In the fourth quarter, Manhattan's occupancy levels remained stable, while average daily rates ("ADR") continued to recover, resulting in a robust increase in revenue per available room ("RevPAR") levels.

During the fourth quarter of 2010, Manhattan's occupancy levels remained relatively unchanged from prior year levels, at 83.8 percent. In a continued sign of recovery in pricing, ADR increased 8.8 percent. As a result, hotels in Manhattan experienced a strong ADR-driven increase in RevPAR. On a year-to-date basis, Manhattan hotels ended the year up 13.3 percent in RevPAR.

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