Although Manhattan’s occupancy increased in the fourth quarter, ADR continued to be under signifi cant pressure, resulting in RevPAR declines

After declining for four consecutive quarters, Manhattan’s occupancy levels increased robustly in the fourth quarter of 2009, in part due to signifi cant rate discounting, which resulted in continued decline in average daily rate (“ADR”) and revenue per available room (“RevPAR”) levels. Manhattan’s occupancy levels increased by an average of 3.2 percent from year-ago levels in the fourth quarter, resulting in an average occupancy of 83.9 percent. After steep declines of 30.2 percent and 26.8 percent in the second and third quarters, respectively, average daily rate declines moderated in the fourth quarter to 16.1 percent, resulting in a 13.4 percent decline in RevPAR over year-ago levels.

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