During the COVID-19 pandemic, New York City's Mayor Adams allocated over $1 billion to help struggling hotels house a surge of migrants. As contracts for these shelters are set to close, the city aims to reduce migrant accommodations significantly. With many hotels shuttered permanently, average room rates have soared, exacerbated by strict regulations on short-term rentals. Although some hotel rooms may return to the market, concerns linger about the industry's ability to manage occupancy and revenue with fluctuating demand.
Hotels were struggling at the height of the COVID-19 pandemic, and New York City Mayor Eric Adams' administration offered a lifeline to some of the city's most cash-strapped operators by awarding them over $1 billion to house the surge of newly arrived migrants.
The contraction in hotel rooms - combined with a rebound in tourism last year that saw the city's number of tourists almost equal 2019 - pushed average daily room rates to $318 last year.
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