We may receive a commission when you use our links. Monkey Miles is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com and CardRatings. This relationship may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. Monkey Miles is also a Senior Advisor to Bilt Rewards. Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
I wrote an article back in October pointing to the true NYC hotel occupancy level being under 10% so this doesn’t come as any surprise, but it’s gut-wrenching nonetheless. Vaccine news should surely help things out in 2021, but as pointed out in an FT article, the CEO of the Hotel Association of New York doesn’t see things rebounding until at least second quarter, and believes if half of the 640 hotels make it, that would be great outcome. That’s putting stress on the commercial mortgage market that financed the expansive growth of these hotels over the last decade. Currently, 4 out of every 5 hotels in the NYC area are either in default, or on a watch list. As New Yorkers prepare for a possible second lockdown I thought I’d peruse the rates of Hyatt hotels in NYC next week just to see what things looked like from a booking perspective.
This is a look at all Hyatt Hotels for Wednesday 11/18 in the NYC area. The greyed out hotels simply aren’t even taking reservations ( that includes the Park Hyatt New York ) – 7 hotels of the 17 Hyatt hotesl in Manahattan are greyed out. Remember the average rate of any hotel room in NYC last year was over $300 a night – compare that to the rates you’re seeing. I believe the average for NYC ( not just Hyatt ) is about $135 a night. Many of those greyed out hotels don’t list when they will be up and running, but the ones that do, are scheduling operations in January 2021.
Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved, or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.