Record occupancy, ADR and RevPAR for 2007
ADR, RevPAR growth expected for 2008
In 2007, Manhattan occupancy increased almost a full occupancy point over 2006, reaching the highest level since the turn of the century. Average Daily Rate (“ADR”) increased by a robust 12.9 percent, driving a 14.1 percent increase in RevPAR for the year. PricewaterhouseCoopers expects that Manhattan ADR and RevPAR will continue to grow through 2008, despite the approximately 12,000 rooms in the development pipeline.
Fourth quarter 2007 results trended similarly to the full year; a 1.0 point increase in occupancy and a 13.6 percent increase in ADR resulted in a 14.7 percent increase in RevPAR over the same period in 2006. For the year, first quarter occupancy of 79.4 percent was within one tenth of a point of ten-year highs. Second, third and fourth quarter occupancy, 88.3 percent and 87.8 percent and 88.1 percent, respectively, were all record levels for each quarter.
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