News for the Hospitality Executive
HVS and New York University Present The 2012 Manhattan Hotel
May 31, 2012 - HVS, in conjunction with NYU’s Tisch Center for Hospitality, Tourism, and Sports Management, presents the 2012 Manhattan Hotel Market Overview.
HVS, the leading global hospitality consulting and services firm, in conjunction with New York University’s Preston Robert Tisch Center for Hospitality, Tourism, and Sports Management, has released its annual Manhattan Hotel Market Overview, and the occupancy and average rate trends continue to remain positive. Additionally, new inventory continues to be occupied indicating a continued need for more rooms.
According to Managing Director of the HVS office in New York, Roland DeMilleret, who has authored this report for the last 15 years, “The timing of the opening of the new supply coincided with the latest recession and the start of the recovery. Nevertheless, the large influx of new hotels had a minimal effect on the occupancy of the existing properties. New supply limited the ability for hotel owners to grow the average rate beyond 5.6% in 2011.”
DeMilleret continues, “As the economic recovery continues, we anticipate that the additional new supply will be absorbed into the market. Consequently, the Manhattan lodging market is expected to remain undersupplied.”
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HVS is the world’s leading consulting and services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 2,000 assignments each year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of 30 offices staffed by 400 seasoned industry professionals, HVS provides and unparalleled range of complementary services for the hospitality industry.
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