Room Nights and $26 Million in Revenue for New York City Hotels
Between February 13 and February 28
|NEW YORK, March 8, 2005 -- According to the
PricewaterhouseCoopers Hospitality & Leisure practice, The Gates,
Central Park, New York City, 1979-2005 by artists Christo and
Jeanne-Claude, contributed to record February hotel occupancy in New
York City during the last two weeks of the month. Occupancy averaged
84.2 percent during the weeks that the Christo project was in place,
compared to an average of 71 percent for the preceding six weeks, based
on Smith Travel Research data and PricewaterhouseCoopers interviews and
Occupancy for 2005 would have been higher than it was in 2004 even without The Gates reflecting the stronger economy, increases in domestic and international travel to New York and higher levels of group and convention attendance, but the incremental demand generated directly by The Gates was 85,000 occupied room nights, representing 7.1 occupancy points. Higher rates charged by hotels because of the increased demand added approximately $2.00 to average rates for the city.
"Hotels at all rate levels benefited from the increase in tourism and hotel occupancy,"� said Bjorn Hanson, Ph.D., global industry leader, PricewaterhouseCoopers Hospitality & Leisure Practice. "Even hotels in Brooklyn and New Jersey experienced higher occupancies because from The Gates." The public work of art consisted of 7,500 saffron-colored gates hung with saffron fabric panels placed at intervals over 23 miles of pedestrian walkways in Central Park.
The increase in New York City lodging occupancy between February 13 and February 28 averaged 15.9 percent compared to 2004 levels, nine percent higher than the occupancy increases achieved during first six weeks of 2005. Citywide occupancy peaked during the third and fourth Saturdays of the month at 90.9 percent and 90.8 percent, respectively. The additional lodging demand achieved during the 15 nights that the display was open generated $26 million in incremental revenue for New York City hotels.
Cheryl L. Riporti
Hospitality & Leisure
300 Madison Ave.
New York, New York 10017