RENDERING OF EMPIRE OUTLETS, INCLUDING THE HOTEL AT THE TOP.
via The Commercial Observer – When you think of Staten Island, you may not think of packed hotels with tourists banging down the doors to get into them. But the borough’s hotels are faring well compared with their counterparts in other boroughs.
The hotel occupancy rate in Staten Island was 67.9 percent for the first half of this year, up 18 percent from the same period last year, according to data provided to Commercial Observer by STR, a hotel data and analytics company. In Richmond County, the average daily room rate, or ADR, reached $127.23, a 6.2 percent increase from a year ago. The revenue per available room, or RevPar, surged 25.3 percent to $86.37. Demand rose 11.7 percent to 95.59 percent and overall revenue increased 18.6 percent to $12.2 million.
In Manhattan, meanwhile, occupancy only ticked up 0.2 percent to 83.9 percent while the ADR dropped 3.9 percent to $254.72 and RevPar went down 3.7 percent to $213.60. In Queens, the occupancy rate crept up 1.1 percent to 81.1 percent, and RevPar rose 2.4 percent to $140.62. In Brooklyn, the occupancy rate dropped 5.3 percent to 73.1 percent, ADR rose up 1.8 percent to $163.75 and RevPar dropped 3.5 percent to $119.75. (“In order to protect the confidentiality of individual property data, we require a certain number of hotels reporting performance data in order to run a report. We have that in S.I., not the Bronx,” a STR spokesman said.)
James Prendamano, a managing director for Staten Island brokerage Casandra Properties, said the positive statistics were not surprising.
“The fluctuation in the dollar over the past year has sapped tourists buying power,” Prendamano said.“As the tourists seek better value across the board you will find them electing to stay in locations that offer a reduced price point. Staten Island and Queens offer this option while remaining directly connected to Manhattan. Staten Island has seen the most growth… as they offer the most attractive ADR. … It’s simply a direct result of tourists seeking more of a bang for their buck.”
He continued: “The second factor that I think cannot be overlooked is [New York City Economic Development Corporation]’s efforts over the past several years raising awareness in the outer boroughs under their new New York platform. The mayor and his respective agencies are seeing results as they travel the world educating would-be tourists on the wonderful cultural, hospitality, shopping and entertainment options that had previously been overlooked by future travelers.”
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