๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎š’๎š‘๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎†ฃ๎„ช๎…ฐ๎ƒฟ๎…๎…ฒ๎„ช๎„ฃ๎€‚๎„›๎„ช๎…ง๎…ผ๎‡๎€‚๎š‘๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎œ ๎‡๎…Š๎…๎„œ๎…Š๎€‚๎€ƒ๎Ž๎จ๎€ƒ๎€‚๎…ฒ๎…ผ๎†ธ๎„ช๎„ฃ๎€‚๎…๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚
threshold for hotels to be able to break even and pay debt.)
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The U.S. hotel industryโ€™s occupancy rate hit bottom by early April, falling by 50 percent. With leisure travel
returning in the summer, occupancy rates began to rebound somewhat toward the end of the second quarter in
June. During this period, hotels in urban markets were more severely impacted than hotels in rural or beachside
๎…ง๎…ผ๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎œ๎€‚๎ฒ๎ƒฟ๎…ก๎…ผ๎†ฃ๎€‚๎„ฃ๎„ช๎†ซ๎†ธ๎…๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎‡€๎†ฃ๎„›๎ƒฟ๎…ฒ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ
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saw bigger declines in hotel revenues than midsize urban markets.
For example, CBRE reported that, during the second quarter of 2020, the largest drops in RevPAR were seen in
major destination urban markets as Boston, San Francisco and Washington, DC, and popular destinations such as
Hawaii and Orlando, all experienced drops in RevPAR in excess of 90 percent. New York City experienced a lower
drop in RevPAR of 82 percent but also saw the smallest recovery of RevPAR at the end of the second quarter. In
๎„œ๎…ผ๎…ฒ๎†ธ๎†ฃ๎ƒฟ๎†ซ๎†ธ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฐ๎…๎„ฃ๎†ซ๎…๎‡ญ๎„ช๎€‚๎‡€๎†ฃ๎„›๎ƒฟ๎…ฒ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‚ฎ๎ƒฟ๎…ฒ๎€‚๎€Ÿ๎„ช๎†ฃ๎…ฒ๎ƒฟ๎†ฃ๎„ฃ๎…๎…ฒ๎…ผ๎œ‰๎€‚๎ค๎ƒฟ๎„œ๎…ค๎†ซ๎…ผ๎…ฒ๎‡œ๎…๎…ง๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ฒ๎„ช๎…ฐ๎† ๎…Š๎…๎†ซ๎œ‰๎€‚๎†ซ๎ƒฟ๎‡๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎„ช๎†ซ๎†ธ๎€‚๎„ฃ๎„ช๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚
RevPAR at 50โ€“60 percent.
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Economy hotels, leisure resorts and larger chains may see a faster recovery while hotels in large urban markets
may experience a slower recovery. Hotel News Now reported in September 2020 that the US hotel market will
lag its counterparts in East Asia and Europe and not see recovery until at least 2023, though US markets that rely
more heavily on domestic travel may see recovery of their hotel markets earlier.
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Hotel Market: Slower Recovery Projected for New York City
A number of market analysts and hotel industry stakeholders with whom the Consultant Team spoke believe
๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎œน๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎‡ฃ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎…ง๎ƒฟ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎†ฃ๎‡ฃ๎œน๎†ซ๎œ๎€‚๎ฒ๎ƒฟ๎†ฃ๎…ค๎€‚๎ƒฐ๎ƒฟ๎…ฒ๎„ฃ๎…๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…Š๎…๎„ช๎…‚๎€‚๎„ช๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎…๎†ซ๎†ธ๎€‚๎ƒฟ๎†ธ๎€‚๎ฒ๎…ผ๎…ผ๎„ฃ๎‡ฃ๎œน๎†ซ๎€‚
Analytics, told the New York Times in October 2020 that the economic recovery for New York City is likely to be
slower and more protracted than that of the rest of the United States as the cityโ€™s previous strengthsโ€”dense high-
๎†ฃ๎…๎†ซ๎„ช๎€‚๎…ผ๎‡ณ๎‡ฟ๎„œ๎„ช๎€‚๎„›๎‡€๎…๎…ง๎„ฃ๎…๎…ฒ๎…ƒ๎†ซ๎œ‰๎€‚๎…ƒ๎…ง๎…ผ๎„›๎ƒฟ๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…‚๎…ผ๎„œ๎‡€๎†ซ๎œ‰๎€‚๎…ƒ๎…ง๎…ผ๎„›๎ƒฟ๎…ง๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎…ฐ๎„ช๎„ช๎†ธ๎…๎…ฒ๎…ƒ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„œ๎…ผ๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎œ‰๎€‚๎…ง๎…๎‡œ๎„ช๎€‚๎…ฐ๎‡€๎†ซ๎…๎„œ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€Ÿ๎†ฃ๎…ผ๎ƒฟ๎„ฃ๎‡๎ƒฟ๎‡ฃ๎€‚
theaters โ€“ are now its vulnerabilities. COVID is an event that uniquely undermined all of New York Cityโ€™s comparative
๎ƒฟ๎„ฃ๎‡œ๎ƒฟ๎…ฒ๎†ธ๎ƒฟ๎…ƒ๎„ช๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฐ๎ƒฟ๎…ฒ๎„ฃ๎…๎€‚๎„ช๎‡ข๎† ๎„ช๎„œ๎†ธ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎…ง๎…๎…ค๎„ช๎…ง๎‡ฃ๎€‚๎†ธ๎ƒฟ๎…ค๎„ช๎€‚๎†ธ๎‡๎…ผ๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎€‚๎…ง๎…ผ๎…ฒ๎…ƒ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚
recover, with the United States experiencing recovery in 2023 and New York City not recovering until 2025.
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NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
Dan Peek, president of the Hotels Group at the investment bank Hodges Ward Elliott told Bloomberg News in
October 2020 that โ€œNew York City faces unique challenges that will likely result in a much slower recovery than
the nation as a whole.โ€
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Douglas Hercher of Robert Douglas Investors in New York said in October 2020 that
certain urban hotel markets in the United States are going to recover more slowly. Due to its qualities, New York
City is a prime example and will be challenged โ€œfor a while.โ€ Until restaurants, Broadway theaters, international
travel and โ€œthe general tourism engineโ€ open up, there will just not be high demand generators for travel to New
York City.
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Interviews that the Consultant Team conducted with hotel industry stakeholders underlined this sentiment. One
large hotel operator said the hotel market is โ€œvery challenging, particularly in NYCโ€ where, in the fall months,
hotel occupancy should be around 90 percent. In contrast, true occupancy rates (i.e., subtracting for government
๎„œ๎…ผ๎…ฒ๎†ธ๎†ฃ๎ƒฟ๎„œ๎†ธ๎†ซ๎œก๎€‚๎ƒฟ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎ด๎…ผ๎‡œ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎š๎šŒ๎œซ๎š๎š‘๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎œ๎€‚๎ฒ๎ƒฟ๎…๎…ฒ๎€‚๎†ฃ๎„ช๎ƒฟ๎†ซ๎…ผ๎…ฒ๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎‡€๎†ซ๎†ธ๎ƒฟ๎…๎…ฒ๎„ช๎„ฃ๎€‚๎„ฃ๎†ฃ๎…ผ๎† ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚
public still perceives the city as an epicenter of the pandemic, almost all international travel has been halted,
Broadway theaters and other prime New York City attractions remain closed, many companies still have a โ€œno-
travelโ€ policy, and group convention travel has stopped. One developer stated that there will be no tourism
recovery until a vaccine is implemented, echoing the opinion of some market analysts.
To operate their businesses during the pandemic, hotel operators have cited contracts for hosting large groups,
such as homeless residents, airline crews, or healthcare workers as a main component of revenue. Through the
end of October 2020, the City has registered $893 million in COVID-related contracts for hotels, which is 20 percent
of total contracts.
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๎€‚๎ฒ๎…ผ๎†ซ๎†ธ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„œ๎…ผ๎…ฒ๎„ฃ๎‡€๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎…ฐ๎ƒฟ๎†ซ๎†ซ๎€‚๎…‚๎‡€๎†ฃ๎…ง๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…‚๎ƒฟ๎„œ๎…๎…ฒ๎…ƒ๎€‚๎…ฐ๎…ผ๎‡€๎…ฒ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎‡€๎…ฒ๎…๎…ผ๎…ฒ๎€‚
severance costs. In fact, one hotel developer stated 25-30 percent of hotels will close permanently and that if
an owner is not actively considering other uses for their hotel properties, they are โ€œbeing derelict." The most
common conversion cited are to residential buildings, though other commercial uses are also being considered
due to zoning.
๎šŽ๎š•๎๎€‚
๎‚ฃ๎ƒฟ๎†ธ๎†ฃ๎…๎„œ๎…ค๎€‚๎€ ๎…ง๎ƒฟ๎†ฃ๎…ค๎œ‰๎€‚๎œ’๎ƒ ๎…๎†ธ๎…Š๎€‚๎‚ฃ๎†ฃ๎…๎„œ๎„ช๎†ซ๎€‚๎€ง๎…ผ๎‡๎…ฒ๎€‚๎„›๎‡ฃ๎€‚๎•๎šŽ๎šŒ๎šŒ๎œ‰๎€‚๎ด๎ƒฆ๎€ ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎€Ÿ๎†ฃ๎ƒฟ๎„œ๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ฒ๎…ผ๎†ฃ๎„ช๎€‚๎‚ฃ๎ƒฟ๎…๎…ฒ๎œ‰๎œ’๎€‚Bloomberg News, October 9, 2020.
30
๎๎ฆ๎ƒฟ๎†ธ๎…Š๎„ช๎†ฃ๎…๎…ฒ๎„ช๎€‚๎ฆ๎ƒฟ๎…ง๎…ง๎„ช๎†ฃ๎…ƒ๎…๎†ซ๎œ‰๎€‚๎œ’๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎ฟ๎‡๎…ฒ๎„ช๎†ฃ๎†ซ๎€‚๎…๎…ฒ๎€‚๎€Ÿ๎…๎…ƒ๎€‚๎€ ๎…๎†ธ๎…๎„ช๎†ซ๎€‚๎Ž๎…๎†ธ๎€‚๎ฒ๎ƒฟ๎…ก๎…ผ๎†ฃ๎€‚๎‚ผ๎…๎† ๎† ๎…๎…ฒ๎…ƒ๎€‚๎‚ฃ๎…ผ๎…๎…ฒ๎†ธ๎œ‰๎€‚The Real Deal, October 19, 2020.
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๎๎…Š๎†ธ๎†ธ๎† ๎†ซ๎œˆ๎œ•๎œ•๎„œ๎…ผ๎…ฐ๎† ๎†ธ๎†ฃ๎…ผ๎…ง๎…ง๎„ช๎†ฃ๎œ๎…ฒ๎‡ฃ๎„œ๎œ๎…ƒ๎…ผ๎‡œ๎œ•๎…ฒ๎„ช๎‡๎†ซ๎†ฃ๎…ผ๎…ผ๎…ฐ๎œ•๎…ฒ๎„ช๎‡๎œซ๎‡ฃ๎…ผ๎†ฃ๎…ค๎œซ๎„›๎‡ฃ๎œซ๎†ธ๎…Š๎„ช๎œซ๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎†ซ๎œซ๎‡๎„ช๎„ช๎…ค๎…ง๎‡ฃ๎œซ๎„ช๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎…๎„œ๎œซ๎ƒฟ๎…ฒ๎„ฃ๎œซ๎‡ฟ๎†ซ๎„œ๎ƒฟ๎…ง๎œซ๎…ผ๎‡€๎†ธ๎…ง๎…ผ๎…ผ๎…ค๎œซ๎…ฒ๎…ผ๎œซ
23-november-2-2020/.
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๎๎ด๎ƒฆ๎€ ๎€‚๎ž ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎œ‰๎€‚Hotel Visitors: Visitor Market Pro๎‡พle, August 2019.
Leisure Travel
In 2018, leisure travel accounted for approximately 78 percent of hotel visitors in New York City, 71 percent of
domestic hotel visitors and 90 percent of international hotel visitors.
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๎€‚๎‚ผ๎…Š๎„ช๎€‚๎ฒ๎„œ๎ฆ๎…๎…ฒ๎†ซ๎„ช๎‡ฃ๎œซ๎‚ฎ๎…ค๎…๎‡ฝ๎†ธ๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎€‚๎…ฒ๎…ผ๎†ธ๎„ช๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎œ‰๎€‚๎ƒฟ๎†ซ๎€‚๎…ผ๎…‚๎€‚
September, there was pent up demand for leisure travel, but leisure travelers are restrained by the inability to do
anything meaningful at destinations.
Due to social distancing restrictions and closures, attractions at urban destinations were particularly limited.
Therefore, much of the leisure travel market has been directed towards nature-oriented or beachside destinations
that allow for easier social distancing and are not dependent on attractions that are subject to COVID-related
closures. It should also be noted that the remote work culture engendered by COVID has blurred the lines
between leisure and business travel.
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In New York City, where international travelers make up 43 percent of leisure hotel visitors, restrictions on
international travel have had a particularly detrimental impact on hotel demand. Domestic travel has also been
greatly limited by New York Stateโ€™s 14-day quarantine requirements, which were eased and then put back in
place in October as COVID cases in many states increased. (Note that Governor Cuomo announced on October 31,
2020 that the quarantine requirement was transitioning to a testing requirement, though interstate travel was
still being discouraged.)
Deloitteโ€™s Travel Market Report๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎…๎†ซ๎†ซ๎‡€๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚๎‡๎…Š๎„ช๎…ฒ๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎†ฃ๎„ช๎„›๎…ผ๎‡€๎…ฒ๎„ฃ๎€‚๎‡๎ƒฟ๎†ซ๎€‚๎„›๎„ช๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎„›๎†ซ๎„ช๎†ฃ๎‡œ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎‚ฎ๎€‚๎…ง๎„ช๎…๎†ซ๎‡€๎†ฃ๎„ช๎€‚
travel market as the summer travel season approached. However, this report warned that, if the pandemic and
economic instability persisted, or if there was a second wave (as is being experienced in much of the United States
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ฏ๎‡€๎†ฃ๎…ผ๎† ๎„ช๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…‚๎ƒฟ๎…ง๎…ง๎€‚๎…ผ๎…‚๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œก๎œ‰๎€‚๎†ธ๎…Š๎„ช๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎‡๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎„›๎„ช๎€‚๎ƒฟ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎„ฃ๎„ช๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎…๎…ฒ๎€‚๎„›๎…ผ๎†ธ๎…Š๎€‚๎…ง๎„ช๎…๎†ซ๎‡€๎†ฃ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎œ
34
Should this pandemic period continue in a prolonged fashion, with social distancing and isolation becoming the
๎…ฒ๎…ผ๎†ฃ๎…ฐ๎œ‰๎€‚๎€ง๎„ช๎…ง๎…ผ๎…๎†ธ๎†ธ๎„ช๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎‡๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎†ซ๎„ช๎„ช๎€‚๎ƒฟ๎€‚๎†ซ๎†ธ๎„ช๎„ช๎† ๎€‚๎„ฃ๎„ช๎„œ๎…ง๎…๎…ฒ๎„ช๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎…ฒ๎‡€๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚
closing. Deloitteโ€™s report foresaw an increase in shorter distance trips with less pre-planning and advanced
bookings. There would also be a marked decrease in New York City of previously highly attended events, such
๎ƒฟ๎†ซ๎€‚๎„œ๎…ผ๎…ฒ๎„œ๎„ช๎†ฃ๎†ธ๎†ซ๎€‚๎ƒฟ๎†ธ๎€‚๎ฒ๎ƒฟ๎„ฃ๎…๎†ซ๎…ผ๎…ฒ๎€‚๎‚ฎ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎€‚๎‡๎ƒฟ๎†ฃ๎„ฃ๎„ช๎…ฒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎ฒ๎ƒฟ๎†ฃ๎ƒฟ๎†ธ๎…Š๎…ผ๎…ฒ๎€‚๎…ผ๎†ฃ๎€‚๎ƒƒ๎‚ฎ๎€‚๎ฟ๎† ๎„ช๎…ฒ๎œ‰๎€‚๎…ฐ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒฟ๎…ง๎†ฃ๎„ช๎ƒฟ๎„ฃ๎‡ฃ๎€‚๎„›๎„ช๎…๎…ฒ๎…ƒ๎€‚
cancelled or curtailed. In the most extreme pandemic scenario, with no signs of decreased cases, new waves
of infections and slow delivery of a vaccine or therapeutics, then leisure travel would be limited to reginal
๎„ฃ๎„ช๎†ซ๎†ธ๎…๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…ง๎„ช๎†ซ๎†ซ๎€‚๎„ช๎…ฐ๎† ๎…Š๎ƒฟ๎†ซ๎…๎†ซ๎€‚๎…ผ๎…ฒ๎€‚๎„ช๎…ง๎ƒฟ๎„›๎…ผ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎‡œ๎ƒฟ๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‡€๎…ฒ๎„ฃ๎„ช๎†ฃ๎‡€๎†ธ๎…๎…ง๎…๎‡ญ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎จ๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ
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๎๎ค๎…ผ๎…๎…ฒ๎†ธ๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎€‚๎„›๎‡ฃ๎€‚๎ฒ๎„œ๎ฆ๎…๎…ฒ๎†ซ๎„ช๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฎ๎…ค๎…๎‡ฝ๎†ธ๎œ‰๎€‚Travel Industry Turned Upside Down, September 2020.
34
๎๎€ง๎„ช๎…ง๎…ผ๎…๎†ธ๎†ธ๎„ช๎œ‰๎€‚The World Remade: Travel & Hospitality Scenarios๎œ‰๎€‚๎ฒ๎ƒฟ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ
35
๎๎ด๎ƒฆ๎€ ๎€‚๎ž ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎œ‰๎€‚Hotel Visitors: Visitor Market Pro๎‡พle, August 2019.
36
๎๎œ’๎†๎…ผ๎†ฃ๎€‚๎€ ๎…ผ๎†ฃ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎‚ผ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎œ‰๎€‚๎€ƒ๎€‚๎จ๎…ผ๎…ฒ๎…ƒ๎€‚๎‚ฆ๎…ผ๎ƒฟ๎„ฃ๎€‚๎€ƒ๎…Š๎„ช๎ƒฟ๎„ฃ๎œ‰๎œ’๎€‚McKinsey, August 13, 2020.
Business Travel
In 2018, business travel accounted for 22 percent of hotel visitors in New York City, 29 percent of domestic
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎‡œ๎…๎†ซ๎…๎†ธ๎…ผ๎†ฃ๎†ซ๎€‚ ๎œ ๎‡๎…๎†ธ๎…Š๎€‚ ๎š๎š”๎€‚ ๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚ ๎…‚๎…ผ๎†ฃ๎€‚ ๎‡๎†ฃ๎…ผ๎‡€๎† ๎œ•๎ฒ๎„ช๎„ช๎†ธ๎…๎…ฒ๎…ƒ๎€‚ ๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚ ๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎œก๎œ‰๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎š๎šŒ๎€‚ ๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚ ๎…ผ๎…‚๎€‚ ๎…๎…ฒ๎†ธ๎„ช๎†ฃ๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚
visitors.
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๎€‚ ๎ฒ๎„œ๎ฆ๎…๎…ฒ๎†ซ๎„ช๎‡ฃ๎œ‰๎€‚ ๎…๎…ฒ๎€‚ ๎ƒฟ๎€‚ ๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎€‚ ๎…ผ๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎„œ๎…ผ๎†ฃ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚ ๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚ ๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚ ๎…๎…ฒ๎€‚ ๎€ƒ๎‡€๎…ƒ๎‡€๎†ซ๎†ธ๎€‚ ๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚ ๎…ฒ๎…ผ๎†ธ๎„ช๎„ฃ๎€‚ ๎†ธ๎…Š๎ƒฟ๎†ธ๎œ‰๎€‚ ๎…Š๎…๎†ซ๎†ธ๎…ผ๎†ฃ๎…๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎œ‰๎€‚
๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚ ๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚ ๎…Š๎ƒฟ๎†ซ๎€‚ ๎„›๎„ช๎„ช๎…ฒ๎€‚ ๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚ ๎‡œ๎…ผ๎…ง๎ƒฟ๎†ธ๎…๎…ง๎„ช๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎†ซ๎…ง๎…ผ๎‡๎„ช๎†ฃ๎€‚ ๎†ธ๎…ผ๎€‚ ๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎€‚ ๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚ ๎…ง๎„ช๎…๎†ซ๎‡€๎†ฃ๎„ช๎€‚ ๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚ ๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚ ๎„ช๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎…๎„œ๎€‚ ๎„ฃ๎…ผ๎‡๎…ฒ๎†ธ๎‡€๎†ฃ๎…ฒ๎†ซ๎€‚
and other disruptions to travel patterns.
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This trend was present in the 2008-09 recession when international
business travel from the United States declined at almost twice the rate as international leisure travel.
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NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
And while international leisure travel fully recovered within two years, international business travel didnโ€™t fully
๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎€‚ ๎†ธ๎…ผ๎€‚๎† ๎†ฃ๎„ช๎œซ๎†ฃ๎„ช๎„œ๎„ช๎†ซ๎†ซ๎…๎…ผ๎…ฒ๎€‚๎…ง๎„ช๎‡œ๎„ช๎…ง๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎‡ฟ๎‡œ๎„ช๎€‚ ๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ๎€‚๎€ง๎„ช๎…ง๎…ผ๎…๎†ธ๎†ธ๎„ช๎€‚ ๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œ‰๎€‚ ๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎…๎„ช๎†ซ๎€‚๎…‚๎ƒฟ๎„œ๎„ช๎€‚ ๎ƒฟ๎…ฒ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚
๎„›๎‡€๎†ฃ๎„ฃ๎„ช๎…ฒ๎€‚๎…ผ๎…‚๎€‚๎† ๎†ฃ๎…ผ๎…ผ๎…‚๎€‚๎†ธ๎…ผ๎€‚๎„ฃ๎„ช๎…ฐ๎…ผ๎…ฒ๎†ซ๎†ธ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎…๎†ซ๎€‚๎…ฒ๎„ช๎„œ๎„ช๎†ซ๎†ซ๎ƒฟ๎†ฃ๎‡ฃ๎œ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎…๎…ฒ๎‡€๎„ช๎€‚๎†ธ๎…ผ๎€‚๎…ง๎„ช๎ƒฟ๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎„ฃ๎„ช๎„œ๎…ง๎…๎…ฒ๎„ช๎†ซ๎€‚
in business travel. Deloitte did forecast that, with the increased onshoring of supply chains, there may be an
increase in domestic business travel to some locations in the United States, though these are unlikely to be in
dense urban locations such as New York City.
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New York City has seen cancellation of almost all large business events and conventions. In addition, Bloomberg
News reports that risk averse corporate travel departments have been wary of allowing business travel to New York
City. This sentiment has been exacerbated by New York State government quarantine requirements for visitors,
๎‡๎…Š๎…๎„œ๎…Š๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎†ซ๎†ธ๎†ฃ๎„ช๎…ฒ๎…ƒ๎†ธ๎…Š๎„ช๎…ฒ๎„ช๎„ฃ๎€‚๎ƒฟ๎…ƒ๎ƒฟ๎…๎…ฒ๎€‚๎…๎…ฒ๎€‚๎ฟ๎„œ๎†ธ๎…ผ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎จ๎‡€๎…ค๎ƒฟ๎†ซ๎€‚๎Ž๎ƒฟ๎†ฃ๎†ธ๎‡๎…๎„œ๎…Š๎œ‰๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…ผ๎†ฃ๎€‚๎…Š๎„ช๎ƒฟ๎„ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…ง๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…Š๎„ช๎ƒฟ๎…ง๎†ธ๎…Š๎„œ๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒฟ๎†ธ๎€‚๎‡๎†ฃ๎„ช๎„ช๎…ฒ๎€‚
Street Advisors in New York told Bloomberg News in October 2020 that it will be 2022 before the New York City hotel
market simply gets to where it was at the worst point of the 2008-09 recession.
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๎€‚๎‚ฃ๎‡๎€ ๎œ‰๎€‚๎…๎…ฒ๎€‚๎…๎†ธ๎†ซ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎‚ฅ๎‡€๎ƒฟ๎†ฃ๎†ธ๎„ช๎†ฃ๎…ง๎‡ฃ๎€‚
๎จ๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎“๎…ฒ๎„ฃ๎„ช๎‡ข๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎‚ฅ๎šŽ๎€‚๎…ผ๎…‚๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎†ซ๎†ธ๎ƒฟ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎‡๎…๎…ง๎…ง๎€‚๎„›๎„ช๎€‚๎…ฒ๎…ผ๎€‚๎…ฐ๎„ช๎ƒฟ๎…ฒ๎…๎…ฒ๎…ƒ๎…‚๎‡€๎…ง๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎…๎…ฒ๎€‚๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎…ฐ๎„ช๎†ธ๎†ฃ๎…๎„œ๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚
hotels until the return of business travel and that will not happen until a vaccine or therapeutics are widely available.
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Underscoring this forecast, United Airlines CEO Scott Kirby remarked on Unitedโ€™s third quarter earnings call in
October 2020 that he did not expect air travel to recover until there is a widely available vaccine and that likely
wonโ€™t be before early 2022. Even then he said it will take at least two additional years, until 2024, for business
travel to return to pre-COVID levels.
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๎€‚๎€ƒ๎…ฒ๎ƒฟ๎…ง๎‡ฃ๎†ซ๎†ธ๎†ซ๎€‚๎ƒฟ๎†ธ๎€‚๎€ ๎…ผ๎‡๎„ช๎…ฒ๎œ‰๎€‚๎ƒฟ๎…ฒ๎€‚๎…๎…ฒ๎‡œ๎„ช๎†ซ๎†ธ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎„›๎ƒฟ๎…ฒ๎…ค๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎„ฃ๎‡œ๎…๎†ซ๎…ผ๎†ฃ๎‡ฃ๎€‚๎‡ฟ๎†ฃ๎…ฐ๎œ‰๎€‚๎†ฃ๎„ช๎† ๎…ผ๎†ฃ๎†ธ๎„ช๎„ฃ๎€‚๎ƒฟ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚
conservative forecast, estimating that the potential of business air travel will not return to pre-COVID levels
before 2027.
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The CEO of Southwest Airlines, Gary Kelly, has stated that he does not expect a recovery of business
๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎‡ฟ๎‡œ๎„ช๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎„ช๎…ฒ๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ
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The hotel developers the Consultant Team interviewed agreed that the New York City
hotel market could take as long as 2025 to recover and that the soonest group travel would resume was in 2022,
assuming a vaccine was implemented.
๎ฒ๎„œ๎ฆ๎…๎…ฒ๎†ซ๎„ช๎‡ฃ๎œน๎†ซ๎€‚๎ƒฟ๎…ฒ๎ƒฟ๎…ง๎‡ฃ๎†ซ๎…๎†ซ๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…ผ๎…ฒ๎„œ๎„ช๎€‚๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎…๎„ช๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎…๎†ฃ๎€‚๎„ช๎…ฐ๎† ๎…ง๎…ผ๎‡ฃ๎„ช๎„ช๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎† ๎†ฃ๎„ช๎† ๎ƒฟ๎†ฃ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎†ฃ๎„ช๎†ธ๎‡€๎†ฃ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡€๎†ซ๎„ช๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…๎†ฃ๎† ๎…ผ๎†ฃ๎†ธ๎†ซ๎€‚
and hotels in larger numbers, they will do so in phases. The three leading indicators for this return are (1) public
health and government regulations; (2) vendors and customersโ€™ health and safety policies; and (3) employeesโ€™
๎‡๎…๎…ง๎…ง๎…๎…ฒ๎…ƒ๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎œ๎€‚๎ฒ๎„œ๎ฆ๎…๎…ฒ๎†ซ๎„ช๎‡ฃ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎…ฒ๎…ผ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…ผ๎†ฃ๎†ซ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎†ฃ๎„ช๎†ซ๎‡€๎…ฐ๎„ช๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ข๎‡€๎…๎„œ๎…ค๎…ง๎‡ฃ๎€‚
๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎†ซ๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…Š๎„ช๎ƒฟ๎…ง๎†ธ๎…Š๎„œ๎ƒฟ๎†ฃ๎„ช๎œ‰๎€‚๎„ช๎„ฃ๎‡€๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎† ๎†ฃ๎…ผ๎…‚๎„ช๎†ซ๎†ซ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎†ซ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎†ซ๎€‚๎†ธ๎ƒฟ๎…ค๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎…ผ๎…ฒ๎…ƒ๎„ช๎†ซ๎†ธ๎œ๎€‚๎ฒ๎„œ๎ฆ๎…๎…ฒ๎†ซ๎„ช๎‡ฃ๎€‚๎†ซ๎‡€๎…ฐ๎…ฐ๎ƒฟ๎†ฃ๎…๎‡ญ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚
three phases of business travel resumption as such.
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๎๎€ง๎„ช๎…ง๎…ผ๎…๎†ธ๎†ธ๎„ช๎œ‰๎€‚The World Remade: Travel & Hospitality Scenarios๎œ‰๎€‚๎ฒ๎ƒฟ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ
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๎๎‚ฃ๎ƒฟ๎†ธ๎†ฃ๎…๎„œ๎…ค๎€‚๎€ ๎…ง๎ƒฟ๎†ฃ๎…ค๎œ‰๎€‚๎œ’๎ƒ ๎…๎†ธ๎…Š๎€‚๎‚ฃ๎†ฃ๎…๎„œ๎„ช๎†ซ๎€‚๎€ง๎…ผ๎‡๎…ฒ๎€‚๎„›๎‡ฃ๎€‚๎•๎šŽ๎šŒ๎šŒ๎œ‰๎€‚๎ด๎ƒฆ๎€ ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎€Ÿ๎†ฃ๎ƒฟ๎„œ๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ฒ๎…ผ๎†ฃ๎„ช๎€‚๎‚ฃ๎ƒฟ๎…๎…ฒ๎œ‰๎œ’๎€‚Bloomberg News, October 9, 2020.
39
๎๎‚ฃ๎‡๎€ ๎œ‰๎€‚Manhattan Quarterly Lodging Index Q2 2020, July 2020.
40
๎United Airlines Third Quarter 2020 Quarterly Earnings Report, as reported by CNBC, October 15, 2020.
41
๎๎€ ๎…ผ๎‡๎„ช๎…ฒ๎€‚๎€ƒ๎…ฒ๎ƒฟ๎…ง๎‡ฃ๎†ซ๎†ธ๎†ซ๎œ‰๎€‚Airlines: A Winding Road to Recovery from COVID-19, September 2020.
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๎๎ƒฆ๎ƒฟ๎…Š๎…ผ๎…ผ๎€‚๎†๎…๎…ฒ๎ƒฟ๎…ฒ๎„œ๎„ช๎œ‰๎€‚๎ค๎‡€๎…ง๎‡ฃ๎€‚๎šŽ๎š๎œ‰๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ
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๎๎๎œ’๎†๎…ผ๎†ฃ๎€‚๎€ ๎…ผ๎†ฃ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎‚ผ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎œ‰๎€‚๎€ƒ๎€‚๎จ๎…ผ๎…ฒ๎…ƒ๎€‚๎‚ฆ๎…ผ๎ƒฟ๎„ฃ๎€‚๎€ƒ๎…Š๎„ช๎ƒฟ๎„ฃ๎œ‰๎œ’๎€‚McKinsey, August 13, 2020.
โ€ข Earlier recovery:๎€‚ ๎‚ฆ๎„ช๎…ƒ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚ ๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚ ๎‡๎…๎†ธ๎…Š๎€‚ ๎…‚๎„ช๎‡๎€‚ ๎…ผ๎‡œ๎„ช๎†ฃ๎…ฒ๎…๎…ƒ๎…Š๎†ธ๎€‚ ๎†ซ๎†ธ๎ƒฟ๎‡ฃ๎†ซ๎œ‰๎€‚ ๎„œ๎…Š๎…๎„ช๎‡ต๎…ง๎‡ฃ๎€‚ ๎…‚๎…ผ๎†ฃ๎€‚ ๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎€‚ ๎…๎…ฒ๎œซ๎† ๎„ช๎†ฃ๎†ซ๎…ผ๎…ฒ๎€‚ ๎†ซ๎ƒฟ๎…ง๎„ช๎†ซ๎€‚ ๎…ผ๎†ฃ๎€‚ ๎„œ๎…ง๎…๎„ช๎…ฒ๎†ธ๎€‚
meetings. Primary industry sectors will be manufacturing, pharmaceuticals and construction.
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๎๎๎œ’๎†๎…ผ๎†ฃ๎€‚๎€ ๎…ผ๎†ฃ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎‚ผ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎œ‰๎€‚๎€ƒ๎€‚๎จ๎…ผ๎…ฒ๎…ƒ๎€‚๎‚ฆ๎…ผ๎ƒฟ๎„ฃ๎€‚๎€ƒ๎…Š๎„ช๎ƒฟ๎„ฃ๎œ‰๎œ’๎€‚McKinsey, August 13, 2020.
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๎๎ด๎ƒฆ๎€ ๎€‚๎ž ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎œ‰๎€‚Hotel Visitors: Visitor Market Pro๎‡พle, August 2019.
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๎๎€ง๎„ช๎…ง๎…ผ๎…๎†ธ๎†ธ๎„ช๎œ‰๎€‚The World Remade: Travel & Hospitality Scenarios๎œ‰๎€‚๎ฒ๎ƒฟ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ
โ€ข ๎ฒ๎…๎„ฃ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎‡ฃ๎œˆ๎€‚๎€ง๎…ผ๎…ฐ๎„ช๎†ซ๎†ธ๎…๎„œ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎„›๎‡ฃ๎€‚๎† ๎…ง๎ƒฟ๎…ฒ๎„ช๎€‚๎…ผ๎†ฃ๎€‚๎†ธ๎†ฃ๎ƒฟ๎…๎…ฒ๎œ‰๎€‚๎„œ๎…Š๎…๎„ช๎‡ต๎…ง๎‡ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…๎…ฒ๎†ธ๎„ช๎†ฃ๎…ฒ๎ƒฟ๎…ง๎€‚๎…ฐ๎„ช๎„ช๎†ธ๎…๎…ฒ๎…ƒ๎†ซ๎œ‰๎€‚๎†ธ๎†ฃ๎ƒฟ๎…๎…ฒ๎…๎…ฒ๎…ƒ๎€‚๎† ๎†ฃ๎…ผ๎…ƒ๎†ฃ๎ƒฟ๎…ฐ๎†ซ๎€‚
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎€‚๎…ƒ๎†ฃ๎…ผ๎‡€๎† ๎€‚๎…ƒ๎ƒฟ๎†ธ๎…Š๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎†ซ๎œ๎€‚๎‚ฃ๎†ฃ๎…๎…ฐ๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎†ซ๎„ช๎„œ๎†ธ๎…ผ๎†ฃ๎†ซ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎„›๎„ช๎€‚๎†ธ๎„ช๎„œ๎…Š๎…ฒ๎…ผ๎…ง๎…ผ๎…ƒ๎‡ฃ๎œ‰๎€‚๎†ฃ๎„ช๎ƒฟ๎…ง๎€‚๎„ช๎†ซ๎†ธ๎ƒฟ๎†ธ๎„ช๎œ‰๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„ช๎…ฒ๎„ช๎†ฃ๎…ƒ๎‡ฃ๎œ
โ€ข ๎จ๎…ผ๎…ฒ๎…ƒ๎„ช๎†ฃ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚ ๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎‡ฃ๎œˆ๎€‚ ๎“๎…ฒ๎†ธ๎„ช๎†ฃ๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚ ๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎œ‰๎€‚ ๎„œ๎…Š๎…๎„ช๎‡ต๎…ง๎‡ฃ๎€‚ ๎…‚๎…ผ๎†ฃ๎€‚ ๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎€‚ ๎…ฐ๎„ช๎„ช๎†ธ๎…๎…ฒ๎…ƒ๎†ซ๎œ‰๎€‚ ๎„œ๎…ผ๎…ฒ๎…‚๎„ช๎†ฃ๎„ช๎…ฒ๎„œ๎„ช๎†ซ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎„œ๎…ผ๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎œ๎€‚
Primary industry sectors will be healthcare, education and professional services.
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While the convention sector will likely be among the last components to recover, it will be important that New
York City have the hotel rooms and hotel meeting conference space to accommodate this segment and its
visitors. As noted above, 36 percent of the cityโ€™s hotel meeting and convention space was either temporarily or
permanently closed as of September 2020.
International Travel
International travelers accounted for 37 percent of hotel visitors in New York City in 2018, a percentage that has
stayed relatively stable for much of the past decade.
45
This segment is the most impacted by federal COVID travel
restrictions. The US government has prohibited entry by citizens from countries that comprise some of the largest
markets for international travelers to New York City, including China and the nations of the European Union.
๎“๎…ฒ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…ผ๎†ฃ๎„ฃ๎„ช๎†ฃ๎€‚๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎…ฒ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎ƒฟ๎…ฒ๎ƒฟ๎„ฃ๎ƒฟ๎œ‰๎€‚๎ƒฟ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎†ซ๎…ผ๎‡€๎†ฃ๎„œ๎„ช๎€‚๎…ผ๎…‚๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎…ฒ๎…๎…ƒ๎…Š๎†ธ๎€‚๎…๎…ฒ๎†ธ๎„ช๎†ฃ๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚
visitors to New York City, remains closed with no timeline for reopening.
Deloitte projected in summer 2020 that, should the pandemic persist or experience a second wave, then it should
be expected to see continued diminished spending in international business travel and a drying of trade links
between the United States and the European Union. International leisure travel would be severely restricted and
๎†ซ๎„ช๎„ช๎…ฒ๎€‚๎ƒฟ๎†ซ๎€‚๎† ๎†ฃ๎…๎‡œ๎…๎…ง๎„ช๎…ƒ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎‡๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎†ซ๎„ช๎„ช๎€‚๎ƒฟ๎€‚๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎‡ฃ๎€‚๎‡€๎…ฒ๎†ธ๎…๎…ง๎€‚๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎…ƒ๎…ผ๎‡œ๎„ช๎†ฃ๎…ฒ๎…ฐ๎„ช๎…ฒ๎†ธ๎†ซ๎€‚๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎…ผ๎†ฃ๎€‚๎…ง๎…๎‡ฝ๎†ธ๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎†ฃ๎…๎„œ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎…ผ๎…ฒ๎€‚๎„œ๎…๎†ธ๎…๎‡ญ๎„ช๎…ฒ๎†ซ๎€‚
from traveling abroad and foreign nationals from visiting.
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Hotel News Now reported in September of 2020 that or international travel to return to pre-COVID levels will
๎†ฃ๎„ช๎†ข๎‡€๎…๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎œ‰๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎œ‰๎€‚๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎…ƒ๎…ผ๎‡œ๎„ช๎†ฃ๎…ฒ๎…ฐ๎„ช๎…ฒ๎†ธ๎†ซ๎€‚๎…๎…ฒ๎€‚๎…ง๎„ช๎ƒฟ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎…ฐ๎ƒฟ๎…๎…ฒ๎†ธ๎ƒฟ๎…๎…ฒ๎€‚๎ƒฟ๎€‚
consistent level of containing the pandemic. Hotel News Now reported that, among major global travel markets,
๎€ ๎…Š๎…๎…ฒ๎ƒฟ๎€‚๎…๎†ซ๎€‚๎…ง๎„ช๎ƒฟ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎„ช๎‡ณ๎…‚๎…ผ๎†ฃ๎†ธ๎œ‰๎€‚๎†ธ๎†ฃ๎ƒฟ๎…๎…ง๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎„›๎…ผ๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎€ฏ๎‡€๎†ฃ๎…ผ๎† ๎„ช๎ƒฟ๎…ฒ๎€‚๎ƒƒ๎…ฒ๎…๎…ผ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒƒ๎…ฒ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎†ซ๎œ๎€‚๎‚ฃ๎†ฃ๎…๎…ผ๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„ช๎„œ๎…ผ๎…ฒ๎„ฃ๎€‚๎‡๎ƒฟ๎‡œ๎„ช๎€‚
in October 2020 and renewed national shutdowns, the European Union was projected to reach the break-even
hotel occupancy rate of 60 percent in 2022 and the United States would not reach 60 percent hotel occupancy
until 2023, though areas of the United States that are less reliant on international travel may recover earlier.
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NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
Domestic Travel
47
๎๎ด๎ƒฆ๎€ ๎€‚๎ž ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎œ‰๎€‚Hotel Visitors: Visitor Market Pro๎‡พle, August 2019.
48
๎๎“๎„›๎…๎„ฃ๎œ
Domestic travelers accounted for 63 percent of hotel visitors in New York City in 2018.
47
As noted above, domestic
travel in New York City has been negatively impacted by the decline in business travel, wariness of airline travel
among domestic leisure travelers who do not live within driving distance of New York City, and New York Stateโ€™s
quarantine requirements for travelers arriving in state from a majority of US states. Although COVID infection
๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎…๎…ฒ๎‡€๎„ช๎€‚๎†ธ๎…ผ๎€‚๎†ซ๎†ธ๎„ช๎„ช๎† ๎…ง๎‡ฃ๎€‚๎†ฃ๎…๎†ซ๎„ช๎€‚๎…๎…ฒ๎€‚๎…ฐ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎ƒƒ๎‚ฎ๎€‚๎†ซ๎†ธ๎ƒฟ๎†ธ๎„ช๎†ซ๎œ‰๎€‚๎† ๎ƒฟ๎†ฃ๎†ธ๎…๎„œ๎‡€๎…ง๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ฒ๎…๎„ฃ๎‡๎„ช๎†ซ๎†ธ๎œ‰๎€‚๎‚ฎ๎…ผ๎‡€๎†ธ๎…Š๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฆ๎…ผ๎„œ๎…ค๎‡ฃ๎€‚๎ฒ๎…ผ๎‡€๎…ฒ๎†ธ๎ƒฟ๎…๎…ฒ๎€‚๎ƒ ๎„ช๎†ซ๎†ธ๎œ‰๎€‚
New York has also seen a modest increase in infection rates. In response, the governors of New York, New Jersey
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎€ ๎…ผ๎…ฒ๎…ฒ๎„ช๎„œ๎†ธ๎…๎„œ๎‡€๎†ธ๎€‚๎ƒฟ๎…ฒ๎…ฒ๎…ผ๎‡€๎…ฒ๎„œ๎„ช๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚๎ฟ๎„œ๎†ธ๎…ผ๎„›๎„ช๎†ฃ๎€‚๎š๎š๎œ‰๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎‡ฃ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎„ช๎…ฒ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ผ๎†ฃ๎…๎œซ๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚๎‚ผ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎€ƒ๎„ฃ๎‡œ๎…๎†ซ๎…ผ๎†ฃ๎‡ฃ๎€‚๎จ๎…๎†ซ๎†ธ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚
required 14-day quarantines for travelers arriving in the Tri-State region from a list of 41 states. Instead, travelers
๎†ธ๎…ผ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚๎‡๎…๎…ง๎…ง๎€‚๎…ฒ๎…ผ๎‡๎€‚๎„›๎„ช๎€‚๎†ฃ๎„ช๎†ข๎‡€๎…๎†ฃ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎„ช๎†ซ๎†ธ๎€‚๎…ฒ๎„ช๎…ƒ๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎€‚๎„›๎„ช๎…‚๎…ผ๎†ฃ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎ƒฟ๎†ฃ๎†ฃ๎…๎‡œ๎ƒฟ๎…ง๎œ๎€‚๎Ž๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎…๎…ฒ๎†ธ๎„ช๎†ฃ๎†ซ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎‡๎…๎…ง๎…ง๎€‚
still be highly discouraged.
๎€ƒ๎…ฒ๎€‚๎ƒฟ๎†ฃ๎„ช๎ƒฟ๎€‚๎…ผ๎…‚๎€‚๎…ผ๎† ๎† ๎…ผ๎†ฃ๎†ธ๎‡€๎…ฒ๎…๎†ธ๎‡ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎†ซ๎€‚๎†ฃ๎„ช๎…ƒ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎œ‰๎€‚๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ผ๎†ฃ๎…๎œซ๎‚ฎ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚๎†ฃ๎„ช๎…ƒ๎…๎…ผ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚
๎† ๎†ฃ๎…ผ๎‡ข๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎€‚๎†ซ๎†ธ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎œซ๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎ฒ๎ƒฟ๎†ซ๎†ซ๎ƒฟ๎„œ๎…Š๎‡€๎†ซ๎„ช๎†ธ๎†ธ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฃ๎„ช๎…ฒ๎…ฒ๎†ซ๎‡ฃ๎…ง๎‡œ๎ƒฟ๎…ฒ๎…๎ƒฟ๎œ๎€‚๎ด๎ƒฆ๎€ ๎€‚๎ž ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎…ง๎ƒฟ๎‡€๎…ฒ๎„œ๎…Š๎„ช๎„ฃ๎€‚๎ƒฟ๎€‚๎†ฃ๎„ช๎…ƒ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚
promotion campaign, highlighting that 40 million people live within driving distance from New York City, and
New York City hotels have seen increases in occupancy rates on weekends, most notably during the three-day
Columbus Day weekend in October 2020.
48
Hotel operators the Consultant Team interviewed agreed that one
๎„›๎†ฃ๎…๎…ƒ๎…Š๎†ธ๎€‚๎†ซ๎† ๎…ผ๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎‡€๎…ฒ๎…๎†ข๎‡€๎„ช๎œ‰๎€‚๎„›๎…ผ๎‡€๎†ธ๎…๎†ข๎‡€๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚๎ฟ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎†ซ๎„ช๎…ƒ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚
climbed as high as 50 percent. This demand is fueled by regional tourists looking for a staycation and booking
๎…ง๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎†ซ๎‡€๎…๎†ธ๎„ช๎†ซ๎€‚๎ƒฟ๎†ธ๎€‚๎ƒฟ๎‡ณ๎…‚๎…ผ๎†ฃ๎„ฃ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎† ๎†ฃ๎…๎„œ๎„ช๎†ซ๎œ
๎€Ÿ๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚๎ฒ๎„œ๎ฆ๎…๎…ฒ๎†ซ๎„ช๎‡ฃ๎œน๎†ซ๎€‚๎„›๎†ฃ๎…ผ๎ƒฟ๎„ฃ๎„ช๎†ฃ๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„œ๎…ผ๎†ฃ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎†ซ๎„ช๎…ƒ๎…ฐ๎„ช๎…ฒ๎†ธ๎œ‰๎€‚๎„ฃ๎…ผ๎…ฐ๎„ช๎†ซ๎†ธ๎…๎„œ๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎‡๎…๎…ง๎…ง๎€‚๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎€‚
๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ข๎‡€๎…๎„œ๎…ค๎…ง๎‡ฃ๎€‚ ๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎…๎…ฒ๎†ธ๎„ช๎†ฃ๎…ฒ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚ ๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎œ๎€‚๎จ๎„ช๎…๎†ซ๎‡€๎†ฃ๎„ช๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎‡๎…๎…ง๎…ง๎€‚ ๎…ง๎…๎…ค๎„ช๎…ง๎‡ฃ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎…๎…ฒ๎‡€๎„ช๎€‚๎†ธ๎…ผ๎€‚๎†ซ๎„ช๎„ช๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎…ฐ๎…ผ๎„ฃ๎„ช๎†ซ๎†ธ๎€‚๎…ƒ๎ƒฟ๎…๎…ฒ๎†ซ๎œ‰๎€‚
however, until the principal demand drivers for travel to New York City return, such as theater, dining and large
๎„ช๎‡œ๎„ช๎…ฒ๎†ธ๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎‡๎…๎…ง๎…ง๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎„›๎„ช๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ
U
sing historic pre-COVID visitation projection data, along with national tourism demand trends and New
York City hotel development pipeline information based on active hotel construction permits from the
New York City Department of Buildings, the following analysis evaluates hotel room demand and supply
growth for New York City in total, and by borough, through 2035. Based on industry data and recovery projections
for the New York City, national, and international hotel markets as outlined in Section 3, this analysis assumes
that in 2025 the New York City hotel market will have fully recovered, reaching January 2020 demand levels. It
should be noted, however, that this recovery depends on the availability and wide distribution of a vaccine and
could change based on disruptions to projected inoculation schedules, issues with production, and/or logistics
๎„œ๎…Š๎ƒฟ๎…ง๎…ง๎„ช๎…ฒ๎…ƒ๎„ช๎†ซ๎œ‰๎€‚๎…๎…ฒ๎€‚๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎‡€๎…ฐ๎„ช๎†ฃ๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎„ฃ๎„ช๎…ฒ๎„œ๎„ช๎€‚๎† ๎‡€๎„›๎…ง๎…๎„œ๎€‚๎…Š๎„ช๎ƒฟ๎…ง๎†ธ๎…Š๎€‚๎…‚๎ƒฟ๎„œ๎†ธ๎…ผ๎†ฃ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎œ‰๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎…ƒ๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎‡ฃ๎œ‰๎€‚๎„ช๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎…๎„œ๎€‚๎„œ๎…ผ๎…ฒ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎œ
Assuming a range of hotel room supply reductions, those resulting from immediate observed closures in the
wake of the pandemic, and as detailed further in this section, the analysis shows that by 2035, there will be
residual, or net, demand for between 21,500 and 52,400 additional hotel rooms citywide. It should be noted that
some additional new hotel closures could yet occur, as government contracts for temporary housing expire or
demand for short-term, COVID related stays dissipates. These potential closures are not possible to anticipate.
However, the ranges presented account for a variety of likely permanent closure possibilities, which could include
new, additional closures.
New York City Projected Hotel Demand
This analysis projects post-recovery hotel demand for the marketโ€™s two principal segments, leisure travel and
business travel. The analysis then estimates future residual demand for hotel rooms by subtracting the existing
hotel room supply and the pipeline of hotel rooms in development (based on active hotel construction permits)
from the projected future hotel room demand. However, because the New York City hotel market has seen nearly
๎š๎šŒ๎œ‰๎šŒ๎šŒ๎šŒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚ ๎…ƒ๎…ผ๎€‚๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎€‚๎†ซ๎…๎…ฒ๎„œ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚ ๎€ ๎ฟ๎ƒŸ๎“๎€ง๎€‚๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎€‚ ๎„›๎„ช๎…ƒ๎ƒฟ๎…ฒ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎ƒฟ๎…ฒ๎ƒฟ๎…ง๎‡ฃ๎†ซ๎…๎†ซ๎€‚๎„ช๎‡œ๎ƒฟ๎…ง๎‡€๎ƒฟ๎†ธ๎„ช๎†ซ a potential
range of hotel supply to meet future demand. This range is bookended by two scenarios:
1
As presented in Section 3, as of Fall 2020 there were 3,500 rooms permanently close and another 34,300 rooms
temporarily closed. Temporarily closed rooms include those that have not issued WARN notices to the City
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎‡๎…๎†ซ๎„ช๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎†ฃ๎…ฐ๎„ช๎„ฃ๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎†ซ๎†ธ๎ƒฟ๎…ค๎„ช๎…Š๎…ผ๎…ง๎„ฃ๎„ช๎†ฃ๎†ซ๎œ
1. ๎ƒ ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎†ฃ๎…ฐ๎„ช๎„ฃ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎†ฃ๎„ช๎…ฐ๎ƒฟ๎…๎…ฒ๎€‚๎…ผ๎‡€๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…ผ๎†ฃ๎‡ฃ๎€‚๎„›๎‡€๎†ธ๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎†ธ๎„ช๎…ฐ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ฃ๎…๎…ง๎‡ฃ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎†ฃ๎„ช๎†ธ๎‡€๎†ฃ๎…ฒ๎œ
2. Where all hotels closed both permanently and temporarily as of Fall 2020 permanently close before
recovery in 2025.
1
As noted above, in addition to the hotels that are currently closed, it is possible that a segment of the hotel rooms
currently in operation as of Fall 2020 could close permanently before 2025. This may include additional losses
of rooms in all boroughs resulting from change of use for older properties that were operating at marginally
๎† ๎†ฃ๎…ผ๎‡ฟ๎†ธ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎…ง๎„ช๎‡œ๎„ช๎…ง๎†ซ๎€‚๎„›๎„ช๎…‚๎…ผ๎†ฃ๎„ช๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œ‰๎€‚๎ƒฟ๎†ซ๎€‚๎‡๎„ช๎…ง๎…ง๎€‚๎ƒฟ๎†ซ๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎„›๎„ช๎„œ๎…ผ๎…ฐ๎…๎…ฒ๎…ƒ๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎…ผ๎…ฐ๎„ช๎…ง๎„ช๎†ซ๎†ซ๎€‚๎†ซ๎…Š๎„ช๎…ง๎†ธ๎„ช๎†ฃ๎†ซ๎œ๎€‚
New York City Hotel Market Outlook
7473
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
While this analysis presents a range of potential future hotel room supply conditions based on current temporary
and permanent hotel closures, the inventory of hotel rooms is fungible and therefore, whichever cohort of
hotel rooms are permanently taken out of the supply, future hotel room supply will still likely fall within the
๎†ฃ๎ƒฟ๎…ฒ๎…ƒ๎„ช๎€‚๎„›๎…ผ๎…ผ๎…ค๎„ช๎…ฒ๎„ฃ๎„ช๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ธ๎‡๎…ผ๎€‚๎†ซ๎„œ๎„ช๎…ฒ๎ƒฟ๎†ฃ๎…๎…ผ๎†ซ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎†ฃ๎„ช๎‡ต๎…ง๎„ช๎„œ๎†ธ๎†ซ๎€‚๎„›๎„ช๎†ซ๎†ธ๎€‚๎„ช๎†ซ๎†ธ๎…๎…ฐ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎ƒฟ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†๎ƒฟ๎…ง๎…ง๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎€‚๎„›๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚๎„ฃ๎ƒฟ๎†ธ๎ƒฟ๎€‚๎ƒฟ๎…ฒ๎ƒฟ๎…ง๎‡ฃ๎†ซ๎…๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚
stakeholder interviews. Changes in the pandemic timeline, federal support, government lodging contracts,
๎ƒฟ๎‡œ๎ƒฟ๎…๎…ง๎ƒฟ๎„›๎…๎…ง๎…๎†ธ๎‡ฃ๎€‚ ๎…ผ๎…‚๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎†ธ๎†ฃ๎‡€๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎…ฒ๎…ƒ๎œ‰๎€‚ ๎†ธ๎†ฃ๎ƒฟ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚ ๎†ฃ๎„ช๎ƒฟ๎…ง๎€‚๎„ช๎†ซ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚ ๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎„œ๎‡ฃ๎„œ๎…ง๎„ช๎†ซ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎œ•๎…ผ๎†ฃ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎„œ๎…ผ๎…ฒ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎€‚
could impact future supply estimates.
In order to determine the number of additional hotel rooms, if any, that developers would need to build through
2035 to meet projected demand, the analysis calculates a residual room demand by subtracting future room
supply at the various ranges described above from projected room demand. If this calculated residual demand
exceeds projected supply, the market will have a shortage of rooms. If the projected supply exceeds residual
demand, the market will have an oversupply of rooms, and RevPAR would be expected to decrease below levels
seen in January 2020. In the absence of a City action that could impact hotel supply, this analysis assumes that
supply will return online as demand increases, resulting in a market equilibrium.
2
2
๎€‚๎‚ฎ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚๎„œ๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎…ง๎ƒฟ๎…ƒ๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„ฃ๎‡€๎„ช๎€‚๎†ธ๎…ผ๎€‚๎…๎…ฒ๎‡œ๎„ช๎†ซ๎†ธ๎…ผ๎†ฃ๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎„ฃ๎„ช๎…ฒ๎„œ๎„ช๎€‚๎…ผ๎†ฃ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎…‚๎ƒฟ๎„œ๎†ธ๎…ผ๎†ฃ๎†ซ๎œ
Hotel Demand Drivers
There are two major hotel demand drivers in the U.S. and New York City:
โ€ข ๎จ๎„ช๎…๎†ซ๎‡€๎†ฃ๎„ช๎€‚๎‚ผ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚(tourism and visitation of family and friends)
โ€ข Business Travel (including conference/group travel)
Each of these drivers is a component of overall hotel room demand and is considered separately in projecting new
room demand through 2035. NYC & Company tracks leisure and business visitation for New York City, while the
U.S. Travel Association tracks leisure and business visitation for the U.S. overall. Table 3 shows the share of total
travel in New York City and the U.S. for leisure and business travel.
TABLE 3: BUSINESS AND LEISURE TRAVEL, NYC AND U.S.
TRAVEL TYPE NYC US 2023
BUSINESS 21.0% 20.1% 18.8%
LEISURE 79.0% 79.9% 81.2%
TOTAL, ALL 100% 100% 100%
SOURCES: NYC & Company; US Travel Association; Statistica; BAE; all 2020
โ€ข ๎จ๎„ช๎…๎†ซ๎‡€๎†ฃ๎„ช๎€‚๎‚ผ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎œˆ๎€‚According to both NYC & Company and U.S. Travel Association data, leisure travel in New York City
historically comprises approximately 79.0 percent of room demand. This includes tourists visiting destinations,
as well as leisure travelers visiting family and friends, some of whom stay in hotels during their visits.
โ€ข Business Travel: Business travel has historically made up the remainder of visitation, representing
approximately 21.0 percent of room demand in New York City.
3
This includes large and small group/
conference travel.
3
NYC & Company and U.S. Travel Association, 2020.
4
๎๎€‚๎€Ÿ๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎…ƒ๎†ฃ๎…ผ๎‡๎†ซ๎€‚๎ƒฟ๎†ธ๎€‚๎ƒฟ๎€‚๎†ซ๎…ง๎…ผ๎‡๎„ช๎†ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎…ง๎„ช๎…๎†ซ๎‡€๎†ฃ๎„ช๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎œ
5
๎๎€‚๎ด๎ƒฆ๎€ ๎€‚๎ž ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎œ‰๎€‚๎„œ๎…ผ๎…ฒ๎‡œ๎„ช๎†ฃ๎†ซ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ‰๎€‚๎ฟ๎„œ๎†ธ๎…ผ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ
The analysis below applies these percentages to recovery-year room demand by borough to estimate 2025 room
demand by segment, and then applies the relevant projection growth rates to determine the number of new
rooms demanded through 2035 by borough. Although the ratio is expected to change at the national level by
2023, the national projected recovery year, this analysis assumes that by 2035 the ratio will return to long-term
trends seen in New York City. Per NYC & Company, the ratio of business and leisure travelers has been stable for
decades. Since industry analysts and other stakeholder have no consensus on the long-term impacts to business
travel, this analysis uses the historic rates. These present a conservative estimate of future hotel room demand.
4
๎€ ๎‡€๎†ฃ๎†ฃ๎„ช๎…ฒ๎†ธ๎€‚ ๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚ ๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎…‚๎…ผ๎†ฃ๎€‚ ๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚ ๎šŽ๎šŒ๎šŽ๎šŒ๎€‚ ๎„ฃ๎…ผ๎„ช๎†ซ๎€‚ ๎…ฒ๎…ผ๎†ธ๎€‚ ๎ƒฟ๎†ธ๎†ธ๎„ช๎…ฐ๎† ๎†ธ๎€‚ ๎†ธ๎…ผ๎€‚ ๎„ฃ๎…๎‡ณ๎…‚๎„ช๎†ฃ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎†ธ๎„ช๎€‚ ๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚ ๎…ง๎„ช๎…๎†ซ๎‡€๎†ฃ๎„ช๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚
travel as both markets are severely diminished. Government contracts supporting public purposes, including for
housing homeless populations, health care workers, and people requiring quarantine provide up to two-thirds of
the current lodging market.
5
Existing Room Demand
๎€ฏ๎‡ข๎…๎†ซ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…๎†ซ๎€‚๎„ฃ๎„ช๎‡ฟ๎…ฒ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎…๎„ช๎„ฃ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ๎€‚๎€ƒ๎† ๎† ๎…ง๎‡ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎†ธ๎…ผ๎€‚
the total number of rooms provides the number of occupied rooms, or total existing room demand. According
to STR, in September 2020 there were 88,566 rooms in New York City, of which 34,096 were fully occupied on
average on a nightly basis. Table 4 shows the occupied rooms or total nightly room demand by borough in 2020.
TABLE 4: EXISTING HOTEL DEMAND, SEPTEMBER 2020
BOROUGH
ROOMS AS OF
SEPTEMBER 2020 OCCUPANCY RATE
OCCUPIED ROOMS/
TOTAL DEMAND (a)
BRONX
1,384 66.0% 913
BROOKLYN 7,531 55.5% 4,183
MANHATTAN (d) 65,077 31.3% 20,350
QUEENS 13,799 59.9% 8,263
STATEN ISLAND 775 49.9% 387
TOTAL, ALL NYC 88,566 34,096
NOTES: (a) Average occupied rooms per night, or total occupied rooms.
(b) Accounts for the addition of the rooms reopened since September 2020 (3,390) and the number of rooms closed since September 2020 (1,341).
SOURCES: STR; BAE; all 2020.
7675
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
Outlook and Future Trends
๎š’๎€‚๎‚ฃ๎ƒฟ๎†ธ๎†ฃ๎…๎„œ๎…ค๎€‚๎ฒ๎„œ๎‡๎„ช๎„ช๎…Š๎ƒฟ๎…ฒ๎œ‰๎€‚๎œ’๎‚ผ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎…ฐ๎œ‰๎€‚๎€ฏ๎…ฒ๎…ƒ๎…๎…ฒ๎„ช๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ด๎ƒฆ๎€ ๎€‚๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎œ‰๎€‚๎ฒ๎ƒฟ๎‡ฃ๎€‚๎ด๎…ผ๎†ธ๎€‚๎†๎‡€๎…ง๎…ง๎‡ฃ๎€‚๎‚ฆ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎‡€๎…ฒ๎†ธ๎…๎…ง๎€‚๎šŽ๎šŒ๎šŽ๎š‘๎œ‰๎œ’๎€‚๎‚ผ๎…Š๎„ช๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎‚ผ๎…๎…ฐ๎„ช๎†ซ๎œ‰๎€‚
November 16, 2020.
๎š“๎€‚๎‚ผ๎ƒฟ๎†ฃ๎…๎†ฃ๎…ผ๎€‚๎ฒ๎‡ญ๎„ช๎‡๎‡ญ๎„ช๎‡๎ƒฟ๎œ‰๎€‚๎œ’๎ด๎…๎…ฒ๎„ช๎€‚๎ƒ ๎ƒฟ๎‡ฃ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‚ฃ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎€‚๎ƒ ๎…๎…ง๎…ง๎€‚๎€ ๎…Š๎ƒฟ๎…ฒ๎…ƒ๎„ช๎€‚๎‚ผ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎šŽ๎š๎œ‰๎œ’๎€‚๎‚ผ๎…Š๎„ช๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎‚ผ๎…๎…ฐ๎„ช๎†ซ๎œ‰๎€‚
December 22, 2020.
Hotel Demand Recovery
As previously stated, analysts and industry experts project that the hotel industry, tourism, and business travel
will fully recover by 2025, at which time, demand will return to pre-COVID (January 2020) levels. This recovery
๎†ซ๎„œ๎…Š๎„ช๎„ฃ๎‡€๎…ง๎„ช๎œ‰๎€‚๎…Š๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎…๎†ซ๎€‚๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…ฒ๎€‚๎…ฐ๎‡€๎…ง๎†ธ๎…๎† ๎…ง๎„ช๎€‚๎…‚๎ƒฟ๎„œ๎†ธ๎…ผ๎†ฃ๎†ซ๎œ‰๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎‡œ๎ƒฟ๎„œ๎„œ๎…๎…ฒ๎„ช๎€‚๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„›๎‡€๎†ธ๎…๎…ผ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎‡€๎…ฐ๎„ช๎†ฃ๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎„ฃ๎„ช๎…ฒ๎„œ๎„ช๎œ๎€‚
While sentiment is building that people want to travel, some travel industry experts, including NYC & Company,
have noted that recovery is likely to be slower initially, such as between 2021โ€“2023, and then accelerate as
๎„œ๎…ผ๎…ฒ๎†ซ๎‡€๎…ฐ๎„ช๎†ฃ๎€‚๎„œ๎…ผ๎…ฒ๎‡ฟ๎„ฃ๎„ช๎…ฒ๎„œ๎„ช๎€‚๎„›๎‡€๎…๎…ง๎„ฃ๎†ซ๎€‚๎„›๎„ช๎…‚๎…ผ๎†ฃ๎„ช๎€‚๎†ซ๎†ธ๎ƒฟ๎„›๎…๎…ง๎…๎‡ญ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚๎† ๎†ฃ๎„ช๎œซ๎€ ๎ฟ๎ƒŸ๎“๎€ง๎€‚๎…ง๎„ช๎‡œ๎„ช๎…ง๎†ซ๎œ
6 7
As Table 5 shows, before the pandemic, travelers occupied nearly 111,300 rooms per night. This analysis assumes
that recovery will occur when pre-COVID demand is reached and annual demand growth rates return to pre-
COVID levels. Thus, it uses January 2020 demand as the 2025 projection estimates.
TABLE 5: PRE-COVID NYC HOTEL DEMAND, JANUARY 2020
2020 ROOM DEMAND
BOROUGH
EXISTING
ROOMS (a)
OCCUPANCY
RATE (b)
OCCUPIED
ROOMS/
TOTAL
DEMAND (c) LEISURE (d) BUSINESS (e)
BRONX 1,384 81.3% 1,125 889 236
BROOKLYN 7,527 84.0% 6,322 4,994 1,328
MANHATTAN 103,730 88.1% 91,341 72,159 19,182
QUEENS 14,394 82.9% 11,939 9,432 2,507
STATEN ISLAND 775 72.2% 559 442 117
TOTAL, ALL NYC 127,810 111,286 87,916 23,370
NOTES: (a) Existing room supply as of January 2020.
(b) 2019 average occupancy rate by borough.
(c) Average occupied rooms per night, or total rooms demanded equals the existing rooms times the occupancy rate.
(d) Leisure demand as a share of total demand: 79.0%.
(e) Business demand as a share of total demand: 21.0%.
SOURCES: STR; BAE; all 2020.
Hotel Demand Projections
Using the leisure and business segmentsโ€™ pre-COVID shares of total room demand by borough, along with
underlying demand driver projections, the analysis estimated room demand through 2035 by borough. Projecting
๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎œซ๎…ง๎„ช๎‡œ๎„ช๎…ง๎€‚๎ƒฟ๎…ง๎…ง๎…ผ๎‡๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎‡ต๎…ง๎„ช๎‡ข๎…๎„›๎…๎…ง๎…๎†ธ๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎„›๎ƒฟ๎†ซ๎„ช๎„ฃ๎€‚๎…ผ๎…ฒ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎†ซ๎ƒฟ๎†ธ๎‡€๎†ฃ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ‰๎€‚๎„ช๎…ฐ๎„ช๎†ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚
conditions, and diminishing availability of suitable sites. Based on an understanding of the interplay of various
๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎œ‰๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎€ง๎…ผ๎‡๎…ฒ๎†ธ๎…ผ๎‡๎…ฒ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎จ๎…ผ๎‡๎„ช๎†ฃ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎‡๎…๎…ง๎…ง๎€‚๎…ง๎…๎…ค๎„ช๎…ง๎‡ฃ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎…๎…ฒ๎‡€๎„ช๎€‚๎†ธ๎…ผ๎€‚๎„ช๎‡ข๎† ๎ƒฟ๎…ฒ๎„ฃ๎€‚
upon recovery, while others may lag due to high land prices or shortages of developable and/or attractive sites,
near required transit and other amenities sought by travelers. Still other markets currently unknown, may
emerge or existing markets may expand as new areas of the city become destinations for travelers.
๎€ƒ๎…ง๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎…๎…ฒ๎„ฃ๎‡€๎†ซ๎†ธ๎†ฃ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎ƒฟ๎…ง๎‡ฃ๎†ซ๎†ธ๎†ซ๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎œน๎†ซ๎€‚๎†ซ๎…Š๎ƒฟ๎†ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…ผ๎†ธ๎ƒฟ๎…ง๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ฐ๎ƒฟ๎‡ฃ๎€‚๎…‚๎‡€๎…ฒ๎„ฃ๎ƒฟ๎…ฐ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎†ซ๎…Š๎…๎‡ฝ๎†ธ๎€‚๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚
๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎‡ฃ๎€‚๎„ฃ๎‡€๎„ช๎€‚๎†ธ๎…ผ๎€‚๎„ช๎‡ข๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎„ฃ๎€‚๎‡€๎†ซ๎„ช๎€‚๎…ผ๎…‚๎€‚๎ƒฐ๎…ผ๎…ผ๎…ฐ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎‡œ๎…๎†ฃ๎†ธ๎‡€๎ƒฟ๎…ง๎€‚๎…ฐ๎„ช๎„ช๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎† ๎…ง๎ƒฟ๎†ธ๎…‚๎…ผ๎†ฃ๎…ฐ๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎…๎†ซ๎€‚๎…ฒ๎…ผ๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎„ช๎…ฒ๎†ซ๎‡€๎†ซ๎€‚๎‡ฃ๎„ช๎†ธ๎€‚๎…ผ๎…ฒ๎€‚๎…Š๎…ผ๎‡๎€‚๎†ธ๎…Š๎…ผ๎†ซ๎„ช๎€‚
changes may manifest or whether the relative shares of each segment will return to pre-COVID levels over time. In
addition, because business travel grows at a slower annual rate than leisure travel, using the long-term shares of
demand segments (leisure and business) provides a conservative estimate of future post-recovery demand.
LEISURE TRAVEL
๎จ๎„ช๎…๎†ซ๎‡€๎†ฃ๎„ช๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎„ช๎€‚๎†ธ๎…Š๎…ผ๎†ซ๎„ช๎€‚ ๎† ๎„ช๎…ผ๎† ๎…ง๎„ช๎€‚ ๎„œ๎…ผ๎…ฐ๎…๎…ฒ๎…ƒ๎€‚ ๎…‚๎…ผ๎†ฃ๎€‚ ๎ƒฟ๎†ฃ๎†ธ๎†ซ๎œ‰๎€‚๎„œ๎‡€๎…ง๎†ธ๎‡€๎†ฃ๎„ช๎œ‰๎€‚๎…ฐ๎‡€๎†ซ๎…๎„œ๎œ‰๎€‚ ๎…ผ๎†ฃ๎€‚ ๎†ซ๎† ๎…ผ๎†ฃ๎†ธ๎…๎…ฒ๎…ƒ๎€‚ ๎„ช๎‡œ๎„ช๎…ฒ๎†ธ๎†ซ๎œ‰๎€‚ ๎ƒฟ๎†ซ๎€‚ ๎‡๎„ช๎…ง๎…ง๎€‚ ๎ƒฟ๎†ซ๎€‚ ๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎†ธ๎†ซ๎œ‰๎€‚
and those traveling to see family and friends. According to NYC & Company, between 2009 and 2019, leisure
travel New York City from both domestic and international travelers increased 3.7 percent per year. Since the
๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎…ฐ๎…๎„œ๎œน๎†ซ๎€‚ ๎…ง๎…ผ๎…ฒ๎…ƒ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚ ๎„ช๎‡ณ๎…‚๎„ช๎„œ๎†ธ๎†ซ๎€‚ ๎…ผ๎…ฒ๎€‚ ๎‡œ๎…๎†ซ๎…๎†ธ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚ ๎ƒฟ๎†ฃ๎„ช๎€‚ ๎‡€๎…ฒ๎„œ๎…ง๎„ช๎ƒฟ๎†ฃ๎€‚ ๎…ผ๎…ฒ๎„œ๎„ช๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎…ฐ๎€‚ ๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚ ๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎†ซ๎œ‰๎€‚ ๎†ธ๎…Š๎…๎†ซ๎€‚
analysis conservatively stable growth at these Pre-COVID levels, resulting from a return in tourism to NYC from
both regular travelers as well as emerging middle-class travelers from China, South Korea, India, and other
international locations.
The 3.7 percent historic average annual growth rate used to project leisure travel through 2035 indicates that
demand for hotel rooms will increase to 2019 levels (87,916) by 2025, increasing to nearly 105,400 rooms in 2030
and over 126,400 rooms in 2035. Table 6 shows demand for leisure travel hotel rooms through 2035.
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NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
TABLE 6: LEISURE HOTEL DEMAND PROJECTIONS BY BOROUGH, 2020โ€“2035
BOROUGH TOTAL DEMAND
PROJECTED LEISURE HOTEL
DEMAND (c)
ADDITIONAL SUPPORTABLE ROOMS
2020 (a) 2025 (b) 2025 (d) 2030 (e) 2035 (e) 2020-2025 2020-2030 2020-2035
BRONX 913 1,125 889 1,066 1,278 167 344 557
BROOKLYN 4,183 6,322 4,994 5,989 7,182 1,690 2,684 3,877
MANHATTAN 20,350 91,341 72,159 86,534 103,772 56,083 70,457 87,695
QUEENS 8,263 11,939 9,432 11,311 13,564 2,904 4,783 7,036
STATEN ISLAND 387 559 442 530 635 136 224 330
TOTAL, ALL NYC 34,096 111,286 87,916 105,429 126,432 60,980 78,494 99,496
NOTES: (a) Average occupied rooms per night, or total occupied rooms.
(b) Average occupied rooms per night, or total occupied rooms at recovery.
(c) Business share of total demand in NYC: 79.0%
(d) Assumes demand recovers to pre-COVID levels from 2019. Therefore, this is equal to the number of rooms in September 2020 by borough,
multiplied by the 2019 annual average occupancy rate by borough, multiplied by the share of Business rooms.
(e) Based on historic annual average business travel growth rate, 2017-2019: 3.7%.
SOURCES: STR; NYC & Company; US Travel Association; BAE; all 2020.
BUSINESS TRAVEL
According to NYC & Company, business travelers accounted for 21.0 percent of hotel demand across New York
City in 2019.
8
These travelers come to visit businesses, seek services, and attend conferences. Business travel
grew annually at 1.0 percent per year, pre-COVID. This growth rate is lower than that of leisure travel, though still
positive. Some of this relatively slower growth, compared with leisure, is attributable to the maturity of New York
Cityโ€™s labor markets and the increase in room supply in a variety of secondary metro-area commercial markets.
While some industry analysts question whether business travel and lodging patterns will ever return to pre-
๎€ ๎ฟ๎ƒŸ๎“๎€ง๎€‚๎…ง๎„ช๎‡œ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎†ซ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎† ๎„ช๎„ช๎†ฃ๎€‚๎† ๎†ฃ๎„ช๎†ซ๎†ซ๎‡€๎†ฃ๎„ช๎€‚๎†ธ๎…ผ๎€‚๎„œ๎…ผ๎…ฒ๎„ฃ๎‡€๎„œ๎†ธ๎€‚๎…‚๎ƒฟ๎„œ๎„ช๎œซ๎†ธ๎…ผ๎œซ๎…‚๎ƒฟ๎„œ๎„ช๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎†ธ๎†ธ๎„ช๎…ฒ๎„ฃ๎€‚๎…ฐ๎„ช๎„ช๎†ธ๎…๎…ฒ๎…ƒ๎†ซ๎€‚๎…๎…ฒ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎„ช๎†ธ๎…๎†ธ๎…๎‡œ๎„ช๎€‚
industries will drive demand back to pre-COVID levels. For the purposes of this study, the analysis assumes that
growth rates will return to pre-COVID levels. As Table 7 shows, demand from business travelers will be able to
support more than 23,300 rooms by 2025, 24,500 rooms by 2030, and 25,700 rooms by 2035.
8
See Table 3.
TABLE 7: BUSINESS HOTEL DEMAND PROJECTIONS BY BOROUGH, 2020โ€“2035
BOROUGH TOTAL DEMAND
PROJECTED BUSINESS HOTEL
DEMAND (c)
ADDITIONAL SUPPORTABLE ROOMS
2020 (a) 2025 (b) 2025 (d) 2030 (e) 2035 (e) 2020-2025 2020-2030 2020-2035
BRONX 913 1,125 236 248 260 44 56 68
BROOKLYN 4,183 6,322 1,328 1,392 1,460 449 514 582
MANHATTAN 20,350 91,341 19,182 20,118 21,099 14,908 15,844 16,826
QUEENS 8,263 11,939 11,939 2,507 2,630 2,758 772 1,023
STATEN ISLAND 387 559 117 123 129 36 42 48
TOTAL, ALL NYC 34,096 111,286 23,370 24,510 25,706 16,210 17,350 18,546
NOTES: (a) Average occupied rooms per night, or total occupied rooms.
(b) Average occupied rooms per night, or total occupied rooms at recovery.
(c) Business share of total demand in NYC: 21.0%
(d) Assumes demand recovers to pre-COVID levels from 2019. Therefore, this is equal to the number of rooms in September 2020 by borough,
multiplied by the 2019 annual average occupancy rate by borough, multiplied by the share of Business rooms.
(e) Based on historic annual average business travel growth rate, 2017-2019: 1.0%.
SOURCES: STR; NYC & Company; US Travel Association; BAE; all 2020.
๎ฒ๎‡€๎…ง๎†ธ๎…๎† ๎…ง๎‡ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚๎šŽ๎šŒ๎šŽ๎š‘๎€‚๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎‡ฃ๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ
9
22,400 business-supported hotel rooms by 365 nights shows that
๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎€‚๎…๎…ฒ๎€‚๎šŽ๎šŒ๎š๎š•๎€‚๎†ซ๎† ๎„ช๎…ฒ๎†ธ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎š“๎œ๎š๎€‚๎…ฐ๎…๎…ง๎…ง๎…๎…ผ๎…ฒ๎€‚๎…ฒ๎…๎…ƒ๎…Š๎†ธ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ด๎„ช๎‡๎€‚๎ƒฆ๎…ผ๎†ฃ๎…ค๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ”๎€‚๎ƒฟ๎‡ฝ๎†ธ๎„ช๎†ฃ๎€‚๎†ฃ๎„ช๎„œ๎…ผ๎‡œ๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚
that number in 2025, demand by 2035 will increase to more than 9.5 million nights.
GROSS HOTEL DEMAND PROJECTIONS
Adding together the existing and projected additional room demand from business and leisure travelers provides
gross hotel room demand by borough in 2025, 2030, and 2035. As Table 8 shows, there will be demand for just
over 174,700 rooms in New York City by 2035, if each borough returns to its pre-COVID 2019 occupancy rate.
9
Also, the number of rooms demanded in 2019.
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NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
TABLE 8: PROJECTED ROOM DEMAND BY BOROUGH AND TRAVEL TYPE, 2025โ€“2035
BOROUGH
2020
EXISTING
ROOM
DEMAND (a)
ADDITIONAL ROOM DEMAND
FUTURE
DEMAND
STABILIZED
OCCUPANCY
RATE (b)
DEMAND
WITH
VACANCY
LEISURE BUSINESS
2020โ€“2025
BRONX 913 167 44 1,125 81.3% 1,384
BROOKLYN 4,183 1,690 449 6,322 84.0% 7,527
MANHATTAN 20,350 56,083 14,908 91,341 88.1% 103,730
QUEENS 8,263 2,904 772 11,939 82.9% 14,394
STATEN ISLAND 387 136 36 559 72.2% 775
TOTAL, ALL NYC 34,096 60,980 16,210 111,286 127,810
2020โ€“2030
BRONX 913 344 56 1,314 81.3% 1,616
BROOKLYN 4,183 2,684 514 7,381 84.0% 8,789
MANHATTAN 20,350 70,457 15,844 106,651 88.1% 121,117
QUEENS 8,263 4,783 894 13,940 82.9% 16,807
STATEN ISLAND 387 224 42 653 72.2% 905
TOTAL, ALL NYC 34,096 78,494 17,350 129,940 149,233
2020โ€“2035
BRONX 913 557 68 1,538 81.3% 1,892
BROOKLYN 4,183 3,877 582 8,642 84.0% 10,290
MANHATTAN 20,350 87,695 16,826 124,871 88.1% 141,808
QUEENS 8,263 7,036 1,023 16,322 82.9% 19,678
STATEN ISLAND 387 330 48 765 72.2% 1,059
TOTAL, ALL NYC 34,096 99,496 18,546 152,138 174,727
NOTES: (a) Represents number of occupied rooms.
(b) Assumes occupancy rates will equal their 2019 levels by borough from 2025 to 2035.
SOURCES: STR; BAE; all 2020.
Future Supply Range
๎‚ผ๎…ผ๎€‚๎„ฃ๎ƒฟ๎†ธ๎„ช๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎ด๎ƒฆ๎€ ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ซ๎„ช๎„ช๎…ฒ๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎š๎šŒ๎œ‰๎šŒ๎šŒ๎šŒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…ƒ๎…ผ๎€‚๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎œ‰๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎…ƒ๎…ผ๎…ฒ๎„ช๎€‚๎…ผ๎‡ณ๎‡ต๎…ง๎…๎…ฒ๎„ช๎€‚
since September 2020. Of this total, 3,484 are permanently closed and not expected to return to the market,
while another 3,390 that were temporarily closed in Fall 2020 have already reopened in that they are accepting
reservations for 2021. This leaves a net total of 34,288 temporarily closed rooms that are assumed could come
back online as demand recovers. Some hotel owners are evaluating other uses for possible conversion. While
hotel owners in the four outer boroughs are considering converting their hotels for use as permanent homeless
๎†ซ๎…Š๎„ช๎…ง๎†ธ๎„ช๎†ฃ๎†ซ๎œ‰๎€‚๎…ผ๎‡๎…ฒ๎„ช๎†ฃ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎…ผ๎…ง๎„ฃ๎„ช๎†ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ƒ๎…๎…ฒ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎† ๎†ฃ๎…ผ๎‡ฟ๎†ธ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎„›๎„ช๎…‚๎…ผ๎†ฃ๎„ช๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎œซ๎š๎š•๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎…๎„ฃ๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎€‚
๎†ฃ๎„ช๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎œ•๎…ผ๎†ฃ๎€‚ ๎„œ๎…ผ๎…ฒ๎‡œ๎„ช๎†ฃ๎†ซ๎…๎…ผ๎…ฒ๎€‚ ๎†ธ๎…ผ๎€‚ ๎†ฃ๎„ช๎†ซ๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎œ‰๎€‚ ๎…ผ๎‡ณ๎‡ฟ๎„œ๎„ช๎œ‰๎€‚ ๎…ผ๎†ฃ๎€‚ ๎…๎…ฒ๎†ซ๎†ธ๎…๎†ธ๎‡€๎†ธ๎…๎…ผ๎…ฒ๎ƒฟ๎…ง๎€‚ ๎‡€๎†ซ๎„ช๎†ซ๎œ๎€‚ ๎€ง๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚ ๎†ซ๎†ธ๎ƒฟ๎…ค๎„ช๎…Š๎…ผ๎…ง๎„ฃ๎„ช๎†ฃ๎€‚ ๎…๎…ฒ๎†ธ๎„ช๎†ฃ๎‡œ๎…๎„ช๎‡๎†ซ๎œ‰๎€‚
some industry stakeholders predict that up to 30 percent of New York Cityโ€™s hotel rooms will not reopen.
TABLE 9: ROOM CLOSURES AND REOPENINGS, FALL 2020
BOROUGH
PERMANENTLY
CLOSED
TEMPORARILY
CLOSED
ROOMS
REOPENED
NET
TEMPORARILY
CLOSED ROOMS
BRONX 0 0 0 0
BROOKLYN 0 46 0 46
MANHATTAN 3,484 36,814 3,390 33,424
QUEENS 0 818 0 818
STATEN ISLAND 0 0 0 0
TOTAL, ALL NYC 3,484 37,678 3,390 34,288
SOURCES: STR; HANYC; BJH; BAE; all 2020.
Because there is no way to project the total number of rooms that the market will permanently lose before
recovery, this analysis provides a range of future hotel room supply based on two scenarios for hotel room
closures in order to understand how much demand will need to be met by future hotel development. Table 9
shows the number of room closures and re-openings by borough though Fall 2020.
TEMPORARILY CLOSED ROOMS REOPEN
๎‚ผ๎…Š๎„ช๎€‚๎‡ฟ๎†ฃ๎†ซ๎†ธ๎€‚๎†ซ๎„œ๎„ช๎…ฒ๎ƒฟ๎†ฃ๎…๎…ผ๎€‚๎ƒฟ๎†ซ๎†ซ๎‡€๎…ฐ๎„ช๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎†ธ๎„ช๎…ฐ๎† ๎…ผ๎†ฃ๎ƒฟ๎†ฃ๎…๎…ง๎‡ฃ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎„ฃ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒฟ๎‡œ๎ƒฟ๎…๎…ง๎ƒฟ๎„›๎…ง๎„ช๎€‚๎†ธ๎…ผ๎€‚๎†ฃ๎„ช๎…ผ๎† ๎„ช๎…ฒ๎€‚๎‡๎…Š๎„ช๎…ฒ๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ฃ๎„ช๎†ธ๎‡€๎†ฃ๎…ฒ๎†ซ๎œ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚
scenario provides the highest potential future supply of hotel rooms. At this end of the range, there is latent
supply of 34,288 rooms that can absorb future demand, although they are not part of current supply estimates.
However, the 3,484 permanently closed rooms do not return to the market, representing a 2.7 percent loss to
NYCโ€™s hotel room supply.
8281
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
TEMPORARILY CLOSED ROOMS PERMANENTLY CLOSE
Under the second scenario, all temporarily closed rooms permanently close before the market recovers. This
scenario provides the lowest potential future supply of hotel rooms considered in this analysis. At this end of the
range, only the 3,390 rooms already reopened will be part of the ongoing room supply. The market will lose 37,772
rooms, representing a 29.6 percent loss to NYCโ€™s hotel room supply.
Actual future room supply will likely fall within this range. However, it should be noted that the location of closed
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ฃ๎„ช๎…ผ๎† ๎„ช๎…ฒ๎„ช๎„ฃ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…ฐ๎ƒฟ๎‡ฃ๎€‚๎‡œ๎ƒฟ๎†ฃ๎‡ฃ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎† ๎†ฃ๎„ช๎†ซ๎„ช๎…ฒ๎†ธ๎„ช๎„ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚๎ƒฟ๎…ฒ๎ƒฟ๎…ง๎‡ฃ๎†ซ๎…๎†ซ๎œ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…ผ๎‡€๎†ธ๎†ซ๎…๎„ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎‡๎…Š๎…๎„œ๎…Š๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎…ฒ๎…ผ๎†ธ๎€‚
experienced many closures to date, may close in the future if hotels convert to permanent social services facilities or
๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎‡€๎†ซ๎„ช๎†ซ๎€‚๎†ซ๎‡€๎„œ๎…Š๎€‚๎ƒฟ๎†ซ๎€‚๎ƒฟ๎†ซ๎†ซ๎…๎†ซ๎†ธ๎„ช๎„ฃ๎€‚๎…ง๎…๎‡œ๎…๎…ฒ๎…ƒ๎€‚๎…ผ๎†ฃ๎€‚๎† ๎‡€๎†ฃ๎„ช๎€‚๎†ฃ๎„ช๎†ซ๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎œ๎€‚๎จ๎…๎…ค๎„ช๎‡๎…๎†ซ๎„ช๎œ‰๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎„œ๎†ฃ๎…ผ๎†ซ๎†ซ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ซ๎‡€๎„›๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎…ฐ๎ƒฟ๎‡ฃ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎„ช๎€‚
and change their uses. Because the pandemic remains ongoing at the time of this analysis, it is not possible to predict
the total number of permanent room closures, or the distributions of their locations or typologies. It can be stated
๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…ผ๎…ง๎„ฃ๎„ช๎†ฃ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎‡๎„ช๎†ฃ๎„ช๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ƒ๎…๎…ฒ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎† ๎†ฃ๎…ผ๎‡ฟ๎†ธ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎„›๎„ช๎…‚๎…ผ๎†ฃ๎„ช๎€‚๎€ ๎ฟ๎ƒŸ๎“๎€ง๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎ƒฟ๎†ธ๎œซ๎†ฃ๎…๎†ซ๎…ค๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎† ๎„ช๎†ฃ๎…ฐ๎ƒฟ๎…ฒ๎„ช๎…ฒ๎†ธ๎€‚๎„œ๎…ง๎…ผ๎†ซ๎‡€๎†ฃ๎„ช๎œ
Gross Unmet Hotel Room Demand
Gross unmet demand equals the gross room demand minus the number of existing hotel rooms and temporarily
closed rooms expected to reopen under each scenario. Permanently closed are not subtracted from the remaining
room demand.
TEMPORARILY CLOSED ROOMS REOPEN
At the low end of the potential unmet demand range, where temporarily closed rooms are assumed to reopen,
๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚ ๎‡๎…ผ๎‡€๎…ง๎„ฃ๎€‚ ๎„›๎„ช๎€‚ ๎…ƒ๎†ฃ๎…ผ๎†ซ๎†ซ๎€‚ ๎‡€๎…ฒ๎…ฐ๎„ช๎†ธ๎€‚ ๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎…ผ๎…‚๎€‚ ๎…ผ๎‡œ๎„ช๎†ฃ๎€‚ ๎š‘๎œ‰๎šŒ๎šŒ๎šŒ๎€‚ ๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚ ๎…๎…ฒ๎€‚ ๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚ ๎„›๎‡ฃ๎€‚ ๎šŽ๎šŒ๎šŽ๎š‘๎œ‰๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎…ฒ๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚ ๎š‘๎š๎œ‰๎š•๎šŒ๎šŒ๎€‚ ๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚
citywide by 2035. Of the total 122,854 rooms in the existing supply, 88,566 are currently online, with the remainder
assumed to open as demand returns. Table 10 shows a minimum gross unmet room demand of nearly 51,900
rooms by 2035, and Figure 22 graphically shows the gap between supply and demand.
TABLE 10: GROSS UNMET ROOM DEMAND BY BOROUGH, TEMPORARILY CLOSED ROOMS REOPEN,
2025โ€“2035
BOROUGH
EXISTING
DEMAND
GROSS FUTURE DEMAND LESS
EXISTING
SUPPLY
(a)
GROSS UNMET ROOM DEMAND
2025 2030 2035 2025 2030 2035
BRONX 913 1,384 1,616 1,892 1,384 0 232 508
BROOKLYN 4,183 7,527 8,789 10,290 7,577 0 1,212 2,713
MANHATTAN 20,350 103,730 121,117 141,808 98,501 5,229 22,616 43,307
QUEENS 8,263 14,394 16,807 19,678 14,617 0 2,190 5,061
STATEN ISLAND 387 775 905 1,059 775 0 130 284
TOTAL, ALL NYC 34,096 127,810 149,233 174,727 122,854 5,229 26,379 51,873
NOTE: (a) Supply as of September 2020 plus reopened rooms and temporarily closed rooms.
SOURCES: STR; HANYC; BJH; BAE; all 2020.
FIGURE 22: NYC HOTEL ROOM SUPPLY AND DEMAND, 2020-2035, TEMPORARILY CLOSED ROOMS REOPEN
0
34,000
68,000
102,000
136,000
170,000
203520302025Sept. 2020Jan. 2020
DEMAND SUPPLY
SOURCES: STR; HANYC; BJH; BAE; all 2020.
TEMPORARILY CLOSED ROOMS PERMANENTLY CLOSE
At the high end of the potential unmet demand range, where temporarily closed rooms are assumed to
permanently close before the market returns, there would be gross unmet demand of nearly 35,900 rooms
citywide by 2025, nearly 57,300 rooms citywide by 2030, and nearly 82,800 rooms citywide by 2035. Of the total
91,956 rooms in the existing supply, 88,566 are currently online, with the remainder already taking reservations
for 2021. Table 11 shows a potential maximum gross unmet room demand of nearly 82,800 rooms by 2035, and
Figure 23 graphically shows the gap between supply and demand.
TABLE 11: GROSS UNMET ROOM DEMAND BY BOROUGH, TEMPORARILY CLOSED ROOMS PERMANENTLY
CLOSE, 2025โ€“2035
BOROUGH
EXISTING
DEMAND
GROSS FUTURE DEMAND LESS
EXISTING
SUPPLY
(a)
GROSS UNMET ROOM DEMAND
2025 2030 2035 2025 2030 2035
BRONX 913 1,384 1,616 1,892 1,384 0 232 508
BROOKLYN 4,183 7,527 8,789 10,290 7,531 0 1,258 2,759
MANHATTAN 20,350 103,730 121,117 141,808 68,467 35,263 52,650 73,341
QUEENS 8,263 14,394 16,807 19,678 13,799 595 3,008 5,879
STATEN ISLAND 387 775 905 1,059 775 0 0 284
TOTAL, ALL NYC 34,096 127,810 149,233 174,727 91,956 35,858 57,277 82,771
NOTE: (a) Supply as of September 2020 plus reopened rooms and temporarily closed rooms.
SOURCES: STR; HANYC; BJH; BAE; all 2020.
8483
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
FIGURE 23: NYC HOTEL ROOM SUPPLY AND DEMAND, 2020-2035, TEMPORARILY CLOSED ROOMS
BECOME PERMANENTLY CLOSED
0
34,000
68,000
102,000
136,000
170,000
203520302025Sept. 2020Jan. 2020
DEMAND SUPPLY
Scenario 2: Assume no temporarily closed hotel rooms reopen and pipeline rooms delivered by 2025.
Assume demand recovery in 2025 and historic 3.7% annual growth rate in demand for 20252035.
SOURCES: STR; HANYC; BJH; BAE; all 2020.
10
Hotels permitted for construction include those that have begun construction but have not achieved
๎†ซ๎‡€๎„›๎†ซ๎†ธ๎ƒฟ๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎€‚๎„œ๎…ผ๎…ฐ๎† ๎…ง๎„ช๎†ธ๎…๎…ผ๎…ฒ๎€‚๎œ ๎š”๎šŒ๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎…ง๎„ช๎†ธ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎œ•๎…ผ๎†ฃ๎€‚๎ƒฟ๎„œ๎…Š๎…๎„ช๎‡œ๎„ช๎„ฃ๎€‚๎„œ๎„ช๎†ฃ๎†ธ๎…๎‡ฟ๎„œ๎ƒฟ๎†ธ๎„ช๎€‚๎…ผ๎…‚๎€‚๎…ผ๎„œ๎„œ๎‡€๎† ๎ƒฟ๎…ฒ๎„œ๎‡ฃ๎œก๎œ๎€‚๎€ ๎…๎†ธ๎‡ฃ๎€‚๎†ฃ๎„ช๎„œ๎…ผ๎†ฃ๎„ฃ๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚
period show no hotels that have achieved substantial completion but are not yet open.
Residual (Net) Hotel Demand/Future Unidentified Supply
๎€ƒ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‚ฎ๎„ช๎† ๎†ธ๎„ช๎…ฐ๎„›๎„ช๎†ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎€‚ ๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎š๎šŒ๎œ‰๎š๎š๎š๎€‚๎† ๎†ฃ๎„ช๎œซ๎„œ๎…ผ๎…ฒ๎†ซ๎†ธ๎†ฃ๎‡€๎„œ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎† ๎…๎† ๎„ช๎…ง๎…๎…ฒ๎„ช๎œ‰๎€‚๎…Š๎ƒฟ๎‡œ๎…๎…ฒ๎…ƒ๎€‚๎‡ฟ๎…ง๎„ช๎„ฃ๎€‚๎ƒฟ๎…ฒ๎€‚
application, having an application approved, or permitted for construction by the New York City Department of
Buildings.
10
If they deliver, their addition to the hotel supply would reduce the unmet room demand. Table 12 shows
that by 2025, if all temporarily closed rooms reopen, there are enough rooms in the pipeline to meet the remaining
๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎œ๎€‚๎Ž๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎„›๎‡ฃ๎€‚๎šŽ๎šŒ๎š๎šŒ๎œ‰๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎‡๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎„›๎„ช๎€‚๎†ซ๎…Š๎…ผ๎†ฃ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚๎„›๎‡ฃ๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎…ง๎‡ฃ๎€‚๎š๎šŒ๎œ‰๎š“๎šŒ๎šŒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎šŽ๎šŒ๎š๎š‘๎œ‰๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎‡๎…๎…ง๎…ง๎€‚
be a need for an additional 31,400 rooms to meet demand. If temporarily closed rooms do not reopen, then by 2025
๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎‡๎…๎…ง๎…ง๎€‚๎„›๎„ช๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎šŽ๎š๎œ‰๎š๎šŒ๎šŒ๎€‚๎…ฒ๎„ช๎‡๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚๎š๎šŒ๎œ‰๎š“๎šŒ๎šŒ๎€‚๎…ฒ๎„ช๎‡๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎„›๎‡ฃ๎€‚๎šŽ๎šŒ๎š๎šŒ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎š’๎š๎œ‰๎š๎šŒ๎šŒ๎€‚
new rooms by 2035. The supply in every other borough, at both ends of the range, would meet demand by 2035, with
more than enough rooms in the pipeline to meet future demand even with some existing room closures. This analysis
assumes that absent any actions that impact market conditions (e.g., recessions, regulatory actions), developers will
respond to increases in demand and bring new hotel rooms online until the market returns to equilibrium.
TABLE 12: RESIDUAL ROOM DEMAND BY BOROUGH, 2020-2035
TEMPORARILY CLOSED ROOMS RETURN ONLINE
BOROUGH
REMAINING ROOM DEMAND
DISTRIBUTION OF NYC
RESIDUAL DEMAND,
2035
PIPELINE
HOTEL
ROOMS
RESIDUAL NET ROOM
DEMAND / UNIDENTIFIED
FUTURE SUPPLY
2025 2030 2035 PERCENT ROOMS 2025 2030 2035
BRONX 0 232 508 1.0% 508 2,288 0 0 0
BROOKLYN 0 1,212 2,713 5.2% 2,713 6,335 0 0 0
MANHATTAN 5,229 22,616 43,307 83.5% 43,307 11,939 0 10,677 31,368
QUEENS 0 2,190 5,061 9.8% 5,061 9,273 0 0 0
STATEN ISLAND 0 130 284 0.5% 284 496 0 0 0
TOTAL, ALL NYC 5,229 26,379 51,873 100% 51,873 30,331 0 10,677 31,368
BOROUGH
REMAINING ROOM DEMAND
DISTRIBUTION OF NYC
RESIDUAL DEMAND,
2035
PIPELINE
HOTEL
ROOMS
RESIDUAL NET ROOM
DEMAND / UNIDENTIFIED
FUTURE SUPPLY
2025 2030 2035 PERCENT ROOMS 2025 2030 2035
BRONX 0 232 508 0.6% 508 2,288 0 0 0
BROOKLYN 0 1,258 2,759 3.3% 2,759 6,335 0 0 0
MANHATTAN 35,263 52,650 73,341 88.6% 73,341 11,939 23,324 40,711 61,402
QUEENS 595 3,008 5,879 7.1% 5,879 9,273 0 0 0
STATEN ISLAND 0 130 284 0.3% 284 496 0 0 0
TOTAL, ALL NYC 35,858 57,277 82,771 100% 82,771 30,331 23,324 40,711 61,402
SOURCES: New York City Planning Department; BAE; all 2020.
๎‚ผ๎ƒฟ๎„›๎…ง๎„ช๎€‚ ๎š๎šŽ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚ ๎†ซ๎…Š๎…ผ๎‡๎†ซ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎„ฃ๎…๎†ซ๎†ธ๎†ฃ๎…๎„›๎‡€๎†ธ๎…๎…ผ๎…ฒ๎€‚ ๎…ผ๎…‚๎€‚๎†ฃ๎„ช๎†ซ๎…๎„ฃ๎‡€๎ƒฟ๎…ง๎€‚ ๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎„›๎‡ฃ๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎œ‰๎€‚๎†ฃ๎„ช๎‡œ๎„ช๎ƒฟ๎…ง๎…๎…ฒ๎…ƒ๎€‚ ๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚ ๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎ƒฟ๎„œ๎„œ๎…ผ๎‡€๎…ฒ๎†ธ๎†ซ๎€‚ ๎…‚๎…ผ๎†ฃ๎€‚
๎„›๎„ช๎†ธ๎‡๎„ช๎„ช๎…ฒ๎€‚๎š”๎š๎œ๎š‘๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎š”๎š”๎œ๎š’๎€‚๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎…ผ๎…‚๎€‚๎‡€๎…ฒ๎…ฐ๎„ช๎†ธ๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎šŽ๎šŒ๎š๎š‘๎œ๎€‚๎“๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎„ฃ๎…ผ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎†ฃ๎„ช๎…ผ๎† ๎„ช๎…ฒ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚
room shortages ranging between 31,400 and 61,400 rooms may impact New York Cityโ€™s ability to attract tourism
๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„œ๎…ผ๎…ฒ๎‡œ๎„ช๎…ฒ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎œ๎€‚๎ƒ ๎…Š๎…๎…ง๎„ช๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎†ธ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎†ธ๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„›๎„ช๎„ช๎…ฒ๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎‡๎…๎…ง๎…ง๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚๎†ซ๎†ธ๎ƒฟ๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ฃ๎„ช๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ‰๎€‚
proximity to Broadway, Times Square, and the Javits Center are critical to the Cityโ€™s ability to attract tourists and
conventioneers who may be less familiar with getting around New York. In addition, borough hotels may not be
๎ƒฟ๎„œ๎„œ๎„ช๎† ๎†ธ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎†ธ๎…ผ๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎€‚๎‡๎…Š๎…ผ๎€‚๎‡๎ƒฟ๎…ฒ๎†ธ๎€‚๎†ธ๎…ผ๎€‚๎„›๎„ช๎€‚๎…ฒ๎„ช๎ƒฟ๎†ฃ๎€‚๎†ธ๎…ผ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…ผ๎‡ณ๎‡ฟ๎„œ๎„ช๎†ซ๎œ
8685
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
On the supply side, trends since 2010 and prior to COVID-19 have shown that hotel room development is occurring
๎ƒฟ๎†ธ๎€‚๎ƒฟ๎€‚๎…ฐ๎‡€๎„œ๎…Š๎€‚๎…‚๎ƒฟ๎†ซ๎†ธ๎„ช๎†ฃ๎€‚๎† ๎ƒฟ๎„œ๎„ช๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎…Š๎ƒฟ๎†ฃ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎†ซ๎†ธ๎„ช๎ƒฟ๎„ฃ๎…๎…ง๎‡ฃ๎€‚๎„ฃ๎„ช๎„œ๎…ง๎…๎…ฒ๎„ช๎„ฃ๎œ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚๎…๎†ซ๎€‚๎…๎…ฒ๎€‚
๎† ๎ƒฟ๎†ฃ๎†ธ๎€‚๎„ฃ๎‡€๎„ช๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎…ง๎ƒฟ๎†ธ๎…๎‡œ๎„ช๎…ง๎‡ฃ๎€‚๎…Š๎…๎…ƒ๎…Š๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎„ฃ๎„ช๎‡œ๎„ช๎…ง๎…ผ๎† ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎„œ๎…ผ๎†ซ๎†ธ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎ƒฟ๎†ฃ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎„›๎…ผ๎†ฃ๎…ผ๎‡€๎…ƒ๎…Š๎†ซ๎€‚๎ƒฟ๎†ซ๎€‚๎‡๎„ช๎…ง๎…ง๎€‚๎ƒฟ๎†ซ๎€‚
diminishing suitable sites and emerging submarkets in other boroughs.
๎‚ผ๎…Š๎„ช๎†ฃ๎„ช๎…‚๎…ผ๎†ฃ๎„ช๎œ‰๎€‚ ๎ƒฟ๎…ง๎†ธ๎…Š๎…ผ๎‡€๎…ƒ๎…Š๎€‚ ๎…‚๎‡€๎†ธ๎‡€๎†ฃ๎„ช๎€‚๎„œ๎…๎†ธ๎‡ฃ๎‡๎…๎„ฃ๎„ช๎€‚ ๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎…๎†ซ๎€‚ ๎„ฃ๎†ฃ๎…๎‡œ๎„ช๎…ฒ๎€‚๎„›๎‡ฃ๎€‚ ๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ‰๎€‚ ๎…ฒ๎„ช๎‡๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚ ๎†ซ๎‡€๎† ๎† ๎…ง๎‡ฃ๎€‚ ๎„œ๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎„›๎„ช๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚
evenly distributed throughout the city. Assuming that future supply will deliver based on the distribution of
๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎„œ๎‡€๎†ฃ๎†ฃ๎„ช๎…ฒ๎†ธ๎…ง๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎…๎† ๎„ช๎…ง๎…๎…ฒ๎„ช๎œ‰๎€‚๎ƒฟ๎†ซ๎€‚๎†ซ๎…Š๎…ผ๎‡๎…ฒ๎€‚๎…๎…ฒ๎€‚๎‚ผ๎ƒฟ๎„›๎…ง๎„ช๎€‚๎š๎š๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…ง๎…ผ๎„ฃ๎…ƒ๎„ช๎†ฃ๎†ซ๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎€‚
will stay in the other boroughs, residual demand would range between approximately 21,500 rooms and 52,400
๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ๎€‚๎‚ผ๎…Š๎…๎†ซ๎€‚๎‡๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎†ฃ๎„ช๎†ข๎‡€๎…๎†ฃ๎„ช๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎…Š๎ƒฟ๎…ง๎…‚๎€‚๎…ผ๎…‚๎€‚๎…‚๎‡€๎†ธ๎‡€๎†ฃ๎„ช๎€‚๎…ง๎…ผ๎„ฃ๎…ƒ๎„ช๎†ฃ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎†ซ๎†ธ๎ƒฟ๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎…ผ๎†ฃ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎œ‰๎€‚๎„ฃ๎„ช๎†ซ๎† ๎…๎†ธ๎„ช๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎š”๎š‘๎€‚
๎† ๎„ช๎†ฃ๎„œ๎„ช๎…ฒ๎†ธ๎€‚๎‡๎ƒฟ๎…ฒ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚๎†ซ๎†ธ๎ƒฟ๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎ฒ๎ƒฟ๎…ฒ๎…Š๎ƒฟ๎†ธ๎†ธ๎ƒฟ๎…ฒ๎œ๎€‚๎“๎…‚๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎‡€๎…ฒ๎‡๎…๎…ง๎…ง๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚๎†ซ๎†ธ๎ƒฟ๎‡ฃ๎€‚๎…๎…ฒ๎€‚๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚๎…ผ๎†ฃ๎€‚๎€Ÿ๎†ฃ๎…ผ๎…ผ๎…ค๎…ง๎‡ฃ๎…ฒ๎œ‰๎€‚๎†ฃ๎„ช๎†ซ๎…๎„ฃ๎‡€๎ƒฟ๎…ง๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚
will look more like the ranges presented in Table 10 above.
TABLE 11: ADJUSTED ROOM DEMAND BY BOROUGH, 2020-2035
TEMPORARILY CLOSED ROOMS RETURN ONLINE
BOROUGH
ADJUSTED
DISTRIBUTION
OF NYC
RESIDUAL
DEMAND,
2035 (a)
ADJUSTED
REMAINING ROOM DEMAND
PIPELINE
HOTEL
ROOMS
RESIDUAL NET ROOM
DEMAND / UNIDENTIFIED
FUTURE SUPPLY
2025 2030 2035 2025 2030 2035
BRONX 7.5% 394 1,990 3,913 2,288 0 0 1,625
BROOKLYN 20.9% 1,092 5,510 10,834 6,335 0 0 4,499
MANHATTAN 39.4% 2,058 10,384 20,419 11,939 0 0 8,480
QUEENS 30.6% 1,599 8,065 15,859 9,273 0 0 6,586
STATEN ISLAND 1.6% 86 431 848 496 0 0 352
TOTAL, ALL NYC 100% 5,229 26,379 51,873 30,331 0 0 21,542
TEMPORARILY CLOSED ROOMS PERMANENTLY CLOSE
BOROUGH
ADJUSTED
DISTRIBUTION
OF NYC
RESIDUAL
DEMAND,
2035 (a)
ADJUSTED
REMAINING ROOM DEMAND
PIPELINE
HOTEL
ROOMS
RESIDUAL NET ROOM
DEMAND / UNIDENTIFIED
FUTURE SUPPLY
2025 2030 2035
2025 2030 2035
BRONX 7.5% 2,705 4,321 6,244 2,288 417 2,033 3,956
BROOKLYN 20.9% 7,489 11,963 17,288 6,335 1,154 5,628 10,953
MANHATTAN 39.4% 14,115 22,546 32,581 11,939 2,176 10,607 20,642
QUEENS 30.6% 10,963 17,511 25,305 9,273 1,690 8,238 16,032
STATEN ISLAND 1.6% 586 937 1,354 496 90 441 858
TOTAL, ALL NYC 100% 35,858 57,277 82,771 30,331 5,527 26,946 52,440
NOTE: (a) The distribution of the remaining room demand by borough is adjusted to the distribution of rooms in the construction pipeline.
SOURCES: New York City Planning Department; BAE; all 2020.
๎“๎†ธ๎€‚๎†ซ๎…Š๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎„›๎„ช๎€‚๎…ฒ๎…ผ๎†ธ๎„ช๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ซ๎…ผ๎…ฐ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎† ๎…๎† ๎„ช๎…ง๎…๎…ฒ๎„ช๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎…ฐ๎ƒฟ๎‡ฃ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎„›๎„ช๎€‚๎„ฃ๎„ช๎…ง๎ƒฟ๎‡ฃ๎„ช๎„ฃ๎€‚๎…ผ๎†ฃ๎€‚๎‡€๎…ฒ๎„›๎‡€๎…๎…ง๎†ธ๎œ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎„ฃ๎…๎‡ณ๎‡ฟ๎„œ๎‡€๎…ง๎†ธ๎€‚
๎†ฃ๎„ช๎ƒฟ๎…ง๎€‚๎„ช๎†ซ๎†ธ๎ƒฟ๎†ธ๎„ช๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎„œ๎†ข๎‡€๎…๎†ฃ๎„ช๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎…ฒ๎…ƒ๎œ๎€‚๎€Ÿ๎ƒฟ๎…ฒ๎…ค๎†ซ๎€‚๎„œ๎…ผ๎…ฒ๎†ซ๎…๎„ฃ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎…ผ๎‡๎€‚๎…ง๎„ช๎‡œ๎„ช๎…ง๎†ซ๎€‚๎…ผ๎…‚๎€‚๎† ๎†ฃ๎…ผ๎‡ฟ๎†ธ๎ƒฟ๎„›๎…๎…ง๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎€‚๎„ฃ๎„ช๎† ๎„ช๎…ฒ๎„ฃ๎„ช๎…ฒ๎„œ๎„ช๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚
๎ƒฟ๎„›๎…๎…ง๎…๎†ธ๎‡ฃ๎€‚๎†ธ๎…ผ๎€‚๎ƒฟ๎†ธ๎†ธ๎†ฃ๎ƒฟ๎„œ๎†ธ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎€‚๎…Š๎…๎…ƒ๎…Š๎„ช๎†ฃ๎€‚๎†ฃ๎…๎†ซ๎…ค๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎…ผ๎†ธ๎…Š๎„ช๎†ฃ๎€‚๎†ธ๎‡ฃ๎† ๎„ช๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†ฃ๎„ช๎ƒฟ๎…ง๎€‚๎„ช๎†ซ๎†ธ๎ƒฟ๎†ธ๎„ช๎œ‰๎€‚๎…ง๎…๎…ค๎„ช๎€‚๎†ฃ๎„ช๎†ซ๎…๎„ฃ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎œ‰๎€‚๎†ฃ๎„ช๎†ธ๎ƒฟ๎…๎…ง๎œ‰๎€‚๎…ผ๎†ฃ๎€‚๎…ผ๎‡ณ๎‡ฟ๎„œ๎„ช๎€‚๎‡€๎†ซ๎„ช๎†ซ๎œ๎€‚๎“๎…ฒ๎‡œ๎„ช๎†ซ๎†ธ๎…ผ๎†ฃ๎†ซ๎€‚
may want to wait to see if New York City will continue to be as attractive a destination as it was in the pre-COVID
era. If some of the hotels do not proceed or become hybrid residential/hotel projects in order to attract funding,
๎†ธ๎…Š๎„ช๎€‚ ๎‡€๎…ฒ๎…ฐ๎„ช๎†ธ๎€‚ ๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎„œ๎…ผ๎‡€๎…ง๎„ฃ๎€‚ ๎„›๎„ช๎€‚ ๎†ซ๎‡€๎„›๎†ซ๎†ธ๎ƒฟ๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚ ๎…Š๎…๎…ƒ๎…Š๎„ช๎†ฃ๎€‚ ๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚ ๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎„ช๎„ฃ๎€‚ ๎…Š๎„ช๎†ฃ๎„ช๎œ๎€‚ ๎“๎…ฒ๎€‚ ๎ƒฟ๎„ฃ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚ ๎†ธ๎…ผ๎€‚ ๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎…ฒ๎…ƒ๎€‚ ๎„œ๎…Š๎ƒฟ๎…ง๎…ง๎„ช๎…ฒ๎…ƒ๎„ช๎†ซ๎œ‰๎€‚
restrictive land use policies related to new hotel development that are currently being considered by the New York
City Department of City Planning may create further hurdles to increasing hotel supply to meet future demand.
Further, COVID-19 has impacted nearly every sector of the economy. As of December 2020, it is unknown how
deep or long of a recession the global, national, and NYC economies will face. Traditional market cycles can also
delay or kill pipeline hotels if tourists delay travel due to economic losses or declining income.
๎†๎…๎…ฒ๎ƒฟ๎…ง๎…ง๎‡ฃ๎œ‰๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎…Š๎…ผ๎†ฃ๎†ธ๎œซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ฐ๎…๎„ฃ๎œซ๎†ธ๎„ช๎†ฃ๎…ฐ๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎„ฃ๎…๎‡ณ๎‡ฟ๎„œ๎‡€๎…ง๎†ธ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎† ๎†ฃ๎…ผ๎…ก๎„ช๎„œ๎†ธ๎†ซ๎€‚๎†ธ๎…ผ๎€‚๎…ผ๎„›๎†ธ๎ƒฟ๎…๎…ฒ๎€‚๎‡ฟ๎…ฒ๎ƒฟ๎…ฒ๎„œ๎…๎…ฒ๎…ƒ๎€‚๎…ฐ๎ƒฟ๎‡ฃ๎€‚๎†ซ๎†ธ๎…๎‡ต๎…ง๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ฃ๎„ช๎†ธ๎‡€๎†ฃ๎…ฒ๎€‚๎…ผ๎…‚๎€‚
๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎œ๎€‚๎‚ผ๎…ผ๎‡€๎†ฃ๎…๎†ซ๎†ธ๎†ซ๎€‚๎‡๎…Š๎…ผ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎‡๎…๎…ง๎…ง๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎„›๎…ง๎„ช๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎€‚๎†ธ๎…ผ๎€‚๎ด๎ƒฆ๎€ ๎€‚๎…ฐ๎ƒฟ๎‡ฃ๎€‚๎‡ฟ๎…ฒ๎„ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎†ฃ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎„ช๎…ฒ๎…ผ๎‡€๎…ƒ๎…Š๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚
available, as supply increases lag demand while banks evaluate the return of the tourism and lodging markets.
8887
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
Periodicals and Articles (sampling)
โ€ข "Slumping Sales: Pandemic Continues to Batter City Economy," Citizens Budget Commission Blog, October 27, 2020
โ€ข "Investors are looking for chances to repurpose now-empty hotels," Crainโ€™s NY Business, October 26, 2020.
โ€ข ๎œ’๎€ ๎ฒ๎€Ÿ๎‚ฎ๎€‚๎†๎…ผ๎†ฃ๎„ช๎„œ๎…ง๎…ผ๎†ซ๎‡€๎†ฃ๎„ช๎†ซ๎€‚๎‚ฎ๎†ธ๎ƒฟ๎†ฃ๎†ธ๎€‚๎‚ฆ๎…๎†ซ๎…๎…ฒ๎…ƒ๎€‚๎ƒฟ๎†ซ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎€ง๎„ช๎…‚๎ƒฟ๎‡€๎…ง๎†ธ๎†ซ๎€‚๎€Ÿ๎†ฃ๎„ช๎ƒฟ๎…ค๎€‚๎š‘๎šŒ๎ž„๎€‚๎…๎…ฒ๎€‚๎‚ฎ๎…ผ๎…ฐ๎„ช๎€‚๎€ ๎…๎†ธ๎…๎„ช๎†ซ๎œ‰๎œ’๎€‚Bisnow, October 6, 2020.
โ€ข "Pummeled by the Pandemic, Hotel Owners Get Creative With Their Space," The New York Times, October 6, 2020.
โ€ข ๎œ’๎‚ฅ๎‡€๎„ช๎„ช๎…ฒ๎†ซ๎€‚ ๎„œ๎ƒฟ๎†ซ๎…๎…ฒ๎…ผ๎€‚ ๎…‚๎…ผ๎†ฃ๎…ƒ๎„ช๎†ซ๎€‚ ๎ƒฟ๎…Š๎„ช๎ƒฟ๎„ฃ๎€‚ ๎‡๎…๎†ธ๎…Š๎€‚ ๎† ๎…ง๎ƒฟ๎…ฒ๎†ซ๎€‚ ๎…‚๎…ผ๎†ฃ๎€‚ ๎•๎š๎šŒ๎šŒ๎ฒ๎€‚ ๎Ž๎‡ฃ๎ƒฟ๎†ธ๎†ธ๎€‚ ๎„ฃ๎„ช๎†ซ๎† ๎…๎†ธ๎„ช๎€‚ ๎„›๎…ง๎„ช๎ƒฟ๎…ค๎€‚ ๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎œ‰๎œ’๎€‚ Crainโ€™s NY Business,
October 6, 2020.
โ€ข "Hotel Industry Girds for Estimated 38,000 Property Closings Without New Federal Aid," CoStar News,
September 30, 2020.
โ€ข ๎œ’๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎†๎ƒฟ๎„œ๎„ช๎€‚๎ƒฟ๎€‚๎€ง๎…๎†ฃ๎„ช๎€‚๎ƒ ๎…๎…ฒ๎†ธ๎„ช๎†ฃ๎€‚๎ƒ ๎…๎†ธ๎…Š๎…ผ๎‡€๎†ธ๎€‚๎ฒ๎…ผ๎†ฃ๎„ช๎€‚๎€ƒ๎…๎„ฃ๎€‚๎†๎†ฃ๎…ผ๎…ฐ๎€‚๎€ ๎…ผ๎…ฒ๎…ƒ๎†ฃ๎„ช๎†ซ๎†ซ๎œ‰๎œ’๎€‚Northstar Meetings Group, September 30, 2020.
โ€ข "The Future of Airbnb," The New York Times, September 24, 2020.
โ€ข "Recovery in boutique hotel segment varies by location," Hotel News Now, September 18, 2020.
โ€ข "Creativity tapped to stretch leisure season past summer," Hotel News Now, September 15, 2020.
โ€ข "NYC hoteliers navigate โ€˜trickyโ€™ quarantine mandate," Hotel News Now, September 14, 2020.
โ€ข "Nearly 160,000 hotel jobs lost since mid-August," Hotel News Now, September 11, 2020.
โ€ข ๎œ’๎€ฏ๎„œ๎…ผ๎…ฒ๎…ผ๎…ฐ๎‡ฃ๎€‚๎€ฏ๎‡ข๎†ธ๎„ช๎…ฒ๎„ฃ๎„ช๎„ฃ๎œซ๎‚ฎ๎†ธ๎ƒฟ๎‡ฃ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎Ž๎…ผ๎…ง๎„ฃ๎€‚๎ƒƒ๎† ๎€‚๎€Ÿ๎„ช๎†ซ๎†ธ๎€‚๎€ง๎‡€๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎‚ฅ๎šŽ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ‰๎œ’๎€‚HVS, September 4, 2020.
โ€ข ๎œ’๎Ž๎ƒŸ๎‚ฎ๎€‚ ๎ฒ๎…ผ๎…ฒ๎„ฃ๎ƒฟ๎‡ฃ๎€‚ ๎ฒ๎‡€๎†ซ๎…๎…ฒ๎…ƒ๎†ซ๎œˆ๎€‚ ๎“๎…ฐ๎† ๎†ฃ๎…ผ๎‡œ๎…๎…ฒ๎…ƒ๎€‚ ๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎‚ฆ๎ฟ๎“๎œง๎‚ผ๎…Š๎…๎…ฒ๎…ค๎…๎…ฒ๎…ƒ๎€‚ ๎ฟ๎‡€๎†ธ๎€‚ ๎…ผ๎…‚๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎€Ÿ๎…ผ๎‡ข๎€‚ ๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚ ๎€ง๎„ช๎†ซ๎…๎…ƒ๎…ฒ๎†ซ๎€‚ ๎†ธ๎…ผ๎€‚ ๎ฟ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎†ซ๎œ‰๎œ’๎€‚ HVS,
August 31, 2020.
โ€ข "Report: Hotel Industry Facing Historic Wave of Foreclosures," American Hotel & Lodging Association,
August 18, 2020.
โ€ข "Demand drags on occupancy, not rate, in new US forecast," Hotel News Now, August 14, 2020.
โ€ข "HDC: Overcoming the industryโ€™s biggest obstacle," Hotel News Now, August 14, 2020.
โ€ข ๎œ’๎‚ผ๎…๎…ฐ๎„ช๎†ซ๎€‚๎‚ฎ๎†ข๎‡€๎ƒฟ๎†ฃ๎„ช๎€‚๎€ฏ๎„ฃ๎…๎†ธ๎…๎…ผ๎…ฒ๎€‚๎†ธ๎…ผ๎€‚๎†ฃ๎„ช๎…ผ๎† ๎„ช๎…ฒ๎€‚๎ƒฟ๎†ซ๎€‚๎ฒ๎ƒฟ๎„ช๎‡ฟ๎„ช๎…ง๎„ฃ๎€‚๎„œ๎…ง๎„ช๎ƒฟ๎†ฃ๎†ซ๎€‚๎‡€๎† ๎€‚๎„ฃ๎„ช๎„›๎†ธ๎€‚๎„ฃ๎…๎†ซ๎† ๎‡€๎†ธ๎„ช๎œ‰๎œ’๎€‚The Real Deal, July 14, 2020.
โ€ข "COVID-19 Travel Industry Research", U.S. Travel Association, weekly data.
โ€ข ๎œ’๎†๎…๎‡œ๎„ช๎€‚๎ƒƒ๎œ๎‚ฎ๎œ๎€‚๎ฒ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎†ซ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎†ธ๎…Š๎„ช๎€‚๎จ๎ƒฟ๎†ฃ๎…ƒ๎„ช๎†ซ๎†ธ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎‚ฃ๎…๎† ๎„ช๎…ง๎…๎…ฒ๎„ช๎†ซ๎œ‰๎œ’๎€‚Lodging Magazine, August 5, 2019.
โ€ข "What Airbnb Did to New York City," Bloomberg City Lab๎œ‰๎€‚๎ฒ๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎š‘๎œ‰๎€‚๎šŽ๎šŒ๎š๎š”๎œ
T
he Consultant Team undertook an overview and analysis of published sources related to the tourism
industry and projections for hotel development in New York City. Sources for review include third party
market evaluation and outlook reports, industry reports and outlook projections conducted by New
York City government agencies, and reports conducted by NYC & Company, in addition to relevant recent news
articles in local and national newspapers, magazines and industry trade publications that focus on the travel and
hospitality industry and New York City real estate.
Private Third-Party Market Reports
โ€ข ๎Ž๎…ผ๎†ฃ๎‡๎ƒฟ๎†ฃ๎†ธ๎…Š๎€‚๎Ž๎‚ผ๎จ๎œ‰๎€‚Market Report USA: Hotel Market Trends in the Covid Era, September 2020.
โ€ข ๎‚ฎ๎…ค๎…๎‡ฝ๎†ธ๎€‚๎‚ฆ๎„ช๎†ซ๎„ช๎ƒฟ๎†ฃ๎„œ๎…Š๎€‚๎…๎…ฒ๎€‚๎† ๎ƒฟ๎†ฃ๎†ธ๎…ฒ๎„ช๎†ฃ๎†ซ๎…Š๎…๎† ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎ฒ๎„œ๎ฆ๎…๎…ฒ๎†ซ๎„ช๎‡ฃ๎€‚๎ž ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎œ‰๎€‚The Travel Industry Turned Upside Down: Insights, Analysis
and Actions for Travel Executives, September 2020.
โ€ข ๎€ƒ๎…ฐ๎„ช๎†ฃ๎…๎„œ๎ƒฟ๎…ฒ๎€‚ ๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚ ๎ž ๎€‚ ๎จ๎…ผ๎„ฃ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚ ๎€ƒ๎†ซ๎†ซ๎…ผ๎„œ๎…๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ‰๎€‚ State of the Hotel Industry Analysis: COVID-19 Six Months Later,
August 31, 2020.
โ€ข CBRE, US Hotel Outlook: Down, But Not Out!, August 27, 2020.
โ€ข Tourism Economics, an Oxford Economics Company, Employment Situation in the Leisure and Hospitality Industry
Through July 2020, August 2020.
โ€ข CBRE Econometric Advisors, Hotel Industry Update: A Slower Recovery Ahead, July 2020.
โ€ข Trepp, Historical CMBS Report: An Update on Hotel Commercial Real Estate, July 2020.
โ€ข ๎ฒ๎„œ๎ฆ๎…๎…ฒ๎†ซ๎„ช๎‡ฃ๎€‚๎ž ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎ƒฟ๎…ฒ๎‡ฃ๎œ‰๎€‚Hospitality and COVID-19: How long until โ€˜no vacancyโ€™ for US hotels?, June 2020.
โ€ข ๎€ ๎€Ÿ๎‚ฆ๎€ฏ๎œ”๎€‚๎ƒƒ๎œ๎‚ฎ๎œ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†๎…๎…ƒ๎‡€๎†ฃ๎„ช๎†ซ๎œ”๎€‚๎‚ฅ๎šŽ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ
โ€ข PwC, Manhattan Lodging Index Second Quarter 2020, 2020.
โ€ข Deloitte, The World Remade: Travel and Hospitality Scenarios, the โ€œNext Normalโ€๎œ”๎€‚๎ฒ๎ƒฟ๎‡ฃ๎€‚๎šŽ๎šŒ๎šŽ๎šŒ๎œ
Public Sector Reports
โ€ข NYC Comptroller, New York by the Numbers Weekly Economic and Fiscal Outlook, November 2, 2020.
โ€ข NYC & Company, NYC Hotel Occupancy, ADR & Room Demand 5 Year Trend Report, September 1, 2020.
โ€ข NYC & Company, All In NYC: The Roadmap for Tourismโ€™s Reimagining and Recovery, July 2020.
โ€ข NYC & Company, Annual Report 2018-2019, 2019.
โ€ข NYC & Company, Economic Impact of Tourism in New York City 2019, 2019.
โ€ข NYC & Company, Travel & Tourism Trend Report 2019, 2019.
โ€ข NYC & Company and U.S. Department of Commerce, Visitor Market Pro๎‡พle, August 2019.
โ€ข ๎ฟ๎‡ณ๎‡ฟ๎„œ๎„ช๎€‚๎…ผ๎…‚๎€‚๎ด๎ƒฆ๎€ ๎€‚๎€ ๎…ผ๎…ฐ๎† ๎†ธ๎†ฃ๎…ผ๎…ง๎…ง๎„ช๎†ฃ๎œ‰๎€‚Impact of Airbnb on NYC Rents, April 2018.
โ€ข NYC Department of City Planning, NYC Hotel Market Analysis: Existing Conditions and 10-Year Outlook, 2017.
Appendix I: Literature Review
9089
NEW YORK CITY DEPARTMENT OF CITY PLANNING
NEW YORK CITY HOTEL MARKET ANALYSIS
Limited Service
๎ฟ๎†ฃ๎…๎…ƒ๎…๎…ฒ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎„ฃ๎„ช๎‡ฟ๎…ฒ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ซ๎€‚๎ƒฟ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎‡๎…๎†ธ๎…Š๎…ผ๎‡€๎†ธ๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎ƒฟ๎‡€๎†ฃ๎ƒฟ๎…ฒ๎†ธ๎€‚๎…ผ๎†ฃ๎€‚๎„›๎ƒฟ๎…ฒ๎†ข๎‡€๎„ช๎†ธ๎€‚๎…‚๎ƒฟ๎„œ๎…๎…ง๎…๎†ธ๎…๎„ช๎†ซ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎…ฐ๎„ช๎…ฒ๎…๎†ธ๎…๎„ช๎†ซ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎…ƒ๎‡€๎„ช๎†ซ๎†ธ๎†ซ๎€‚
๎…ผ๎…‚๎€‚๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎†ธ๎‡ฃ๎† ๎…๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎†ซ๎…๎…ฐ๎† ๎…ง๎„ช๎œ๎€‚๎Ž๎…ผ๎‡๎„ช๎‡œ๎„ช๎†ฃ๎œ‰๎€‚๎†ธ๎…Š๎„ช๎†ซ๎„ช๎€‚๎†ซ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎…ฐ๎„ช๎…ฒ๎…๎†ธ๎…๎„ช๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎„ช๎‡ข๎† ๎ƒฟ๎…ฒ๎„ฃ๎„ช๎„ฃ๎€‚๎…ผ๎‡œ๎„ช๎†ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚
past decade and, in todayโ€™s market, a limited service hotelโ€™s range of amenities might include a business center, a
๎‡ฟ๎†ธ๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎œ‰๎€‚๎ƒฟ๎€‚๎…ƒ๎‡€๎„ช๎†ซ๎†ธ๎€‚๎…ง๎ƒฟ๎‡€๎…ฒ๎„ฃ๎†ฃ๎‡ฃ๎€‚๎…‚๎ƒฟ๎„œ๎…๎…ง๎…๎†ธ๎‡ฃ๎œ‰๎€‚๎ƒฟ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎† ๎ƒฟ๎…ฒ๎†ธ๎†ฃ๎‡ฃ๎œ‰๎€‚๎ƒฟ๎…ฒ๎€‚๎…๎…ฒ๎„ฃ๎…ผ๎…ผ๎†ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎œ•๎…ผ๎†ฃ๎€‚๎…ผ๎‡€๎†ธ๎„ฃ๎…ผ๎…ผ๎†ฃ๎€‚๎† ๎…ผ๎…ผ๎…ง๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎†ซ๎…ฐ๎ƒฟ๎…ง๎…ง๎€‚๎…ฐ๎„ช๎„ช๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ
๎œถ๎€Ÿ๎‡€๎„ฃ๎…ƒ๎„ช๎†ธ๎œท๎€‚๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎€‚๎…ฒ๎…ผ๎œซ๎…‚๎†ฃ๎…๎…ง๎…ง๎†ซ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎€‚๎ƒฟ๎†ธ๎€‚๎…ฐ๎…ผ๎„ฃ๎„ช๎†ซ๎†ธ๎€‚๎† ๎†ฃ๎…๎„œ๎„ช๎†ซ๎œ๎€‚๎ฒ๎…ผ๎†ฃ๎„ช๎€‚๎†ฃ๎…ผ๎„›๎‡€๎†ซ๎†ธ๎€‚๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎€‚
๎…ฐ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎ƒฟ๎…ฐ๎„ช๎€‚๎…Š๎…๎…ƒ๎…Š๎œซ๎†ข๎‡€๎ƒฟ๎…ง๎…๎†ธ๎‡ฃ๎€‚๎ƒฟ๎…ฐ๎„ช๎…ฒ๎…๎†ธ๎…๎„ช๎†ซ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…ƒ๎‡€๎„ช๎†ซ๎†ธ๎†ซ๎€‚๎‡๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎„ช๎‡ข๎† ๎„ช๎„œ๎†ธ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎†๎‡€๎…ง๎…ง๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…ผ๎…ฒ๎„ช๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚
๎„ฃ๎…๎‡ณ๎…‚๎„ช๎†ฃ๎„ช๎…ฒ๎„œ๎„ช๎œˆ๎€‚๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…ง๎ƒฟ๎„œ๎…ค๎€‚๎ƒฟ๎€‚๎„ฃ๎„ช๎„ฃ๎…๎„œ๎ƒฟ๎†ธ๎„ช๎„ฃ๎œ‰๎€‚๎†ฃ๎„ช๎‡œ๎„ช๎…ฒ๎‡€๎„ช๎œซ๎† ๎†ฃ๎…ผ๎„ฃ๎‡€๎„œ๎…๎…ฒ๎…ƒ๎€‚๎…‚๎…ผ๎…ผ๎„ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„›๎„ช๎‡œ๎„ช๎†ฃ๎ƒฟ๎…ƒ๎„ช๎€‚๎„œ๎…ผ๎…ฐ๎† ๎…ผ๎…ฒ๎„ช๎…ฒ๎†ธ๎œ
๎€Ÿ๎„ช๎„œ๎ƒฟ๎‡€๎†ซ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎…๎†ซ๎œ‰๎€‚๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎†ธ๎‡ฃ๎† ๎…๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎…ผ๎‡๎„ช๎†ซ๎†ธ๎€‚๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎„œ๎…ผ๎†ซ๎†ธ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎†ธ๎…Š๎†ฃ๎„ช๎„ช๎€‚๎†ซ๎„ช๎…ƒ๎…ฐ๎„ช๎…ฒ๎†ธ๎†ซ๎€‚๎„›๎„ช๎„œ๎ƒฟ๎‡€๎†ซ๎„ช๎€‚
๎†ธ๎…Š๎„ช๎‡ฃ๎€‚๎„ฃ๎…ผ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎€‚๎„œ๎ƒฟ๎†ธ๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ซ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎†ซ๎€‚๎…ผ๎†ฃ๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎ƒฟ๎‡€๎†ฃ๎ƒฟ๎…ฒ๎†ธ๎†ซ๎œ๎€‚๎‚ฆ๎…ผ๎…ผ๎…ฐ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎†ธ๎‡ฃ๎† ๎…๎„œ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎…ผ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…ง๎…ผ๎‡๎„ช๎†ฃ๎€‚๎„ช๎…ฒ๎„ฃ๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒฟ๎†ซ๎€‚๎‡๎„ช๎…ง๎…ง๎œ‰๎€‚
๎„›๎„ช๎„œ๎ƒฟ๎‡€๎†ซ๎„ช๎€‚๎„ฃ๎„ช๎…ฐ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎…‚๎…ผ๎†ฃ๎€‚ ๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚ ๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎…ƒ๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎„œ๎…ผ๎…ฐ๎„ช๎†ซ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎† ๎†ฃ๎…๎„œ๎„ช๎œซ๎†ซ๎„ช๎…ฒ๎†ซ๎…๎†ธ๎…๎‡œ๎„ช๎€‚๎„œ๎…ผ๎…ฐ๎…ฐ๎„ช๎†ฃ๎„œ๎…๎ƒฟ๎…ง๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ง๎„ช๎…๎†ซ๎‡€๎†ฃ๎„ช๎€‚
travelers.
๎€ฏ๎‡ข๎ƒฟ๎…ฐ๎† ๎…ง๎„ช๎†ซ๎€‚๎…ผ๎…‚๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎€‚๎„›๎„ช๎…ง๎…ผ๎…ฒ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎ƒฟ๎†ซ๎†ซ๎„ช๎†ธ๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎„ช๎œˆ๎€‚๎€ ๎…ผ๎…ฐ๎…‚๎…ผ๎†ฃ๎†ธ๎€‚๎“๎…ฒ๎…ฒ๎œ‰๎€‚๎†๎ƒฟ๎…๎†ฃ๎‡ฟ๎„ช๎…ง๎„ฃ๎€‚๎“๎…ฒ๎…ฒ๎œ‰๎€‚๎Ž๎…ผ๎…ง๎…๎„ฃ๎ƒฟ๎‡ฃ๎€‚๎“๎…ฒ๎…ฒ๎€‚
๎€ฏ๎‡ข๎† ๎†ฃ๎„ช๎†ซ๎†ซ๎œ‰๎€‚๎Ž๎…ผ๎…ฐ๎„ช๎‡๎…ผ๎…ผ๎„ฃ๎€‚๎‚ฎ๎‡€๎…๎†ธ๎„ช๎†ซ๎œ‰๎€‚๎จ๎ƒฟ๎€‚๎‚ฅ๎‡€๎…๎…ฒ๎†ธ๎ƒฟ๎œ‰๎€‚๎‚ฎ๎† ๎†ฃ๎…๎…ฒ๎…ƒ๎Ž๎…๎…ง๎…ง๎œ‰๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‚ฎ๎†ธ๎ƒฟ๎‡ฃ๎„›๎†ฃ๎…๎„ฃ๎…ƒ๎„ช๎€‚๎‚ฎ๎‡€๎…๎†ธ๎„ช๎†ซ๎œ
Select Service
๎‚ฎ๎„ช๎…ง๎„ช๎„œ๎†ธ๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒฟ๎€‚๎…Š๎‡ฃ๎„›๎†ฃ๎…๎„ฃ๎€‚๎„œ๎ƒฟ๎†ธ๎„ช๎…ƒ๎…ผ๎†ฃ๎‡ฃ๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎†ซ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…‚๎‡€๎…ฒ๎„ฃ๎ƒฟ๎…ฐ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎†ซ๎€‚๎…ผ๎…‚๎€‚๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎†ธ๎…ผ๎…ƒ๎„ช๎†ธ๎…Š๎„ช๎†ฃ๎€‚
with a selection of the services and amenities characteristic of Full Service properties. Generally, this means
๎„œ๎„ช๎†ฃ๎†ธ๎ƒฟ๎…๎…ฒ๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎ƒฟ๎‡€๎†ฃ๎ƒฟ๎…ฒ๎†ธ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎„›๎ƒฟ๎…ฒ๎†ข๎‡€๎„ช๎†ธ๎€‚๎…‚๎ƒฟ๎„œ๎…๎…ง๎…๎†ธ๎…๎„ช๎†ซ๎€‚๎„›๎‡€๎†ธ๎€‚๎…ผ๎…ฒ๎€‚๎ƒฟ๎€‚๎…ง๎„ช๎†ซ๎†ซ๎€‚๎„ช๎…ง๎ƒฟ๎„›๎…ผ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎†ธ๎…Š๎ƒฟ๎…ฒ๎€‚๎…ผ๎…ฒ๎„ช๎€‚๎‡๎…ผ๎‡€๎…ง๎„ฃ๎€‚๎‡ฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎†ธ๎€‚๎†๎‡€๎…ง๎…ง๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ๎€‚
๎ฟ๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡๎…Š๎…ผ๎…ง๎„ช๎œ‰๎€‚๎‚ฎ๎„ช๎…ง๎„ช๎„œ๎†ธ๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎…Š๎ƒฟ๎‡œ๎„ช๎€‚๎…ฐ๎…ผ๎†ฃ๎„ช๎€‚๎…๎…ฒ๎€‚๎„œ๎…ผ๎…ฐ๎…ฐ๎…ผ๎…ฒ๎€‚๎‡๎…๎†ธ๎…Š๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎„œ๎ƒฟ๎†ธ๎„ช๎…ƒ๎…ผ๎†ฃ๎‡ฃ๎œ‰๎€‚๎„›๎‡€๎†ธ๎€‚
๎†ซ๎† ๎„ช๎„œ๎…๎‡ฟ๎„œ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎†ซ๎€‚๎…ผ๎…‚๎€‚๎‚ฎ๎„ช๎…ง๎„ช๎„œ๎†ธ๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎‡œ๎ƒฟ๎†ฃ๎‡ฃ๎œ๎€‚
๎‚ฎ๎„ช๎…ง๎„ช๎„œ๎†ธ๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…ค๎„ช๎„ช๎† ๎€‚๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎„œ๎…ผ๎†ซ๎†ธ๎†ซ๎€‚๎„ฃ๎…ผ๎‡๎…ฒ๎€‚๎„›๎‡ฃ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ซ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎†ซ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎ƒฟ๎…ฐ๎„ช๎…ฒ๎…๎†ธ๎…๎„ช๎†ซ๎€‚๎…๎…ฒ๎€‚๎…ฐ๎…ผ๎„ฃ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎œ๎€‚๎Ž๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎…๎†ซ๎€‚
category generally do not feature multiple restaurants, expansive catering services, or an abundance of meeting
๎†ซ๎† ๎ƒฟ๎„œ๎„ช๎œ๎€‚๎†๎…ผ๎†ฃ๎€‚๎„ช๎‡ข๎ƒฟ๎…ฐ๎† ๎…ง๎„ช๎œ‰๎€‚๎ƒฟ๎€‚๎‚ฎ๎„ช๎…ง๎„ช๎„œ๎†ธ๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎œน๎†ซ๎€‚๎†ฃ๎„ช๎†ซ๎†ธ๎ƒฟ๎‡€๎†ฃ๎ƒฟ๎…ฒ๎†ธ๎€‚๎…๎†ซ๎€‚๎…ง๎…๎…ค๎„ช๎…ง๎‡ฃ๎€‚๎†ธ๎…ผ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎€‚๎ƒฟ๎€‚๎…ง๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎€‚๎…ฐ๎„ช๎…ฒ๎‡€๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ƒ๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎„ฃ๎…ผ๎„ช๎†ซ๎€‚๎…ฒ๎…ผ๎†ธ๎€‚
open for all three meals, seven days a week.
In-room amenities, however, can approach or meet the levels found at Full Service hotels. In fact, commercial
demand has grown among Select Service hotels since 2007, as budgets for business travel tighten. The Select
๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎†ซ๎„ช๎…ƒ๎…ฐ๎„ช๎…ฒ๎†ธ๎€‚๎…Š๎ƒฟ๎†ซ๎€‚๎„œ๎…ผ๎…ฒ๎†ธ๎…๎…ฒ๎‡€๎„ช๎„ฃ๎€‚๎†ธ๎…ผ๎€‚๎…๎…ฒ๎„œ๎†ฃ๎„ช๎ƒฟ๎†ซ๎„ช๎€‚๎…๎†ธ๎†ซ๎€‚๎„œ๎…ผ๎…ฐ๎† ๎„ช๎†ธ๎…๎†ธ๎…๎‡œ๎„ช๎€‚๎ƒฟ๎„ฃ๎‡œ๎ƒฟ๎…ฒ๎†ธ๎ƒฟ๎…ƒ๎„ช๎€‚๎„›๎‡ฃ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎…๎…ฒ๎œซ๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎ƒฟ๎…ฐ๎„ช๎…ฒ๎…๎†ธ๎…๎„ช๎†ซ๎€‚๎…ผ๎…‚๎€‚๎†๎‡€๎…ง๎…ง๎€‚
๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎€‚๎‡๎…Š๎…๎…ง๎„ช๎€‚๎…ค๎„ช๎„ช๎† ๎…๎…ฒ๎…ƒ๎€‚๎† ๎†ฃ๎…๎„œ๎„ช๎†ซ๎€‚๎…ง๎…ผ๎‡๎€‚๎…๎…ฒ๎€‚๎†ธ๎…Š๎„ช๎€‚๎ƒฟ๎„›๎†ซ๎„ช๎…ฒ๎„œ๎„ช๎€‚๎…ผ๎…‚๎€‚๎ƒฟ๎€‚๎…‚๎‡€๎…ง๎…ง๎œซ๎†ซ๎† ๎„ช๎„œ๎†ธ๎†ฃ๎‡€๎…ฐ๎€‚๎† ๎†ฃ๎…ผ๎„ฃ๎‡€๎„œ๎†ธ๎€‚๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎œ
Appendix II: Hotel Asset Classes
While the term โ€œSelect Serviceโ€ may be relatively new to the lodging scene, the concept has been around for many
๎‡ฃ๎„ช๎ƒฟ๎†ฃ๎†ซ๎œ๎€‚๎†๎…ผ๎†ฃ๎€‚๎…ฐ๎…ผ๎†ซ๎†ธ๎€‚๎† ๎„ช๎…ผ๎† ๎…ง๎„ช๎œ‰๎€‚๎ƒฟ๎€‚๎Ž๎…๎…ง๎†ธ๎…ผ๎…ฒ๎€‚๎‡๎ƒฟ๎†ฃ๎„ฃ๎„ช๎…ฒ๎€‚๎“๎…ฒ๎…ฒ๎œ‰๎€‚๎ƒฟ๎€‚๎€ ๎…ผ๎‡€๎†ฃ๎†ธ๎‡ฃ๎ƒฟ๎†ฃ๎„ฃ๎€‚๎„›๎‡ฃ๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎œ‰๎€‚๎…ผ๎†ฃ๎€‚๎ƒฟ๎€‚๎Ž๎‡ฃ๎ƒฟ๎†ธ๎†ธ๎€‚๎‚ฃ๎…ง๎ƒฟ๎„œ๎„ช๎€‚๎„ช๎‡œ๎…ผ๎…ค๎„ช๎†ซ๎€‚๎ƒฟ๎…ฒ๎€‚๎…๎…ฐ๎ƒฟ๎…ƒ๎„ช๎€‚๎…ผ๎…‚๎€‚๎†ธ๎…Š๎„ช๎€‚
๎†ข๎‡€๎…๎…ฒ๎†ธ๎„ช๎†ซ๎†ซ๎„ช๎…ฒ๎†ธ๎…๎ƒฟ๎…ง๎€‚๎‚ฎ๎„ช๎…ง๎„ช๎„œ๎†ธ๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎œ๎€‚๎€Ÿ๎‡€๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†ธ๎„ช๎†ฃ๎…ฐ๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎„ฃ๎„ช๎†ซ๎„œ๎†ฃ๎…๎„›๎„ช๎†ซ๎€‚๎…๎…ฒ๎„ฃ๎…๎‡œ๎…๎„ฃ๎‡€๎ƒฟ๎…ง๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎€‚๎…‚๎†ฃ๎…ผ๎…ฐ๎€‚๎…ง๎ƒฟ๎†ฃ๎…ƒ๎„ช๎…ง๎‡ฃ๎€‚๎จ๎…๎…ฐ๎…๎†ธ๎„ช๎„ฃ๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚
brands such as Best Western, Days Inn, and Clarion when those properties feature on-site restaurants or a more
elaborate array of in-room amenities.
Similarly, the line between Full Service and the Select Service hotels has become increasingly blurred with the
release of several new prototypes by Full Service brands such as Holiday Inn and Wyndham. The new prototypes,
which include less expansive food and beverage services and feature a smaller overall building footprint, provide
๎…‚๎…ผ๎†ฃ๎€‚๎…ƒ๎†ฃ๎„ช๎ƒฟ๎†ธ๎„ช๎†ฃ๎€‚๎…ผ๎† ๎„ช๎†ฃ๎ƒฟ๎†ธ๎…๎…ฒ๎…ƒ๎€‚๎„ช๎‡ณ๎‡ฟ๎„œ๎…๎„ช๎…ฒ๎„œ๎‡ฃ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎ƒฟ๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎†ธ๎…Š๎ƒฟ๎†ธ๎€‚๎…๎†ซ๎€‚๎…ง๎„ช๎†ซ๎†ซ๎€‚๎„ช๎‡ข๎† ๎„ช๎…ฒ๎†ซ๎…๎‡œ๎„ช๎€‚๎†ธ๎…ผ๎€‚๎„›๎‡€๎…๎…ง๎„ฃ๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎…ฐ๎ƒฟ๎…๎…ฒ๎†ธ๎ƒฟ๎…๎…ฒ๎œ
Full Service
The most distinguishing feature of a Full Service hotel is the abundant provision of food and beverage services
suitable for both guests and groups. Full Service hotels, unlike hotels in other categories, typically play a
๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚ ๎†ฃ๎…ผ๎…ง๎„ช๎€‚ ๎…๎…ฒ๎€‚ ๎†ซ๎„ช๎†ฃ๎‡œ๎…๎„œ๎…๎…ฒ๎…ƒ๎€‚ ๎†ธ๎…Š๎„ช๎€‚ ๎…ฐ๎„ช๎„ช๎†ธ๎…๎…ฒ๎…ƒ๎€‚ ๎ƒฟ๎…ฒ๎„ฃ๎€‚ ๎†ซ๎† ๎„ช๎„œ๎…๎ƒฟ๎…ง๎€‚ ๎„ช๎‡œ๎„ช๎…ฒ๎†ธ๎†ซ๎€‚ ๎…ฒ๎„ช๎„ช๎„ฃ๎†ซ๎€‚ ๎…๎…ฒ๎€‚ ๎†ธ๎…Š๎„ช๎…๎†ฃ๎€‚ ๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚ ๎ƒฟ๎†ฃ๎„ช๎ƒฟ๎œ๎€‚ ๎‚ผ๎…Š๎„ช๎†ฃ๎„ช๎…‚๎…ผ๎†ฃ๎„ช๎œ‰๎€‚ ๎…ผ๎…ฒ๎œซ๎†ซ๎…๎†ธ๎„ช๎€‚
restaurants, lounges, and group meeting spaces with banquet facilities are the cornerstones of the Full Service
๎…ผ๎‡ณ๎…‚๎„ช๎†ฃ๎…๎…ฒ๎…ƒ๎œ๎€‚ ๎†๎‡€๎†ฃ๎†ธ๎…Š๎„ช๎†ฃ๎…ฐ๎…ผ๎†ฃ๎„ช๎œ‰๎€‚ ๎†ซ๎„ช๎…ง๎„ช๎„œ๎†ธ๎…๎‡œ๎„ช๎€‚ ๎ƒฟ๎…ฐ๎„ช๎…ฒ๎…๎†ธ๎…๎„ช๎†ซ๎€‚ ๎†ซ๎‡€๎„œ๎…Š๎€‚ ๎ƒฟ๎†ซ๎€‚ ๎†ซ๎† ๎ƒฟ๎†ซ๎œ‰๎€‚ ๎„ช๎…ง๎ƒฟ๎„›๎…ผ๎†ฃ๎ƒฟ๎†ธ๎„ช๎€‚ ๎„›๎ƒฟ๎…ฒ๎†ข๎‡€๎„ช๎†ธ๎€‚ ๎†ฃ๎…ผ๎…ผ๎…ฐ๎†ซ๎œ‰๎€‚ ๎„ฃ๎…ผ๎…ผ๎†ฃ๎…ฐ๎„ช๎…ฒ๎œ‰๎€‚ ๎‡œ๎ƒฟ๎…ง๎„ช๎†ธ๎€‚ ๎† ๎ƒฟ๎†ฃ๎…ค๎…๎…ฒ๎…ƒ๎œ‰๎€‚
extended room service, concierge services, and high-end restaurants and boutiques distinguish many Full
Service properties.
These multiple services and amenities come at a higher operational cost for the Full Service hotel, but they also
help the hotel capture more selective demand and command a higher average rate. Groups requiring meeting
๎†ซ๎† ๎ƒฟ๎„œ๎„ช๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒฟ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎†ซ๎…ผ๎‡€๎†ฃ๎„œ๎„ช๎€‚๎…ผ๎…‚๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎†๎‡€๎…ง๎…ง๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎† ๎†ฃ๎…ผ๎† ๎„ช๎†ฃ๎†ธ๎…๎„ช๎†ซ๎œ‰๎€‚๎ƒฟ๎†ซ๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎„›๎‡€๎†ซ๎…๎…ฒ๎„ช๎†ซ๎†ซ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎€‚๎‡๎…๎…ง๎…ง๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚๎† ๎ƒฟ๎‡ฃ๎€‚๎†ธ๎…Š๎„ช๎€‚
๎…Š๎…๎…ƒ๎…Š๎„ช๎†ฃ๎€‚๎†ฃ๎…ผ๎…ผ๎…ฐ๎€‚๎†ฃ๎ƒฟ๎†ธ๎„ช๎†ซ๎€‚๎…ƒ๎„ช๎…ฒ๎„ช๎†ฃ๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎„œ๎…Š๎ƒฟ๎†ฃ๎…ƒ๎„ช๎„ฃ๎€‚๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎†ซ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ๎€‚๎จ๎„ช๎…๎†ซ๎‡€๎†ฃ๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚๎‡œ๎ƒฟ๎„œ๎ƒฟ๎†ธ๎…๎…ผ๎…ฒ๎€‚๎†ธ๎†ฃ๎ƒฟ๎‡œ๎„ช๎…ง๎„ช๎†ฃ๎†ซ๎œ‰๎€‚๎„ช๎†ซ๎† ๎„ช๎„œ๎…๎ƒฟ๎…ง๎…ง๎‡ฃ๎€‚๎ƒฟ๎†ธ๎€‚๎†ธ๎…Š๎„ช๎€‚๎‡€๎† ๎†ซ๎„œ๎ƒฟ๎…ง๎„ช๎€‚๎ƒฟ๎…ฒ๎„ฃ๎€‚
๎…ง๎‡€๎‡ข๎‡€๎†ฃ๎‡ฃ๎€‚๎…ง๎„ช๎‡œ๎„ช๎…ง๎†ซ๎œ‰๎€‚๎ƒฟ๎†ฃ๎„ช๎€‚๎ƒฟ๎…ง๎†ซ๎…ผ๎€‚๎ƒฟ๎€‚๎†ซ๎…๎…ƒ๎…ฒ๎…๎‡ฟ๎„œ๎ƒฟ๎…ฒ๎†ธ๎€‚๎…ฐ๎ƒฟ๎†ฃ๎…ค๎„ช๎†ธ๎€‚๎…‚๎…ผ๎†ฃ๎€‚๎…ฐ๎ƒฟ๎…ฒ๎‡ฃ๎€‚๎†๎‡€๎…ง๎…ง๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎†ซ๎œ๎€‚๎“๎…ฒ๎€‚๎ƒฟ๎…ง๎…ง๎€‚๎„œ๎ƒฟ๎†ซ๎„ช๎†ซ๎œ‰๎€‚๎†๎‡€๎…ง๎…ง๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎…Š๎…ผ๎†ธ๎„ช๎…ง๎€‚๎…ƒ๎‡€๎„ช๎†ซ๎†ธ๎†ซ๎€‚๎†ซ๎„ช๎„ช๎…ค๎€‚
the extra amenities and service levels found only at these properties.
๎€ฏ๎‡ข๎ƒฟ๎…ฐ๎† ๎…ง๎„ช๎†ซ๎€‚๎…ผ๎…‚๎€‚๎„›๎†ฃ๎ƒฟ๎…ฒ๎„ฃ๎†ซ๎€‚๎„›๎„ช๎…ง๎…ผ๎…ฒ๎…ƒ๎…๎…ฒ๎…ƒ๎€‚๎†ธ๎…ผ๎€‚๎†ธ๎…Š๎„ช๎€‚๎†๎‡€๎…ง๎…ง๎€‚๎‚ฎ๎„ช๎†ฃ๎‡œ๎…๎„œ๎„ช๎€‚๎ƒฟ๎†ซ๎†ซ๎„ช๎†ธ๎€‚๎„œ๎…ง๎ƒฟ๎†ซ๎†ซ๎€‚๎…๎…ฒ๎„œ๎…ง๎‡€๎„ฃ๎„ช๎œˆ๎€‚๎Ž๎…๎…ง๎†ธ๎…ผ๎…ฒ๎œ‰๎€‚๎ฒ๎ƒฟ๎†ฃ๎†ฃ๎…๎…ผ๎†ธ๎†ธ๎œ‰๎€‚๎Ž๎‡ฃ๎ƒฟ๎†ธ๎†ธ๎œ‰๎€‚๎“๎…ฒ๎†ธ๎„ช๎†ฃ๎€ ๎…ผ๎…ฒ๎†ธ๎…๎…ฒ๎„ช๎…ฒ๎†ธ๎ƒฟ๎…ง๎œ‰๎€‚
Radisson, Renaissance, Ritz Carlton, W and Westin.
91
NEW YORK CITY HOTEL MARKET ANALYSIS
Appendix III: Hotel Submarket Map
Manhattan -
Financial District
Manhattan -
Soho/Union
Square/Village/Tribeca/Chelsea
Manhattan - Midtown
South
Manhattan - Midtown
West/Time Square
Manhattan -
Financial
District
Brooklyn -
Downtown/Gowanus/RedHook
Brooklyn
- Other
Manhattan - Upper
East Side/Upper West
Side/Harlem/Uptown
Bronx
Queens
- Long
Island City
Queens -
LGA/Flushing/113xx
Zip Codes
Brooklyn
- North
Staten Island
Queens -
Jamaica/JFK/114xx
Zip Codes
NYC Submarkets
Bronx
Brooklyn - Downtown/Gowanus/RedHook
Brooklyn - North
Brooklyn - Other
Manhattan - Financial District
Manhattan - Midtown East
Manhattan - Midtown South
Manhattan - Midtown West/Time Square
Manhattan - Upper East Side/Upper West Side/Harlem/Uptown
Manhattan - Soho/Union Square/Village/Tribeca/Chelsea
Queens - Jamaica/JFK/114xx Zip Codes
Queens - LGA/Flushing/113xx Zip Codes
Queens - Long Island City
Staten Island
Manhattan -
Financial
District
Manhattan -
Soho/Union
Square/Village/Tribeca/Chelsea
Manhattan -
Midtown
South
Manhattan -
Midtown East
Manhattan - Midtown
West/Time Square
Manhattan -
Financial
District
Brooklyn -
Downtown/Gowanus/RedHook
Brooklyn
- Other
Manhattan - Upper
East Side/Upper West
Side/Harlem/Uptown
Queens -
Long Island
City
Brooklyn
- North
ยฏ
0 5 102.5 Miles
Sources: ESRI, ArcGIS; Smith Travel Research; BAE, 2019.
Proposed New York City Hotel Submarkets for Special Permit Study
ยฉ 2017 City of New York
New York City Department of City Planning
CENTRAL OFFICE
120 Broadway
31st Floor
New York, NY 10271
Tel . 1-212-720-3300
Fax. 1-212-720-3488
http://www.New York City.gov/planning
Prepared for New York City Department of City Planning by
โ€ข BJH Advisors (bjhadvisors.com)
โ€ข BAE Urban Economics (bae1.com)
โ€ข VHB (vhb.com)
ยฉ 2020 City of New York
New York City Department of City Planning
CENTRAL OFFICE
120 Broadway
31st Floor
New York, NY 10271
Tel . 1-212-720-3300
Fax. 1-212-720-3488
http://www.New York City.gov/planning