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NYC hotel occupancy rate crashes toward 10% as permanent closures loom

by Guest Post
October 25, 2020
in News
NYC hotel occupancy rate crashes toward 10 as permanent closures loom

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Prices at New York City hotels have plunged as the hospitality industry continues to try and grapple with the effects of the global pandemic.

Some hotels, like the Midtown Hilton, have remained closed since March. Others, like the Pierre, are operating in limited capacity. Those that are open for business have slashed prices by more than 60%, according to a new writeup by AlJazeera.

Despite October usually being a fruitful month for tourism in NYC, coronavirus has forced the cancellation of staple events like the NYC Marathon and Fashion Week. And while the industry has definitely recovered since March, it still has a long way to go. 200 of New York’s roughly 700 hotels remain closed, the article notes.

Lukas Hartwich, an analyst at real estate research firm Green Street, said: “Next year is going to be far worse than any year we’ve ever had except this one. It’s going to be 2022 before we get back to where we were during the worst part of the last recession.”

Occupancy rates in NYC stand under 40% right now, with the average daily room price at $135. Those figures, last October, stood at 92% and $336. Industry locals say the 2020 figure may even be inflated, as many hotels stopped reporting data for the time being.

Vijay Dandapani, chief executive officer of the Hotel Association of New York City, said: “The true hotel occupancy is less than 10%. Hotels have theoretically been able to be open, but in many cases it’s pointless.”

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In addition to risk-adverse travelers, corporate travel has also diminished, acting as a major headwind for the industry.

Executives in the industry predict that up to 20% of the city’s hotels could wind up permanently closed. Those that have stayed open, like the Pierre, are offering limited services. For example, at the Pierre, room service stops after breakfast and the concierge clocks out at 5PM now.

Some hotels have even contacted the Department of Homeless Services to try and “convert properties into temporary shelters”.

There have been shades of optimism elsewhere, however. Heading into the summer, Americans started traveling to beach locations against again, with places like Virginia Beach and Panama City seeing sustained hotel recoveries.

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Dan Peek, president of the hotel group at advisory firm Hodges Ward Elliott, concluded: “It would be a bad bet to say that New York isn’t going to come back. But it does face some unique challenges that will likely result in a slower recovery.”

Originally published on Zero Hedge.



COVID-19 may take down an independent news outlet

Nobody said running a media site would be easy. We could use some help keeping this site afloat.

Colleagues have called me the worst fundraiser ever. My skills are squarely rooted on the journalistic side of running a news outlet. Paying the bills has never been my forte, but we’ve survived. We have ads on the site that help, but since the site’s inception this has been a labor of love that otherwise doesn’t bring in the level of revenue necessary to justify it.

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Election year or not, coronavirus lockdowns or not, anarchic riots or not, the need for truthful journalism endures. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report going.



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Join fellow patriots as we form a grassroots movement to advance the cause of conservatism. The coronavirus crisis has prompted many, even some conservatives, to promote authoritarianism. It’s understandable to some extent now, but it must not be allowed to embed itself in American life. We currently have 8000+ patriots with us in a very short time. If you are interested, please join us to receive updates.

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Over the last several months, I’ve lost count of how many times the powers-that-be have tried to shut us down. They’ve sent hackers at us, forcing us to take extreme measures on web security. They sent attorneys after us, but thankfully we’re not easily intimidated by baseless accusations or threats. They’ve even gone so far as to make physical threats. Those can actually be a bit worrisome but Remington has me covered.

For us to continue to deliver the truth that Americans need to read and hear, we ask you, our amazing audience, for financial assistance. We have a Giving Fuel page to help us pay the bills. It’s brand new so don’t be discouraged by the lack of donations there. It’s a funny reality that the fewer the donations that have been made, the less likely people are willing to donate to it. One would think this is counterintuitive, but sometimes people are skeptical because they think that perhaps there’s a reason others haven’t been donating. In our situation, we’re just getting started so please don’t be shy if you have the means to help.

Thank you and God bless!

JD Rucker

Covid variant BA.5 is spreading. It appears milder but much more contagious and evades natural immunity. Best to boost your immune system with new Z-Dtox and Z-Stack nutraceuticals from our dear friend, the late Dr. Vladimir Zelenko.

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