NYC avg nightly hotel rate hits record high: $417/night
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Anonymous
This is wild. As someone who was in NYC from Dec 29-31 I can tell you that the city was absolutely packed with visitors. The global economy is full steam ahead.
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Anonymous
| It’s also an issue of supply and demand. NYC cracked down on AirBnBs, some hotels are being used for migrants and the city made it harder to build new ones. |
Anonymous
| Yeah a bunch of hotels are now migrant housing and the unions got a huge raise. Not sure why americans have any interest in visiting - I go enough for work and would prefer to not stay over when I can. |
Anonymous
This. There used to be over 20,000 Airbnb listings in 2023 before local law 18 went into effect and now there are well under 5,000. For those, the rules are so strict that it doesn't make sense for many people to book them (maximum 2 people and the host must be physically present IN THE UNIT which is absurd). And as PP pointed out, it's hard to get approval to build new hotels, especially large ones. Because it's so hard, the new hotels that appear tend to be much smaller boutique properties, not big hotels with lots of rooms. |
Anonymous
| I booked a trip for my boss in November and the lowest rate anywhere was $749/night. He ended up paying over $900/night for 6 nights in a not-particularly fabulous room. I couldn't believe it. |
Anonymous
NYC currently has 50 hotel projects under development: https://www.constructiondive.com/news/new-york-hotel-construction/717614/#:~:text=New%20York%20leads%20all%20other,rooms%2C%20according%20to%20Lodging%20Econometrics. NYC is a tough city to build, period. But clearly plenty of investors-developers see opportunities. |
Anonymous
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Here is a New York Times article on the issue
https://www.nytimes.com/2024/11/24/nyregion/new-york-city-hotels.html?smid=nytcore-ios-share&referringSource=articleShare |
Anonymous
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Traveling in the US blows. It is not worth it. Yeah, $420/night in NYC......for crappy 2 star hotels.....where they expect you to also tip. Lol, no.
It is cheaper to fly international for almost everything than travel in the US. The US suckssssss so bad for travel and vacation. Everything is maasisvely overpriced, overtaxed, and they want tips on everything. |
Anonymous
If you don’t have frequent flyer miles, flights are pretty expensive now. That said I still think NYC at Christmas is just crazy expensive and not worth it for more than one night unless you have an unlimited budget. We are going for NLK and are staying at our favorite budget hotel for $250/night. |
Anonymous
OP here: I booked NYC hotel only two weeks ago. 29,000 points/night for Thompson Central Park via partner point transfer from Chase Sapphire. They wanted $800/night otherwise for cash for the same room. I also got amenity fees waived ($40/night) because I have the lowest elite level for Hyatt brands and they gave me early check-in (1130am on arrival) and late check-out (1pm). 2.75 cents per point is good value. Definitely use points in NYC right now for hotels; it's a very good value compared to the quoted cash rates. |
Anonymous
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I work for a hotel company. Revenue management is doing its job well. NYC and especially Manhattan still has incredible demand, so the price should be higher to make a profit. We don’t run a charity.
The limit on Airbnbs is also a factor. Just know that every hotel market isn’t like this, and that it wasn’t like this from 2020 to about mid 2022. |
Anonymous
| How were the prices beyond Manhattan? |
Anonymous
| Yeah it’s Manhattan. One of (if not the) most desirable city in the world |
Anonymous
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I am glad NYC cracked down on Airbnbs. My neighbors ran an illegal one, didn't need strangers in the building all day long.
Rents are ridiculous, the priority should not be people visiting for a week. |
Anonymous
| The hotel industry lobbied successfully to more or less kill off AirBNB in NYC, and this is its reward. |