In Sputtering NYC Hotel Sector, Some Signs Of Life

The NYC hotel industry is showing signs of life as the pace of vaccinations in the metro area quicken and federal stimulus funds shore up the sector. A new report from CBRE predicts an average occupancy level of 43.3% during the first half of this year, an increase from the 35% recorded in 2020, and a 74.3% occupancy rate, on average, for 2022. A return to normal is within sight, with CBRE analysts forecasting 86.4% occupancy by 2025.