NEW YORK- Despite the opening of 1,400 new hotel rooms in Manhattan, hotel operators increased occupancies over 1999 levels for every month during the first and second quarters of 2000, according to PricewaterhouseCoopers Manhattan Lodging Index, a quarterly survey of Manhattan hotels released this week.
Both average daily rate and occupancy approached growth rates of 8%, which created double digit RevPAR growth.
Manhattans occupancy rate at mid-year was 89.2%, up from 82.9% a year earlier. Average daily rate at mid-year was $215.55, up from $200.23 a year earlier (the national average daily rate is $84.51). Revenue per available room grew from 9.8% in the first two quarters of 1999, to 15.9% in the first two quarters of 2000. (10/12/00)