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PwC Manhattan Lodging Index Q2 2024
Manhattan Lodging Overview
Occupancy, average daily rate (ADR), and revenue per available room (RevPAR) continued to experience strong growth as the market moves toward stabilization. Luxury hotels notably outperformed their lower-priced counterparts across these key performance indicators, reflecting a broader resurgence in the luxury segment during 2024. For the overall Manhattan hotel market, Q3 RevPAR increased by 5.1%, while Q4 saw an increase of 11.7% compared to the same periods in 2023.
“As a bellwether market, Manhattan’s hotel market averaged an occupancy level of 89.3% in Q4 2024, marking a return to pre-COVID stabilized levels. RevPAR growth was strong in Q4, recording the highest year-over-year growth of any quarter in 2024. However, with the anticipated stabilization of the market, along with several new openings projected, growth is expected to moderate in 2025.” Abhishek Jain, Principal, PwC
RevPAR increased 11.7% year-over-year during the fourth quarter of 2024, outpacing third quarter growth of