Manhattan lodging index: Q1 2009
Download Manhattan lodging index: First quarter 2009
Occupancy, ADR, and RevPAR decline significantly in the first quarter of 2009.
Manhattan occupancy levels fell significantly in the first three months of 2009, declining 16.7 percent, 16.9 percent, and 15.3 percent, respectively. These severe declines resulted in occupancy averaging 67.2 percent in the first quarter, down from 80.2 percent during the same period one year ago. Average daily rate (“ADR”) declines of 19.4 percent augmented this drop in performance to yield a 32.5 percent decline in revenue per available room ("RevPAR") over 2008, the highest quarter RevPAR decline since 2002.