New York Hospitality Market Report

International visitors boost demand. In May, foreign travel at the John F. Kennedy International Airport grew by 8.4 percent year-over-year. Reaching 3.3 million people, the count surpassed the monthly average for 2019, a record year for the transit hub. This indicates the recovery of international travel to the metro is well underway, in turn providing a notable boost to local hotel booking volumes. Over the year ended in June 2024, the number of nightly stays in New York City grew by the third-largest amount among all major U.S. markets. Luxury and upper upscale hotels led the surge, each recording increases exceeding 7 percent, as these higher-end options are typically favored by more affluent international travelers. While occupancy has yet to return to pre-pandemic levels in either segment, an over four-year low for full-service construction may provide the backdrop for them to achieve this feat by year-end.