Hotel Industry Grows; So Does Hilton

0

As the price of rooms rises, Hilton looks to expand into New York City.


A report released earlier this week showed that U.S. hotels posted a 7.5 percent year-over-year increase in room revenue for the week ended June 24, Smith Travel Research said. Occupancy was unchanged at just under 75%, but the average rate charged per room was up 7.4 percent to an average $98.35 a night. More importantly, the revenue per available room, a combination of room rates and occupancy which is often used as a benchmark for the industry’s health, rose by 7.5 percent to $73.68.


According to the New York Post, Beverly Hills-based Hilton Hotels Corp. also purchased a 112,965 square foot lot on West 57th Street in New York City which is set to be the new site Hilton’s newest Grand Vacation hotel. The New York Post reported the deal to be worth around $63 million or $558 a square foot.


The lot was formerly occupied by a restaurant and office building and is located next to Central Park and near Carnegie Hall Hilt. Hilton has Grand Vacation Clubs in Las Vegas, Florida and Hawaii, the Post said.

No posts to display