Story perspectives
Manhattan Hotels Soar: 89.3% Occupancy, $334M Sale
3/14/2025
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Story summary
- Manhattan's hotel market thrived in Q4 2024, achieving an occupancy rate of 89.3%, equal to pre-pandemic levels.
- Luxury properties saw a remarkable RevPAR increase of 15.3% year-on-year.
- New hotel openings are projected for 2025, though growth may slow.
- Significant transactions included the Crowne Plaza Times Square, sold for $334 million.
- PwC predicts limited room supply growth, favoring Manhattan hotels.
