Manhattan Saw ADR Rebound, Occupancy Decline in Q4

The Fourth Quarter 2018 edition of the PwC Manhattan Lodging Index has been released. According to the report, RevPAR reached the highest fourth quarter average since 2006, as growth in ADR rebounded at Manhattan hotels. During the quarter, lodging supply, which continued to outpace growth in demand, resulted in declines in occupancy. With strong commercial traveler demand during the first half of the quarter, coupled with price-elastic holiday tourism in the latter half, Manhattan room rates finished the quarter at an average of $328 per night.