patricia shih
Post-Pandemic Momentum in Manhattan
Roland de Milleret | February 22, 2024
By Roland deMilleret, Patricia Shih The Manhattan market, which demonstrated resilience during the decade ending 2019, was severely affected by the COVID-19 pandemic. The city reopened in June 2021 when restrictions on gatherings were lifted, and tourist attractions reopened; Broadway theaters reopened in September 2021. Despite a minor setback in late 2021 due to the COVID-19 variants, the market has been experiencing a continued recovery since, primarily driven by strong gains in average rate over the last three years. In 2023, the average daily rate (ADR) peaked, surpassing the 2019 level by over 20%. Conversely, occupancy continued to ...
Brooklyn Continues to Blossom in the Post-Pandemic Period
Patricia Shih | January 29, 2024
By Patricia Shih The Brooklyn hotel industry has been experiencing post-pandemic recovery due in part to strong leisure demand, an increase in meeting and group business, and the gradual return of commercial demand. Additionally, the New York City Department of Homeless Services and related entities have been utilizing many hotels as temporary shelters for homeless residents and migrants/asylum seekers. While the Brooklyn new supply pipeline is substantially smaller than that of Manhattan, the borough has recently experienced supply changes, some examples of which are listed below. The 216-key Moxy Brooklyn Williamsburg opened in M...
Bringing New Energy to The Meadowlands in Northern New Jersey
Patricia Shih | September 25, 2023
By Patricia Shih The new Meadowlands Convention Center development has been proposed for the former Izod Center site in the Meadowlands Sports Complex. This major mixed-use project, which has an estimated $1.6-billion development cost, is planned to feature a 460,000-square-foot convention center, a headquarters hotel, and potentially two additional hotels. This proposed development is anticipated to generate roughly $30 billion in spending over a 30-year period. The project must next be reviewed and approved at the state level. Local officials are enthusiastic about this opportunity to reinvigorate the Meadowlands and northern New Jers...
HVS Market Pulse: Charlotte, NC
Patricia Shih | September 20, 2017
By Patricia Shih Charlotte, North Carolina, is one of the biggest cities in the southeast, second only to Jacksonville, Florida, by population, and among the top three fastest-growing metro areas in the U.S. Home to two professional sports franchises (the NBA's Charlotte Hornets and the NFL's Carolina Panthers), NASCAR's Sprint Cup and All-Star stock car races, and numerous museums, Charlotte enjoys a strong base of leisure demand. Commercial and meeting/group demand are strong in the city, as well. The following HVS Market Pulse article details some of the major developments in Charlotte and their impact on the area's hotel industry. C...
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