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A recap of the operating performance of hotels and sub-market trends
Increases in occupancy, ADR and revenue per available room (“RevPAR”) accelerated across Manhattan during the second quarter, as the vaccine rollout gained traction in Q1 and early Q2, and the city began to relax restrictions put in place at the height of the pandemic. Off an easy comp (Q2 2020), second quarter RevPAR experienced a year-over-year increase of 103.4 percent, heavily weighted to performance during the month of June.
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