HVS Manhattan Lodging Report Q4-2017By Roland deMilleret - Managing Director at HVSand Nicole Roantree - Hospitality Consultant and Interior Designer
The New York City borough of Manhattan is among the strongest, most diverse, and most dynamic hotel markets in the world. Manhattan's resiliency has been borne out over the course of recovery from three national recessions since 1989. The following report examines the effects of past recessions on hotel performance in Manhattan, as well as the dynamics of hotel supply and demand and forecasts for the health of the local lodging industry in the near term.
Historical Hotel Performance in Manhattan
Through year-end 2016, demand growth modestly outpaced increases in supply; on a twelve-month moving average, supply increased at 4.9%, compared to 5.4% demand growth. This trend continued through year-end 2017, even as supply in Manhattan continued to register a nearly 5% increase on a trailing-twelve-month basis. For the period through December 2017, 3.7% demand growth outpaced growth in supply of 2.6%.
The trend of inventory growth recorded from 2009/10 through 2017 is anticipated to continue at record levels through the near term. As will be presented subsequently in this report, supply growth is expected to remain strong through 2019.
This is just a sample of what you'll learn from the Q4-2017 Manhattan Hotel Market Overview:
Roland de Milleret, MAI is a Managing Director of HVS New York. Since joining HVS in January of 1999, Roland has provided hotel investment advice and conducted valuations, feasibility studies, and other consultancy assignments for over 1,700 hotels and resorts in the U.S., Mexico, and the Caribbean. His industry expertise also includes the selection of management companies and the negotiation of management agreements. Roland is a leading expert on the Manhattan lodging market and has worked on assignments for most of the borough’s full-service hotels. Roland is an adjunct professor at NYU’s School of Continuing and Professional Studies, where he taught a course on hotel development each spring semester from 2007 to 2009.
Nicole Roantree knows hotels inside and out. A LEED-accredited professional with a background in interior design, Nicole’s history in hotel consulting and valuation spans market studies, feasibility studies, and appraisals of full-service hotels, resorts, and portfolios across the U.S., the Caribbean, and Central America. Trust her expertise, thorough research, and HVS’s tried-and-true methodology to produce conclusions that help you make the most of your hotel investment. Nicole began her hospitality career in New York in the International Sales Office of the Ritz-Carlton Hotel Company. Following several years as a hotel consultant with HVS Boulder, Nicole focused on interior design with Fentress Architects in Denver and Design Within Reach in New York. Nicole returned to HVS as a Senior Associate with the HVS Bahamas office and continues to serve as Conference Director for the firm’s annual CHICOS conference. Nicole graduated magna cum laude with a BA in Interior Design from the Art Institute of Colorado and earned an MS in Tourism and Travel Management from New York University. Nicole also holds a BS in International Business and French from Albright College. Nicole studied in Rennes, France in college, and a love of travel and exploring new destinations soon brought her into the field of hospitality. She has a fascination with architecture and continues to study and practice interior design; years of life among New York City’s magnificent buildings and boroughs have provided endless fuel for both passions.Markets & PerformanceUSA & CanadaUnited StatesNYNew York