New York hotels on the rebound: Business Traveler USA
As visitors flock to the Big Apple, the city’s hotel industry closes in half a million room nights
Weekly demand for hotel rooms in New York City reached its highest level since the start of the pandemic, with more than 481,000 room nights sold the week of July 12. This is an increase of 17,000 overnight stays, a jump of 3.5% from the previous week, Mayor Bill de Blasio said at a press conference.
“It’s incredible progress,” said de Blasio, adding that the city is getting closer to its goal of half a million overnight stays per week. “We’re on the right track to meet the goals we set for ourselves and then surpass them because people are coming back to New York. “
At the start of the pandemic, the city’s hospitality industry was particularly affected, forcing massive layoffs and closure of many hotels, especially in Midtown. About a hundred hotels are said to be still closed.
And despite the good news, there are still headwinds for the industry that make the recovery still a long way to go. Normally, tourism contributes $ 80 billion to the city’s GDP and accounts for 7.2% of total private sector employment.
Now concerns about the delta variant of COVID-19 and the continued closure of the US border to inbound international tourist travel just announced by the Biden administration takes on a bit of the Big Apple shine.
According to a study by hotel industry analysts CBRE earlier this year, the city is expected to see hotel occupancy rates in the first half of 2021 increase to 43.3%, from 35% in 2020. On average, the city is expected to see hotel occupancy rates in the first half of 2021. The study’s occupancy rate predicts it will reach 74.3% in 2022 and a return to a more normal rate of 86% and above by 2025.
To help reach those numbers, the city recently launched a $ 30 million marketing campaign, funded by federal dollars, to increase tourism. Regarding COVID-19 which keeps visitors away, de Blasio said the new variants wouldn’t be a problem if people just got the shot.
“I mean, it’s crazy. Get vaccinated, ”he urged. “It’s time to take a very aggressive and assertive approach. People need to get vaccinated.