Hotel Occupancy Rates Soar in August

newyorker Hotel Occupancy Rates Soar in AugustNew York City hotels last month benefited from the highest average occupancy rate in four years, according to the latest figures from NYC & Company.

The city’s tourism office reported an average occupancy rate of 92.4 percent in August. The average daily rate edged upward about a buck from July to $285.84.

That’s $20 higher than in August 2007, but still about $40 less than this past June, when a typical night cost $325.94.

Hotel rates should only increase over the next several months, as the city’s various lodges hit peak travel season.

Last September, the average overnight stay cost $340.33. Rates last November and December hovered around $370.