New York City hotels had a third consecutive month of GOPPAR decline in March—a figure that was off more than 27 percent YOY, according to the latest data on full-service hotels from HotStats. The profit drop was led by a 6 percentage-point decline in room occupancy, as well as a 5.4 percent decrease in achieved average room rate, which contributed to the 11.8 percent decline in RevPAR for New York City hotels.
Profit & Loss Key Performance Indicators — New York City
March 2019 vs. March 2018
RevPAR: -11.8% to $241.86
TRevPAR: -9.5% to $351.79
Payroll %: +4.4 pts to 51.1%
GOPPAR: -27.7% to $87.22
Falling revenue levels were further exacerbated by rising costs, which included a 4.4 percentage point increase in payroll as a percentage of total revenue to 51.1 percent.
In contrast with these declining numbers for New York City hotels, U.S. hotels nationwide, on average, recorded record-high TRevPAR in March, propelled by a 6.8 percent year-on-year increase in non-rooms revenues, which offset a 0.6 percent decrease in RevPAR.