In June, the average occupancy rate nationwide was 54.6 percent — by far the worst performance since Smith Travel Research of Hendersonville, Tenn., began keeping track in 1987. Distress is rampant, with increasing numbers of hotel owners surrendering control of their properties to their lenders.
As often happens, however, the Manhattan hotel market is a special case. Hotels in Manhattan also lost business in the financial crisis. But in April, rooms began filling up, sending the occupancy rate back over 80 percent. In July, 83.3 percent of the rooms were filled, a 5.6 percent decline since last year but still the highest occupancy rate in the nation, preliminary Smith Travel data shows.
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http://travel.nytimes.com/2009/08/19/realestate/commercial/19hotel.html?partner=rssnyt&emc=rss
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