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Manhattan Operating Statistics (Class)
HVS International compiled
data provided by Smith
Travel Research to illustrate the effects of the current state of
the economy on different classes of hotels in Manhattan. The following
tables compare the performance of all reporting hotels in Manhattan
for year-end figures from 1999 through 2004; results are broken down
by market segment: luxury, first-class, boutique, and other.
Luxury
|
Year
|
Supply
|
Change
|
Demand
|
Change
|
Occupancy
|
Change
|
Average Rate
|
Change
|
RevPAR
|
Change
|
|
1999
|
3,020,189
|
-
|
2,369,316
|
-
|
78.4%
|
-
|
$347.08
|
-
|
$272.28
|
-
|
|
2000
|
3,084,811
|
2.1%
|
2,496,404
|
5.4%
|
80.9
|
3.2%
|
370.64
|
6.8%
|
299.94
|
10.2%
|
|
2001
|
3,048,115
|
(1.2)
|
2,144,969
|
(14.1)
|
70.4
|
(13.0)
|
328.99
|
(11.2)
|
231.51
|
(22.8)
|
|
2002
|
3,236,795
|
6.2
|
2,342,779
|
9.2
|
72.4
|
2.9
|
315.50
|
(4.1)
|
228.36
|
(1.4)
|
|
2003
|
3,277,816
|
1.3
|
2,419,786
|
3.3
|
73.8
|
2.0
|
308.27
|
(2.3)
|
227.58
|
(0.3)
|
|
2004
|
3,268,400
|
(0.3)
|
2,609,505
|
7.8
|
79.8
|
8.2
|
340.49
|
10.5
|
271.85
|
19.5
|
Average Annual
Compounded Change: 1999-2004 |
1.9%
|
|
1.6%
|
|
0.4%
|
|
(0.4)%
|
|
(0.0)%
|
|
Source: Smith Travel Research
Some figures may be subject to small rounding errors
Statistics based on selected hotels from a large database
|
First-Class
|
Year
|
Supply
|
Change
|
Demand
|
Change
|
Occupancy
|
Change
|
Average Rate
|
Change
|
RevPAR
|
Change
|
|
1999
|
7,331,416
|
-
|
5,931,082
|
-
|
80.9%
|
-
|
$217.51
|
-
|
$175.96
|
-
|
|
2000
|
7,649,236
|
4.3%
|
6,441,712
|
8.6%
|
84.2
|
4.1%
|
230.56
|
6.0%
|
194.16
|
10.3%
|
|
2001
|
7,660,327
|
0.1
|
5,883,843
|
(8.7)
|
76.8
|
(8.8)
|
202.78
|
(12.0)
|
155.75
|
(19.8)
|
|
2002
|
7,675,516
|
0.2
|
5,957,577
|
1.3
|
77.6
|
1.1
|
192.43
|
(5.1)
|
149.36
|
(4.1)
|
|
2003
|
8,072,874
|
5.2
|
6,267,167
|
5.2
|
77.6
|
0.0
|
184.99
|
(3.9)
|
143.61
|
(3.9)
|
|
2004
|
7,823,955
|
(3.1)
|
6,581,291
|
5.0
|
84.1
|
8.4
|
207.53
|
12.2
|
174.57
|
21.6
|
Average Annual
Compounded Change: 1999-2004 |
2.1%
|
|
1.3%
|
|
0.8%
|
|
(0.9)%
|
|
(0.2)%
|
|
Source: Smith Travel Research
Some figures may be subject to small rounding errors
Statistics based on selected hotels from a large database
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Boutique
|
Year
|
Supply
|
Change
|
Demand
|
Change
|
Occupancy
|
Change
|
Average Rate
|
Change
|
RevPAR
|
Change
|
|
1999
|
1,566,870
|
-
|
1,242,858
|
-
|
79.3%
|
-
|
$235.14
|
-
|
$186.51
|
-
|
|
2000
|
1,769,841
|
13.0%
|
1,446,833
|
16.4%
|
81.7
|
3.1%
|
258.34
|
9.9%
|
211.19
|
13.2%
|
|
2001
|
2,341,632
|
30.8
|
1,623,955
|
12.2
|
70.2
|
(14.2)
|
217.83
|
(15.7)
|
152.83
|
(27.6)
|
|
2002
|
2,488,825
|
7.5
|
1,829,550
|
12.7
|
73.5
|
4.8
|
210.92
|
(3.2)
|
155.05
|
1.5
|
|
2003
|
2,496,776
|
0.3
|
1,866,954
|
2.0
|
74.8
|
1.7
|
212.37
|
0.7
|
158.80
|
2.4
|
|
2004
|
2,524,732
|
1.1
|
1,978,797
|
6.0
|
78.4
|
4.8
|
240.92
|
13.4
|
188.83
|
18.9
|
Average Annual
Compounded Change: 1999-2004 |
9.7%
|
|
10.0%
|
|
(0.2)%
|
|
0.5%
|
|
(0.2)%
|
|
Source: Smith Travel Research
Some figures may be subject to small rounding errors
Statistics based on selected hotels from a large database
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Other
|
Year
|
Supply
|
Change
|
Demand
|
Change
|
Occupancy
|
Change
|
Average Rate
|
Change
|
RevPAR
|
Change
|
|
1999
|
4,668,759
|
-
|
3,841,939
|
-
|
82.3%
|
-
|
$143.63
|
-
|
$118.19
|
-
|
|
2000
|
4,769,184
|
2.2%
|
4,038,898
|
5.1%
|
84.7
|
2.9%
|
155.43
|
8.2%
|
131.63
|
11.4%
|
|
2001
|
4,825,452
|
1.2
|
3,599,054
|
(10.9)
|
74.6
|
(11.9)
|
138.26
|
(11.0)
|
103.12
|
(21.7)
|
|
2002
|
4,873,845
|
1.0
|
3,624,637
|
0.7
|
74.4
|
(0.3)
|
123.51
|
(10.7)
|
91.85
|
(10.9)
|
|
2003
|
4,887,721
|
0.3
|
3,677,003
|
1.4
|
75.2
|
1.2
|
121.57
|
(1.6)
|
91.46
|
(0.4)
|
|
2004
|
4,934,656
|
1.0
|
4,203,356
|
14.3
|
85.2
|
13.2
|
136.16
|
12.0
|
115.98
|
26.8
|
Average Annual
Compounded Change: 1999-2004 |
1.8%
|
|
1.1%
|
|
0.7%
|
|
(1.1)%
|
|
(0.4)%
|
|
Source: Smith Travel Research
Some figures may be subject to small rounding errors
Statistics based on selected hotels from a large database
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Jonathan M. Tisch
Chairman,
NYC
& Company
Last year was an historic year for New York City’s travel and
tourism industry. We welcomed nearly 40 million people - an all time
record that included new highs in domestic and leisure travel numbers,
and after a three year decline, a double-digit surge in overseas visitor
volume. Hotel occupancy was at its highest level in four years with
a record 21 million room nights sold and today there is exciting hotel
development taking place throughout the city. And there is more good
news for the future, with construction of an expanded Javits Convention
Center scheduled to begin later this year. Tourism clearly remains
a vital and growing force for New York City’s future.
A review of the previous tables reveals the following:
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The boutique segment registered the strongest growth
in supply from 1999 through 2004, increasing at an average annual
compounded rate of roundly 10%. All remaining segments exhibited supply
increases below 2.0%, on an average annual compounded basis.
-
Despite significant increases in supply, the boutique
segment was the only category to show a positive average annual compounded
growth in terms of both average rate and RevPAR, during the historical
period reviewed.
-
The boutique segment has shown stronger and earlier
signs of recovery than the other segments, as evidenced by the positive
RevPAR growth in both 2002 and 2003.
-
All of the segments achieved close to 2000 occupancy
levels in 2004, except the boutique segment, which recorded occupancy
levels slightly lower than what was attained in 2000.
-
In terms of average rate, the boutique segment
is the only segment to register a positive average annual compounded
change between 1999 and 2004.
-
All of the segments rebounded in 2004, and recorded
significant growth in terms of both occupancy and average rate, resulting
in RevPAR growth ranging from a low of roundly 19% in the boutique
segment to a high of roundly 27% in the other segment. The tremendous
recovery recorded in 2004 was more extensive than most industry experts
anticipated, and indicates the strength of the Manhattan lodging market.
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