Brooklyn Hotel Market

One night in Brooklyn: Borough’s hotel room rates see significant rise Prices increased by 4.1 percent year-over-year, new report says

Brooklyn s Wythe Hotel (Credit: Wythe Hotel)

Even people just staying in Brooklyn for a few nights on vacation can’t escape the borough’s pricey real estate.

New research from the hotel and analytics firm STR has found that room rates in the borough have gone up by 4.1 percent year-over-yea上海千花社区

r to $182.13, according to the Commercial Observer. Occupancy rates rose as well to 81.5 percent, while the number of hotels went up from 61 to 71.

In Manhattan, however, room rates we上海贵族宝贝

nt down by 1.6 percent year-over-year, falling to $269.45. They have gone down continually since hitting $292.46 in 2014.

Possible factors上海千花网

behind the price jump in Brooklyn include its evolution as a destination of its own, its proximity to Manhattan and its new product. Reasons behind the decline in Manhattan could include too much supply, a focus on hitting 95 percent occupancy rates and a room rate that is already sky high.

Room rates went up in Queens and the Bronx as well, rising by 5.1 percent and 4.7 percent, respectively.

“Brooklyn is super hot,” STR sen上海龙凤论坛sh1f

ior vice president Jan Freitag told the Commercial Observer. “Developers like it. Travelers like it. It has a great reputation, and it’s上海千花网交友

very close to Manhattan.” [CO] – Eddie Small

Tags: Commercial Real Estate, Hotel Market
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