I attended the NYU Hotel Investment Conference in New York May 31 through June 2, 2015. The mood of the conference was definitely favorable with many attendees talking of various deals for new developments. The strong demand throughout the United States is benefiting plans for new supply additions in a wide range of markets. According to the STR presenter, April 2015 achieved the highest occupancy and demand levels in history. However, New York City has achieved a decline in ADR year-to-date 2015 due to a drop in group demand and considerable new supply entering the market.
I also attended the Cornell University School of Hotel Administration’s Hospitality Icon event on June 2, 2015, where awards were presented to Barry Sternlicht for his work creating Starwood Hotels (among other hospitality and philanthropy ventures) and Damian Mogavero for his work creating Avero restaurant software. I offer my congratulations to both men for their worthy accomplishments.