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Are you saying the article you posted is citing a study that's taking out a massive number of hotels from the denominator in order to make their percentages?
No, it is basing it strictly on the hotels reporting based on how it is worded. However, since 40% of NYC hotels are closed, the 60% left can , up the road, get to pre covid % rooms filled, and NYC will still see millions fewer hotel room nights booked.
I am looking for stuff where they do as I wish..show % of ALL rooms filled, not just all rooms at Open hotels.
NYC hotel revenue collections will be a great indication.
Yea, it's a bit worrisome, though 88% effectiveness after second dose sounds pretty decent if we can get a strong majority of people to get the second dose (and that the vaccine stays effective for a while).
No, it is basing it strictly on the hotels reporting based on how it is worded. However, since 40% of NYC hotels are closed, the 60% left can , up the road, get to pre covid % rooms filled, and NYC will still see millions fewer hotel room nights booked.
I am looking for stuff where they do as I wish..show % of ALL rooms filled, not just all rooms at Open hotels.
NYC hotel revenue collections will be a great indication.
So, it does seem like you're saying that the denominator is effectively different since you're talking about closed hotels.
I agree what you're saying about all rooms would be interesting, though I'm not sure if NYC hotel revenue collections will be a great indication because I don't know how much of a profit margin the hotels were making in the past and if the hotels are likely to fill up the rooms at a slimmer margin (in which case, you can still have similar occupancy numbers, but the revenue will be lower). Though, of course, total revenue collection itself is a solid indicator on its own of how much NYC's tourism industry has returned.
It will be a slow path back, and I mean beyond hotels. MTA trains, which includes the New Haven-Grand Central line, are still running at 64-67% below pre covid numbers, Monday-Friday.
1 million a day flocked into NYC jobs pre covid not just on this line, by car, NJ rail, etc. Experts have said it is now about one quarter of that. I do think it will rise, but would bet not above half the old number due to hybrid becoming a major player.
J P Morgan bragged in its 10Q about reducing leasing costs 40% long-term, due to a proportinate spike in work from home on a perm basis. then stated their expectation going forward is 50-60% in office at any time. Pre covid, they leased as much sq footage in NYC as all of Stamford's downtown business district contains. That takes out thousands of lunches out a day, a healthy chunk pre covid in hotel based restaurants.
That is why I think 2025 is optimistic, not pessimistic. MTA btw thinks they hit 80% pre covid by 2025 on New Haven line. I have been on 7 times in 16 months, looks busier to naked eye, but I am detail oriented, spotted we had 6 cars in mid May at 4pm start of peak, where 10-12 was norm before. Plus it runs 2 times /hour peak now, was 4-6 peak pre covid times an hour.
Car quantity stood out when I got off in Ct and saw how much length of platform was bare behind last car. Pre covid, last car hit just 20 feet past edge of platform in my town.
So, it does seem like you're saying that the denominator is effectively different since you're talking about closed hotels.
I agree what you're saying about all rooms would be interesting, though I'm not sure if NYC hotel revenue collections will be a great indication because I don't know how much of a profit margin the hotels were making in the past and if the hotels are likely to fill up the rooms at a slimmer margin (in which case, you can still have similar occupancy numbers, but the revenue will be lower). Though, of course, total revenue collection itself is a solid indicator on its own of how much NYC's tourism industry has returned.
Hotel tax revenue is mainly room tax based, not P & L based. Now shrinking room rates does reduce taxes, but does not eliminate them. Their income taxes go bye-bye if they fall in the red.
Hotel tax revenue is mainly room tax based, not P & L based. Now shrinking room rates does reduce taxes, but does not eliminate them. Their income taxes go bye-bye if they fall in the red.
Ah, I see. I parsed NYC hotel revenue collection incorrectly as all the revenue collected by the hotels in NYC rather than tax revenue collection from NYC hotel taxes. That would be a pretty good indicator.
Ah, I see. I parsed NYC hotel revenue collection incorrectly as all the revenue collected by the hotels in NYC rather than tax revenue collection from NYC hotel taxes. That would be a pretty good indicator.
Correct. Hotel income taxes, no doubt, nosedived, even more than room taxes collected, in 2020.
I imagine all but a handful were in the red.
Nice talking with you. I will be back Sunday night. Bedtime. Not in a hotel, either. LOL.
I can only share my recent anecdotal hotel experience but I had originally booked a Residence Inn (that's re-opening tomorrow) and then found something cheaper but similar. I started waffling again because of the size of the room and went back to look for my original reservation. Not only was that hotel sold out, but so was another Residence Inn and the hotel I'm staying at doesn't have the larger apartments available.
So for mid-end of June, at least, it's getting a bit harder to find rooms that offer kitchenettes. LOL
Hotels in Miami doing much better than pre-COVID times the best in country at the moment compare to NYC.
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