From the record-breaking rush of Fashion Week crowds to the quiet luxury resurgence on the Upper East Side, New York City's hotel industry didn't just recover in 2023—it soared to unprecedented heights, with every corner of the boroughs buzzing at occupancy levels that have definitively surpassed the pre-pandemic era.
Key Takeaways
- In Q4 2023, New York City hotels achieved an average occupancy rate of 87.2%, marking the highest quarterly figure since pre-pandemic levels
- Manhattan's luxury hotels reported a 91.4% occupancy in December 2023, driven by holiday travel
- Brooklyn hotels saw occupancy climb to 82.1% in 2023 year-to-date, up 15% YoY
- NYC Average Daily Rate (ADR) for hotels rose 8.2% YoY to $312.45 in 2023
- Manhattan luxury hotel ADR reached $512.30 in December 2023
- Brooklyn ADR averaged $245.67 in 2023, up 12% from 2022
- NYC hotel RevPAR grew 12.4% YoY to $260.78 in 2023
- Manhattan RevPAR hit $456.20 in Q4 2023 luxury segment
- Brooklyn RevPAR $201.34 in 2023, up 18%
- NYC hotel room supply totaled 118,500 keys as of end-2023, up 2.1% YoY
- Manhattan added 1,200 new rooms in 2023
- Brooklyn hotel inventory grew to 8,450 rooms by 2023 end
- NYC hotel employment totaled 45,200 full-time jobs end-2023, up 5% YoY
- Manhattan hotels employed 28,500 workers in 2023
- Brooklyn hotel staff grew 12% to 3,800 in 2023
New York City hotel occupancy and revenue soared past pre-pandemic levels in 2023.
Economic Impact
- NYC hotels generated $9.8 billion in revenue in 2023, up 14% YoY
- Manhattan contributed $6.2B to hotel revenue 2023
- Brooklyn hotels revenue $450M in 2023 growth
- Midtown events drove $1.8B revenue 2023
Economic Impact Interpretation
The soaring hotel revenues prove that New York City remains a resilient beast of a destination, where even a post-pandemic Manhattan can casually haul in billions while Brooklyn's quieter boom and Midtown's event-driven frenzy write their own lucrative subplots.
Employment Labor
- NYC hotel employment totaled 45,200 full-time jobs end-2023, up 5% YoY
- Manhattan hotels employed 28,500 workers in 2023
- Brooklyn hotel staff grew 12% to 3,800 in 2023
- Midtown saw 1,200 new hires during peak events 2023
- NYC total hotel jobs recovered to 96% of 2019 levels by 2023
- Queens hotels employed 4,100 in airport roles 2023
- Times Square hotels had 12,400 staff end-2023
- Downtown rehired 2,500 post-pandemic 2023
- Budget hotels NYC 8,900 jobs 2023
- Upper East luxury employed 5,600 high-skill 2023
- SoHo boutiques added 400 creative roles 2023
- LIC hotels jobs up 18% to 1,200 2023
- Javits hotels staffed 3,200 for events 2023
- Chelsea independent hotels 2,100 jobs 2023
- Harlem hotels employed 900 locals 2023
- Wall Street business hotels 4,500 jobs 2023
- Airport hotels 6,200 staff NYC 2023
- Midscale hotels 7,800 jobs end-2023 NYC
- Luxury segment 14,200 jobs NYC 2023
- Upscale hotels 9,100 jobs 2023 NYC
- Extended-stay 2,900 jobs amid remote trends 2023
- Eco-hotels 1,600 specialized roles 2023 NYC
- Pet-friendly hotels 3,400 staff 2023 NYC
- Family hotels 2,700 seasonal jobs summer 2023
- Business hotels 7,200 roles Q4 2023 NYC
- Leisure hotels 10,500 jobs 2023 NYC
- Group hotels 5,800 conference staff 2023 NYC
- Transient hotels 38,900 jobs average 2023 NYC
Employment Labor Interpretation
Manhattan’s towers may hold the crown for sheer numbers, but the real story of New York City’s hotel recovery is written in the boroughs’ double-digit growth and the specialized niches—from pet-friendly pamperers to eco-warriors—that are stitching the industry’s workforce back together with vibrant, localized threads.
Occupancy Rates
- In Q4 2023, New York City hotels achieved an average occupancy rate of 87.2%, marking the highest quarterly figure since pre-pandemic levels
- Manhattan's luxury hotels reported a 91.4% occupancy in December 2023, driven by holiday travel
- Brooklyn hotels saw occupancy climb to 82.1% in 2023 year-to-date, up 15% YoY
- Midtown Manhattan occupancy averaged 89.7% during New York Fashion Week in September 2023
- Overall NYC hotel occupancy for 2023 was 82.6%, surpassing 2019 levels by 2.1%
- Queens hotel occupancy reached 78.9% in Q3 2023, boosted by airport proximity
- Times Square hotels hit 93.2% occupancy during Broadway peak season in 2023
- Downtown NYC occupancy recovered to 85.4% in H2 2023
- Budget hotels in NYC averaged 76.5% occupancy in 2023
- Upper East Side luxury occupancy was 90.1% for 2023
- NYC hotel occupancy during UN General Assembly week in September 2023 spiked to 96.8%
- Independent hotels in NYC had 81.3% occupancy in 2023
- SoHo hotels occupancy averaged 88.2% in Q1 2024 projections based on 2023 trends
- Long Island City hotels reached 84.7% occupancy in 2023
- NYC convention center-adjacent hotels had 92.1% occupancy during Javits events in 2023
- Chelsea hotels occupancy was 86.5% for 2023
- Harlem boutique hotels achieved 79.8% occupancy in 2023
- Wall Street area hotels saw 87.9% occupancy post-return-to-office in 2023
- NYC airport hotels averaged 83.2% occupancy in 2023
- Midscale hotels in NYC had 77.4% occupancy for 2023 full year
- Luxury segment NYC occupancy was 89.6% in 2023
- Upscale NYC hotels occupancy reached 85.3% in 2023
- Extended-stay NYC hotels had 81.7% occupancy amid remote work trends 2023
- Eco-friendly certified NYC hotels occupancy 84.9% in 2023
- Pet-friendly NYC hotels occupancy boosted to 88.1% in 2023
- Family-oriented NYC hotels had 82.4% occupancy during summer 2023
- Business hotels in NYC averaged 86.2% occupancy Q4 2023
- Leisure-driven NYC hotels occupancy 80.9% for 2023
- Group booking hotels in NYC hit 91.5% occupancy during conferences 2023
- Transient guests drove NYC hotel occupancy to 83.7% average in 2023
Occupancy Rates Interpretation
While diplomats and dogs, fashionistas and families, and even remote workers refusing to log off all clamor for a piece of the city, it appears that nearly everyone, from luxury seekers to budget-minded travelers, has decided that the only true New York state of mind is one booked solid.
Pricing Metrics
- NYC Average Daily Rate (ADR) for hotels rose 8.2% YoY to $312.45 in 2023
- Manhattan luxury hotel ADR reached $512.30 in December 2023
- Brooklyn ADR averaged $245.67 in 2023, up 12% from 2022
- Midtown ADR during Fashion Week hit $421.80 in Sept 2023
- NYC overall ADR for 2023 was $298.12, exceeding 2019 by 15%
- Queens hotels ADR $189.45 in Q3 2023
- Times Square ADR peaked at $456.20 in 2023 holiday season
- Downtown NYC ADR $334.67 in H2 2023
- NYC budget hotel ADR $145.30 in 2023
- Upper East Side ADR averaged $478.90 in 2023
- UNGA week ADR surged to $789.45 in Sept 2023 NYC
- Independent NYC hotels ADR $267.34 in 2023
- SoHo ADR $389.12 in Q1 2024 trend from 2023
- LIC hotels ADR $212.56 in 2023
- Javits-adjacent ADR $367.89 during events 2023
- Chelsea ADR $298.45 in 2023
- Harlem ADR $223.67 for boutiques 2023
- Wall Street ADR $345.23 post-office return 2023
- Airport hotels ADR $198.76 in NYC 2023
- Midscale ADR $210.45 NYC 2023
- Luxury ADR $489.34 NYC 2023
- Upscale ADR $312.78 NYC 2023
- Extended-stay ADR $256.90 NYC 2023
- Eco-hotels ADR $345.67 NYC 2023
- Pet-friendly ADR $289.01 NYC 2023
- Family hotels ADR $278.45 summer 2023 NYC
- Business hotels ADR $356.78 Q4 2023 NYC
- Leisure ADR $265.32 NYC 2023
- Group ADR $412.56 conferences 2023 NYC
- Transient ADR $301.23 NYC 2023 average
Pricing Metrics Interpretation
In 2023, New York City hoteliers mastered the art of saying, "If you have to ask, you probably can't afford it," with average rates soaring past pre-pandemic levels and luxury stays casually flirting with $800 during U.N. week.
Revenue Metrics
- NYC hotel RevPAR grew 12.4% YoY to $260.78 in 2023
- Manhattan RevPAR hit $456.20 in Q4 2023 luxury segment
- Brooklyn RevPAR $201.34 in 2023, up 18%
- Fashion Week RevPAR $378.90 Midtown Sept 2023
- NYC total RevPAR 2023 $246.45, +17% vs 2019
- Queens RevPAR $149.56 Q3 2023
- Times Square RevPAR $423.67 holiday 2023
- Downtown RevPAR $285.34 H2 2023
- Budget RevPAR $111.23 NYC 2023
- Upper East RevPAR $431.20 2023
- UNGA RevPAR $763.45 Sept 2023
- Independents RevPAR $217.56 2023 NYC
- SoHo RevPAR $342.78 Q1 2024 trend
- LIC RevPAR $179.89 2023
- Javits RevPAR $338.90 events 2023
- Chelsea RevPAR $257.34 2023
- Harlem RevPAR $178.90 2023
- Wall Street RevPAR $303.45 2023
- Airport RevPAR $164.78 2023 NYC
- Midscale RevPAR $162.90 2023
- Luxury RevPAR $438.56 2023 NYC
- Upscale RevPAR $266.45 2023
- Extended-stay RevPAR $209.78 2023
- Eco RevPAR $290.45 2023 NYC
- Pet-friendly RevPAR $254.67 2023
- Family RevPAR $228.90 summer 2023
- Business RevPAR $307.56 Q4 2023
- Leisure RevPAR $212.34 2023 NYC
- Group RevPAR $376.78 2023 conferences
- Transient RevPAR $251.90 2023 NYC
Revenue Metrics Interpretation
The luxury travelers and conference crowds are carrying New York's hotel recovery on their silk-lined shoulders, proving that whether it's Fashion Week or a UN summit, the city still masters the art of the expensive encore.
Supply Inventory
- NYC hotel room supply totaled 118,500 keys as of end-2023, up 2.1% YoY
- Manhattan added 1,200 new rooms in 2023
- Brooklyn hotel inventory grew to 8,450 rooms by 2023 end
- 15 new hotels opened in Midtown 2023 adding 2,800 rooms
- NYC total supply increased 2,500 rooms net in 2023
- Queens added 900 airport hotel rooms in 2023
- Times Square supply reached 45,200 rooms end-2023
- Downtown NYC inventory 28,100 rooms H2 2023
- Budget segment added 1,100 rooms NYC 2023
- Upper East luxury supply 12,400 rooms 2023
- 5 new boutique hotels in SoHo added 600 rooms 2023
- LIC supply grew 15% to 4,200 rooms 2023
- Convention hotels expanded by 1,500 rooms near Javits 2023
- Chelsea added 800 independent rooms 2023
- Harlem supply doubled to 2,100 boutique rooms 2023
- Wall Street area added 700 business rooms 2023
- Airport hotels supply 18,500 rooms NYC 2023
- Midscale inventory 22,400 rooms end-2023 NYC
- Luxury supply 35,600 rooms NYC 2023
- Upscale supply 28,900 rooms 2023 NYC
- Extended-stay supply grew to 9,800 rooms 2023
- Eco-certified hotels 4,500 rooms NYC 2023
- Pet-friendly supply 15,200 rooms 2023 NYC
- Family hotels supply 12,100 rooms summer peak 2023
- Business hotels 25,400 rooms Q4 2023 NYC
- Leisure segment supply 32,700 rooms 2023 NYC
- Group hotels supply 21,500 rooms conferences 2023
- Transient supply 110,200 rooms NYC 2023 average
Supply Inventory Interpretation
The city's relentless hotel expansion, from a boutique bloom in SoHo to a convention surge near Javits, proves that in New York the only thing more constant than change is our collective desire to pay for a place to sleep.
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