New York Hospitality Market Report
Headline Happenings to Boost Tourism this Year;
Legislation Set to Mitigate Current Supply Wave
Leisure visits solid, stage set for business travel recovery. New York’s hospitality fundamentals are trending upward at a commendable pace as of mid-2023, with annual occupancy well on track to breach the 80 percent threshold by the end of the year. Leisure travel will be supported by the city’s mainstay events, with the New York Marathon, Macy’s Thanksgiving Day Parade, and New York Film Festival slated to support further demand recovery in this segment through the year’s latter half. Business travel has thus far noted a more tepid recovery, though Manhattan office usage in recent months bodes well for demand from this segment moving forward. According to data captured by the Real Estate Board of New York, office visitation on Tuesdays through Thursdays was noted at 68 percent of the 2019 level during the first five months of the year.