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Hotels cash in on Airbnb ban, migrant crisis: How the city's response to the migrant surge, illegal short-term rentals is helping business.
In: Crain's New York Business, Jg. 40 (2024-04-29), Heft 17, S. 1
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The hotel industry in New York City has seen a rebound in revenue since the Covid-19 pandemic, but this recovery may be due more to government interventions than market improvements. Efforts to address issues such as the migrant surge and illegal short-term rentals have removed many rooms from the market, allowing remaining hotels to raise their rates. However, hotel occupancy rates are still below pre-pandemic levels. The crackdown on Airbnb and other platforms has led to a significant decrease in listings, but critics argue that budget-minded travelers may seek lower-cost accommodations in neighboring areas. Additionally, the use of hotels for migrant housing has further reduced room availability. While the hotel industry may benefit from these supply constraints, it remains uncertain if they can fully replace the Airbnb market. The city's tourism has shown signs of recovery, with increasing domestic and global visitors, higher occupancy rates, and rising room rates. Developers are also investing in hotel properties, both large and small. However, challenges remain, such as the decline in international and corporate travel. Overall, the hotel industry in New York City is experiencing a reset, but the long-term effects are still uncertain. [Extracted from the article]
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Hotels cash in on Airbnb ban, migrant crisis: How the city's response to the migrant surge, illegal short-term rentals is helping business.
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Autor/in / Beteiligte Person: | Hughes, C. J. |
Zeitschrift: | Crain's New York Business, Jg. 40 (2024-04-29), Heft 17, S. 1 |
Veröffentlichung: | 2024 |
Medientyp: | serialPeriodical |
ISSN: | 8756-789X (print) |
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