| NEW YORK - Dec. 6, 1999 - PricewaterhouseCoopers Hospitality Leisure
Practice estimates Y2k festivities will create revenues for this holiday
season that will be 21 percent above normal Manhattan holiday levels.
Eighty-five percent of Manhattan�s hotels will experience 100 percent
occupancy on December 31, up from a typical year-ago level of 70 percent,
according to PricewaterhouseCoopers.
�Even more important than the strong occupancy numbers are the ways
hotels are improving their overall profitability for the holiday season,�
said Sean Hennessey, director of PricewaterhouseCoopers� Hospitality
Leisure Practice.
�For instance, nearly 90 percent of all hotels require a three- or four
-day stay overlapping New Year�s Eve. Only a few hotels are asking more
than rack rates (the highest standard prices for rooms), but discounts
from rack rates are also very scarce. In addition, holiday packages include
dining, champagne, special holiday meals, massages and other hotel services
that boost lodging revenues.� |
