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NYC’s Hotel Forecast: Continued Strength Thru 2019

New York City’s hotel industry continues to show strong fundamentals, according to CBRE, although the firm is forecasting a drop-off in RevPAR increases next year. CBRE projects a citywide RevPAR increase of 3.5% for 2018 and 0.8% for 2019.

Along similar lines, CBRE Hotels Research predicts slightly lower occupancy rates and ADR increases for 2019. ADR is expected to increase by 2.9% this year and 1.8% next year, while the occupancy rate will dip slightly from 2018’s 87.1% to 86.3%.

“New York City continues to be the world’s go-to tourist and business destination, and, as a result, the hotel market remains one of the strongest in the country,” said New York-based Mark VanStekelenburg of CBRE Hotels.

“Our forecasts show a projected increase in both supply and demand throughout 2019, which is on par with the positive economic and tourism outlook.” That applies as well to the national picture, CBRE said.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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