Business is booming for New York City’s hotels, and the city’s recent crackdown on short-term rentals may be a driving force.
New York enjoyed the highest December occupancy of any top 25 market in the U.S. at 86.6%, according to STR. The city’s average daily rate (ADR) also surged in December, rising nearly 11% to $393, while revenue per available room (RevPAR) shot up 15.6%.
That compares with a national December RevPAR average increase of just 0.3%.
The spikes coincide with a…
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