New York City Hotel Occupancy Rises to 47.6% and Hotel Occupancy More than Doubles from Lows in 25 Major Markets

The realdeal.com has put together an encouraging summary of the 25 US hotel markets that have occupancy rates above 40%. This is the seventh straight week of occupancy rate gains and national occupancy for the last week of May was 36.6% up from 35.4% the prior week.

Three markets, Corpus Christie, Texas and 2 near Cape Canaveral, Florida showed year-over-year improvements, the latter 2 driven by the SpaceX launch.

Six markets had occupancy rates above 40% Norfolk/Virginia Beach, Tampa Bay/St. Petersburg, Phoenix, Atlanta, Detroit and New York City.

The largest metro area in the US, New York City, saw occupancy rise to 47.6% from 44.9%. Just one percentage point lower then the week before the shutdown. Revenue per available room was up 10%. Los Angeles hotels were just below 40% at 39.5%.

Hawaii and Chicago still show very low rates due to the severe impacts on travel and coronavirus restrictions.

By comparison, China’s occupancy rate was 47% and Europe’s was a truly dismal 15% average with few green shoots in Germany and the Netherlands at 23%, according to STR.

Stock markets around the world are far off their corona crisis lows of March and the US Dow Jones is over 27,000 and off its all-time high by only 8%, indicating investor optimism of a V-shaped recovery and better economic times ahead.