New York City hotels are thriving. They’re also in crisis. It all depends on what metrics you rely on —but it’s fair to say that both statements are true.
The Big Apple’s hotel industry at first glance seems to have mounted a stirring comeback from the pandemic. A closer look shows that despite significant improvements in occupancy, room rates and revPAR (revenue per available room, the industry’s gold-standard metric), the benchmarks of hotel performance still fall short. Hotel Association of New York president and CEO Vijay Dandapani said unequivocally: “The market did not recover as compared to 2019.”
But the longer-term outlook for owners — if not for visitors — is bright, analysts say, as city…
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