According to STR Global, New York alone accounts for over six per cent of all room revenue in the US.
For August year to date occupancy was down 9.7 per cent and revenue per available room was down 32.4 per cent in year-over-year comparisons.
But, according to Robert Ambrozy, market director for international sales at Marriott International: “The Middle East is a very important source market to New York City and we can see traffic increase every year. This year they represented 10 to 11 per cent of our total guest numbers, primarily from the UAE, Saudi Arabia, Kuwait, Bahrain and Qatar.
“While our hotels in NYC did experience a drop in occupancy starting from September 2008, numbers have continued to climb and occupancies in the last two months have been very strong.”
And the city continues to generate a large percentage of revenue. Even without having the highest supply, New York made up 11.5 per cent of the top 25 markets’ revenue as of April 2009 year to date. As a whole, the top 25 markets made up 42.3 per cent of the entire US revenue and New York represents 4.8 per cent. With an existing supply of over 91,000 rooms with over 11,000 under construction, New York promises to remain buoyant.