New York's Hotel Industry Roars Back to a Record Year
Surging tourism and a shrinking room supply have pushed Manhattan occupancy and rates to all-time highs.
New York's hotels are having their best year on record. A rebound in international tourism, combined with thousands of rooms permanently taken offline for other uses, has driven Manhattan occupancy and nightly rates to historic highs.
The squeeze has been a windfall for operators. The fictional Marlowe Hotel group says it is running near capacity most nights and has raised rates without denting demand. New projects are scarce, keeping supply tight and pricing power in owners' hands.
For visitors, the boom means a pricier stay. For the city, it means a surge in tax revenue and hospitality jobs — a welcome return for an industry that not long ago sat nearly empty.
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