As the United States continues to recover from the events of the last two years, New York City tourism is returning to pre-pandemic levels, as both international and business travel to the area has surged over the past few months. In addition, the reopening of numerous hotels throughout the city, as well as the return of Broadway shows, has also stoked the market, which bodes well for the future health of the New York City hospitality sector.
These are some of the major takeaways from the New York City Q2 2022 hospitality market report released by Hodges Ward Elliott, the premier boutique real estate capital markets advisor.
Major highlights from the report include the following:
International travel returns: In the biggest overhaul of the U.S. travel policy since the onset of the COVID-19 pandemic, the United States opened its borders to all air passengers from foreign countries beginning on June 12, 2022. According to Expedia’s Q1