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Operating Statistics by Neighborhood
The following tables compare the performance of all reporting hotels
in Manhattan from 1999 through 2004; results are broken down by neighborhood,
including Midtown West, Midtown East, and Downtown.
Midtown West
|
Year
|
Supply
|
Change
|
Demand
|
Change
|
Occupancy
|
Change
|
Average Rate
|
Change
|
RevPAR
|
Change
|
|
1999
|
9,362,278
|
-
|
7,656,330
|
-
|
81.8%
|
-
|
$202.03
|
-
|
$165.21
|
-
|
|
2000
|
9,802,114
|
4.7%
|
8,279,281
|
8.1%
|
84.5
|
3.3%
|
214.82
|
6.3%
|
181.44
|
9.8%
|
|
2001
|
10,282,160
|
4.9
|
7,835,726
|
(5.4)
|
76.2
|
(9.8)
|
189.31
|
(11.9)
|
144.27
|
(20.5)
|
|
2002
|
10,662,986
|
3.7
|
8,097,400
|
3.3
|
75.9
|
(0.4)
|
182.75
|
(3.5)
|
138.78
|
(3.8)
|
|
2003
|
10,948,292
|
2.7
|
8,378,468
|
3.5
|
76.5
|
0.8
|
180.06
|
(1.5)
|
137.80
|
(0.7)
|
|
2004
|
10,950,471
|
0.0
|
9,212,645
|
10.0
|
84.1
|
9.9
|
199.88
|
11.0
|
168.16
|
22.0
|
Average Annual
Compounded Change: 1999-2004 |
3.8%
|
|
3.2%
|
|
0.6%
|
|
(0.2)%
|
|
0.4%
|
|
Source: Smith Travel Research
Some figures may be subject to small rounding errors
Statistics based on selected hotels from a large database
|
Midtown East
|
Year
|
Supply
|
Change
|
Demand
|
Change
|
Occupancy
|
Change
|
Average Rate
|
Change
|
RevPAR
|
Change
|
|
1999
|
6,535,055
|
-
|
5,132,536
|
-
|
78.5%
|
-
|
$246.58
|
-
|
$193.66
|
-
|
|
2000
|
6,546,836
|
0.2%
|
5,388,139
|
5.0%
|
82.3
|
4.8%
|
265.53
|
7.7%
|
218.53
|
12.8%
|
|
2001
|
6,611,327
|
1.0
|
4,695,219
|
(12.9)
|
71.0
|
(13.7)
|
232.87
|
(12.3)
|
165.38
|
(24.3)
|
|
2002
|
6,609,055
|
(0.0)
|
4,896,416
|
4.3
|
74.1
|
4.3
|
217.52
|
(6.6)
|
161.15
|
(2.6)
|
|
2003
|
6,589,970
|
(0.3)
|
4,941,344
|
0.9
|
75.0
|
1.2
|
208.59
|
(4.1)
|
156.41
|
(2.9)
|
|
2004
|
6,378,217
|
(3.2)
|
5,161,786
|
4.5
|
80.9
|
7.9
|
234.64
|
12.5
|
189.89
|
21.4
|
Average Annual
Compounded Change: 1999-2004 |
0.1%
|
|
(0.5)%
|
|
0.6%
|
|
(1.0)%
|
|
(0.4)%
|
|
Source: Smith Travel Research
Some figures may be subject to small rounding errors
Statistics based on selected hotels from a large database
|
Downtown
|
Year
|
Supply
|
Change
|
Demand
|
Change
|
Occupancy
|
Change
|
Average Rate
|
Change
|
RevPAR
|
Change
|
|
1999
|
689,901
|
-
|
5,132,536
|
-
|
86.4%
|
-
|
$241.64
|
-
|
$208.86
|
-
|
|
2000
|
924,122
|
33.9%
|
5,388,139
|
5.0%
|
81.9
|
(5.3)%
|
268.05
|
10.9%
|
219.41
|
5.0%
|
|
2001
|
955,039
|
3.3
|
4,695,219
|
(12.9)
|
75.5
|
(7.8)
|
240.52
|
(10.3)
|
181.55
|
(17.3)
|
|
2002
|
1,002,940
|
5.0
|
4,896,416
|
4.3
|
75.8
|
0.5
|
229.06
|
(4.8)
|
173.74
|
(4.3)
|
|
2003
|
1,196,925
|
19.3
|
4,941,344
|
0.9
|
76.1
|
0.4
|
229.85
|
0.3
|
174.97
|
0.7
|
|
2004
|
1,223,055
|
2.2
|
5,161,786
|
4.5
|
81.6
|
7.3
|
251.20
|
9.3
|
205.08
|
17.2
|
Average Annual
Compounded Change: 1999-2004 |
10.9%
|
|
12.1%
|
|
(1.1)%
|
|
0.8%
|
|
(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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Lalia Rach
Ed.D, Associate Dean
The
Preston Robert Tisch Center for Hospitality, Tourism, and Sports Management
The New York City hotel industry has again established itself as the
forerunner of industrywide success and change. On a grand scale, NYC
hotel executives are redefining expectations for occupancy, rate,
and profitability while at the same time revisioning products, services,
and structures. Perhaps the song lyrics should be rewritten to read
"when it happens here, it is expected everywhere!"
A review of the previous tables reveals the following:
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The Downtown neighborhood experienced the most
rapid supply growth between 1999 and 2004 at roundly 11%, while the
Midtown West neighborhood experienced moderate growth and the Midtown
East neighborhood remained stable during the same period.
-
All of the neighborhoods were negatively affected
by the events of the 9/11 as well as the adverse economic climate
in 2001. Nevertheless, all neighborhoods have shown resilience in
2002 and 2003, recording slight to moderate increases in occupancies,
with the exception of the Midtown West neighborhood, which recorded
a slight decrease in occupancy in 2002.
-
In 2004, all of the neighborhoods recorded significant
growth in their respective occupancies, with all neighborhoods reaching
close to their 2000 occupancy level. The strong growth in occupancy
was coupled with significant growth in average rates in all of the
neighborhoods, which resulted in double-digit RevPAR growth in all
neighborhoods, ranging from a low of roundly 17% in the Downtown neighborhood
to a high of roundly 22% in the Midtown West neighborhood. The faster
pace of growth in the two Midtown neighborhoods can be attributed
to existence of a strong commercial base coupled with numerous leisure
attractions.
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