- Revenue per available room (“RevPAR”) reached the highest fourth quarter average since 2006, as growth in average daily room rate (“ADR”) rebounded at Manhattan hotels.
- During the quarter, lodging supply, which continued to outpace growth in demand, resulted in declines in occupancy.
- With strong commercial traveler demand during the first half of the quarter, coupled with price-elastic holiday tourism in the latter half, Manhattan room rates finished the quarter at an average of $328 per night.
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