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

During the first quarter of 2011, lodging supply growth in Manhattan substantially outpaced demand, resulting in a 2.3 percent decline in occupancy levels to 72.9 percent. Despite this increase in supply, Manhattan hotels continued to regain pricing power, resulting in a 4.7 percent increase in ADR. The combination of decreasing occupancy levels, but a continuing ability to charge higher room rates, led to a 2.3 percent increase in RevPAR, compared to year-ago levels.

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