New York City’s short-term rental regulations could slash up to 70% of Airbnb’s 23,000 active listings in the city after September 5. Experts are divided on how the move might affect hotels, and their forecasts are foggy. Yet the analyses reveal interesting details about this critical lodging market regardless.
Hotel Chart of the Week: Europe's Rising Room Rates Are Tolerated by Many Travelers
25.08.2023 - 13:16 / skift.com / Sean Oneill
How are hotels doing post-pandemic? It all depends on the market and the type of hotel. In the U.S., average hotel rates nationwide have barely recovered to 2019 levels after accounting for inflation, but individual markets like New York City are performing better than before, while other individual markets, like San Francisco, are doing worse. But overall, it’s not price gouging.
In Europe, there’s a similar market-by-market dynamic at work. In the highest-demand markets for leisure travelers, especially Americans, hotels have been able to hike prices above inflation.
An article in Friday’s Financial Times had a compelling chart to make the point.
“Hotels in London, Rome, Madrid and Paris are enjoying a boom even when compared with the pre-pandemic era. Revenue per available room rose the most of the four cities in Rome, where it was 60 per cent higher in June than in the same month in 2019, according to hotel data provider STR.”
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