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New York City hoteliers would be well served to look outside of midtown Manhattan and in the neighborhoods — especially Harlem and Williamsburg — that make up a large chunk of Airbnb’s business.
New York’s supply pipeline continues to swell, but that doesn’t seem to be scaring away additional development.
New York has an existing supply of 601 properties comprising 109,855 rooms, according to data from STR, parent company of Hotel News Now. A total of 31 hotels with 5,649 rooms recently opened in the market, with another 74 hotels, representing 12,649 rooms, under construction.
Occupancy year-to-date through February in New York was down 3.2% to 72.6% as supply continued to grow, according to STR data.