NEW YORK CITY– Long Island Hotels are looking at a year-end ramp-up in revenue and occupancy rates for a dip entering the 2020 New Year and into 2021, according to research from CBRE Hotels Research forecast for growth in revenue per available room.
CBRE projects had a RevPAR increase of 3.7 percent, well above the national average, with occupancy up by 2 percent over 2018, and amidst a 0.4 percent reduction in supply for the year, according to CBRE data.
With hotel performance slated to slow down amidst increasing supply, the annual increase in the average daily room rate for Long Island properties will remain steady at 1.5 to 2 percent as a result of slow market growth, according to Mark VanStekelenburg of CBRE Hotels.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
