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The Plaza Hotel, St. Regis Hotel, and Waldorf Astoria (iStock)
New York City hotels won’t be able to party like it’s 2019 until 2025.
Occupancy rates in the city won’t recover to pre-pandemic levels until halfway through the decade, according to a new CBRE study reported by the Commercial Observer.
The commercial brokerage firm expects revenue per available room to hit 2019 levels by 2024, with occupancy rates reaching 74 percent in 2022 and 86 percent in 2025.
CBRE’s report predicts an average occupancy of 43 percent for hotels through June, an increase from last year’s 35 percent.
The vaccination rollout and passage of $1.9 trillion of Covid relief will provide hotel owners with some reprieve in the meantime, according to CBRE senior hotel economist Bram Gallagher.
450 West 31st Street, New York, NY 10001 Phone: 212-260-1332
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. click hereOk, Got it
Privacy & Cookies Policy
Privacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
What Will Happen to All the Empty Office Buildings and Hotels?
Commercial real estate has been hit hard by the pandemic, but there are plans to convert some of the now empty spaces into apartment buildings.
The Hilton Times Square on West 42nd Street is now in the hands of a lender after closing during the pandemic and failing to pay its loans.Credit.Katherine Marks for The New York Times
Dark windows. Quiet lobbies. Hushed halls.
Many of New York’s hotels and office buildings have been empty for more than a year now as the pandemic continues to keep tourists and workers out of the city.