In the second quarter, Manhattan’s occupancy levels continued to recover robustly, while average daily rates (“ADR”) rebounded even more signifi cantly, resulting in a substantial increase in revenue per available room (“RevPAR”) levels.

During the second quarter, Manhattan’s occupancy levels continued to increase, exceeding the pre-recession level of 88.0 percent observed in 2007. Occupancy levels increased by an average of 6.6 percent from yearago levels to an average of 88.8 percent. In a sign of pricing power, driven largely by demand recovery, average daily rates improved signifi cantly, increasing by an average of 14.5 percent from year-ago levels. The combined eff ect was a substantial increase in revenue RevPAR, up 22.0 percent from year-ago levels, and the highest increase in second quarter RevPAR since the 30.9 percent increase in the second quarter of 2004.

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