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

Jun 05, 2020   |   Industry News
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US Hotel National Occupancy Rises in Last Week Of May

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.

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