New York City hotels are thriving. They’re also in crisis. It all depends on what metrics you rely on —but it’s fair to say that both statements are true.
“The New York City hotel market is poised for a tremendous run over the next five to seven years,” Davis said — due in part to “the lack of new supply.” Everyone looks forward to the reopening of Ty Warner’s Four Seasons Hotel on East 57th Street next month after three dark years and— maybe — the reopening of the Waldorf-Astoria after eight years.
Danjapani said the fact that occupancy is still 4% behind 2019, while revPAR is 20% lower, despite recent gains, is disappointing given that the city has between 13,000-19,000 fewer rooms than before at roughly 150 different properties. Another cloud over the industry is the Council’s proposal to create new licensing requirements — which Dandapani’s organization first termed a “nuclear bomb” but supported after the original bill was modified .Whatever the future holds, it’s a useful to remember that the city’s room inventory was once much smaller than it is today. The city’s guest room stock fell to just 72,000 in 2007. A construction boom gradually raised the total to historic highs.