In the third quarter, Manhattan's occupancy levels increased, reversing the trend from the prior two quarters. Average daily rate ("ADR") exhibited continued strong growth, resulting in a robust increase in revenue per available room ("RevPAR").
During the third quarter of 2011, Manhattan's occupancy levels increased 1.4 percent to 87.7 percent, after two consecutive quarters of year-over-year declines. Further, Manhattan hotels continued to regain pricing power, resulting from a 6.4 percent increase in ADR. The combination of a continuing ability to charge higher room rates and increasing occupancy levels, led to a 7.8 percent increase in RevPAR, compared to year-ago levels.