By, Andrew Posil, Massey Knakal Realty Services
Through the first half of 2014, Brooklyn’s hotel market exhibited strong performance despite growth in supply. Market-wide ADR has increased to record levels and occupancy remains well above the national average. Brooklyn’s hotels leverage the high urban density and growing business and leisure travel to the Borough. An increasing percentage of New York’s (over) 55 million visitors are making the choice to stay in Brooklyn hotels, a fi gure that is likely to continue as the Borough continues to develop world-wide appeal for all types of travelers. As a result, hotel investors and developers have a keen eye on Brooklyn.
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