New York hotel occupancy has “soared” to 65.4% as of March 21st – one of the highest occupancy rates we’ve seen since the pandemic began. There is one disclaimer however – these calculations are coming in from a reduced base of inventory.
A representative of STR, a subsidiary of Costar, suggested that with unemployment rates lowering and GDP growing, it points to a rosy picture for future travel.
Currently there are about 400 of 700 pre-Covid hotels that are still functioning as hotels, according to Vijay Dandapani, CEO of the Hotel Association of New York City. 139 of these were given entirely to the homeless shelter business, while 226 closed due to the pandemic.
The Mandarin Oriental New York and Park Hyatt New York are both restarting operations as restrictions on Covid have been lifted. Hotels that are still functioning are seeing an increase in bookings for the summer as well.
Dandapani is hopeful hotels will make a comeback. “In such a small geographic concentration, the range and breadth of cultural experiences and other attractions that you get are simply not replicable in other parts of the country.”
New York is on the road to greener pastures. Contact GE Grace to see what space New York has to offer. Call us at 646 312 6800 or email Grace@GEGrace.com.