While the U.S. hotel industry proved resilient in September, New York City hotels did not have a successful month, even as the city hosted the 74th session of the UN General Assembly from September 17-30. According to the latest report from HotStats, RevPAR for NYC hotels decreased 0.7 percent year-over-year (YOY), brought down by a 1.1 percent decrease in average rate. Total revenue was also down in the month versus the same time last year, falling 0.4 percent.
Profit & Loss Key Performance Indicators — NYC Hotels
September 2019 vs. September 2018
RevPAR: -0.7% to $352.73
TRevPAR: -0.4% to $463.30
Payroll: +3.0% to $187.62
GOPPAR: -4.1% to $178.55
Nationwide, GOPPAR increased 1.9 percent in September. However, GOPPAR for NYC hotels that same month was down 4.1 percent YOY, a product of a revenue decrease plus escalating expenses, including a 13.6 percent jump in general and administrative costs on a per-available-room basis and a 1.4-percentage-point uptick in labor costs as a percentage of total revenue. However, property and maintenance expenses fell 12.1 percent on a per-available-room basis, including a 1.2 percent decline in utility costs.
Still, by dollar amount, New York commands some of the strongest numbers in the country, evidenced by a year-to-date TRevPAR number that is 31 percent higher than the total U.S. aggregate.