What are the latest RevPAR numbers youve seen for New York?
On average, RevPAR will be down in the mid-20 percent range for 2009 [compared to the year before]. To put this into perspective, in the past 30 years, RevPAR has only been down by 20 percent or more one time — so we are experiencing truly unique circumstances. Bradley Burwell senior associate, CBRE Hotels How is the overall hotel market faring in New York amid the recession? The New York hotel market is faring worse than the national [market]. Nationally, RevPAR is down about 18 percent, while in New York it’s down over 30 percent. Interestingly, the top 25 national markets are actually performing worse than the nation as a whole in general. Which sector of the hotel market, business travelers or tourists, is holding most steady? Tourists are probably the most resilient. [They] are seeing great deals to come to New York. Not only are hotel rates way down, but the cost of travel is much lower than it was in the last three years. How are room rates faring in the luxury and budget secto
