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Article Excerpt
The rise in hotel room rates throughout the United States reached its crescendo this year in New York City, where average daily rates consistently spilled over the $200 mark. Bearing the brunt are corporate travel buyers who, because New York is rife with some of the biggest, most important companies in the world, are compelled to negotiate for rates at a table conspicuously skewed toward hotel suppliers.
According to Smith Travel Research, as of July, New York's year-to-date average daily rate stood at a robust $215.05. Comparatively, the aggregate average daily rate for the entire United States as of the end of August was just over $95. Coupled with an occupancy rate of over 80 percent and dragging supply growth, New York is a very difficult market for business travel. "Supply growth is low; demand is increasing, which in turn increases occupancies, which drives higher rates," said Jan Freitag, vice president of Hendersonville, Tenn.-based Smith Travel Research, a provider of lodging industry data.
While Freitag's declaration could double as...
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