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Article - PwC Manhattan Lodging Index Q2 2023 - The rate of growth in occupancy, average daily rate and revenue per available room decelerated considerably in Q2, with room rate fatigue effecting growth in the higher-priced hotel categories.
But neither the city nor state government is hurting anywhere near as much as hotels. Citing a Manhattan Lodging report, the Hotel Association says about 61,450 Manhattan hotel rooms, representing 58 percent of total inventory, are closed. Occupancy at those still open has been hovering around 40 percent for months, and industry revenue is down 80 percent. A spokesperson for the industry group said the vast majority of hotels in the city cannot pay their property tax bills. Thus, according to the spokesperson, suspending interest payments will not cost the city revenue at the moment because i...