COVID-19: Manhattan RevPAR plummets | Tracking travel demand

PwC: Manhattan RevPAR sees 29% decline In March, the COVID-19 pandemic brought a stay-at-home order to Manhattan. During the month, over 60 hotels were temporarily closed and many others were repurposed as hospitals in an extraordinary attempt to combat the virus. As a result, according to data from PwC, first quarter RevPAR experienced a year-over-year decline of 29.1%. This represents the largest first-quarter decline in RevPAR since Q1 2009 when the financial crisis led to a year-over-year decrease of 32.5%. While occupancy posted marginal increases during the first two months of the year, a 63.4% decline in occupancy in March…
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