PwC Manhattan Lodging Index: Q3 2013

December 2013
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PwC Manhattan Lodging Index: Q3 2013

At a glance

In the third quarter, Manhattan's average daily rate growth remained subdued, which combined with stabilized occupancy levels to result in a moderate increase in revenue per available room.

Occupancy growth in the third quarter was marginal, increasing only 0.4 percent relative to last year, as Manhattan hotels begin to stabilize at approximately 90 percent occupancy. ADR continued to grow at a more moderate pace relative to previous quarters, increasing 4.4 percent to $283.12.

This combination led to a year-over-year RevPAR increase of 4.8 percent, ahead of the second quarter increase of 3.4 percent, but still modest relative to the strong growth experienced in late 2012 and the first quarter of 2013.