New York is poised for continued strong hotel demand despite tepid growth in the global economy. The New York metro area's supply pipeline has 162 properties in development, driven by an occupancy rate of 84.9% on a trailing 12-month period ending June 30, data from STR show. However, growth in average daily rate continues to lag in New York amid the rapid rise of new properties and heightening price competition due to transparent pricing offered by booking websites.

Full Story:

Related Summaries