Manhattan lodging index Q2 2009
Download Manhattan lodging index: Second quarter 2009
Occupancy declines moderate, but ADR drop becomes more severe in the second quarter of 2009.
The downward slide in occupancy moderated in the second quarter, with Manhattan occupancy levels declining 3.0 percent, 7.5 percent, and 4.5 percent, in April, May and June 2009, respectively. These declines resulted in occupancy averaging 83.7 percent in the second quarter, down from 88.2 percent during the same period one year ago. However, severe average daily rate (“ADR”) declines of 30.2 percent augmented this drop in performance to yield a 33.7 percent decline in revenue per available room (“RevPAR”) over 2008, the highest second quarter RevPAR decline since 2002.