Search Results for "Vijay Dandapani" - New York Business Journal

News Jan 19, 2024, 1:28PM EST

New York City hotels lead 2023 recovery metrics yet officials still wary

Yet city hotel officials expressed caution. “In nominal terms, the city has recovered,” said Vijay Dandapani, president and CEO of the Hotel Association of New York City, in an emailed statement. But he added some caveats to the CoStar data, including “16,000 rooms are offline and catering to migrants, with another 6,500 still closed for other reasons, resulting in compression among the open transient hotels. …

News Jun 22, 2023, 11:30AM EDT

NYC job market rebounds, but challenges linger amid pandemic aftermath

The higher occupancy levels have raised apprehensions among industry professionals who question the long-term viability and impact on the overall hospitality industry. Vijay Dandapani, president and CEO of the Hotel Association of New York City, said recently and emphatically regarding the higher hotel occupancy levels that, "no it is not" cause for celebration.…

News Jun 2, 2023, 2:20PM EDT

High hotel occupancy in NYC sparks concern instead of celebration

While this arrangement has helped fill rooms, it has raised apprehensions among industry professionals who question the long-term viability and impact on the overall hospitality industry. Vijay Dandapani, president and CEO of the Hotel Association of New York City, said the high occupancy rate is not a cause for celebration. …

News Jan 20, 2023, 1:30PM EST

New York City hotel recovery 'uneven' in 2022, construction slowdown seen

But the city did see an improvement in hotel average daily rate (ADR), which rose to $287.67 last year from $253.92 in 2019. Vijay Dandapani, president and CEO of the Hotel Association of New York City, said various factors contributed to New York City's 2022 hotel metrics, including the closing of 15,000 hotel rooms. …

News Jan 23, 2023, 2:12PM EST

New York City tourism to return to near pre-pandemic levels this year

Though conditions have improved, 11,000 rooms remain closed in the city, according to Vijay Dandapani, president and CEO of the Hotel Association of New York City. “It's definitely not as rosy as we'd like to think it is,” Dandapani said. …

News Sep 17, 2021, 10:15AM EDT

Broadway show openings, U.S. Open help New York City hotels hit milestone

It is completely unhelpful that the Biden administration refuses to allow Europeans and United Kingdom citizens to come visit given that their vaccination rates are higher than the U.S. while we can go to those countries," said Vijay Dandapani, president and CEO of Hotel Association of New York City, in an emailed statement. Dandapani pointed to STR statistics that indicated the average daily rate in New York City hotels was only $238.78 last week, compared with $294.03 for the same time two years ago. …

News Jul 13, 2021, 8:51AM EDT

By a wide margin, New York City leads nation in new hotel room construction

As all this supply enters and re-enters the market, it’s definitely going to add pressure to recovering occupancy levels," said Carter Wilson, STR’s senior vice president of consulting, in a Monday statement. Vijay Dandapani, president and CEO of the Hotel Association of New York City, told the New York Business Journal in an emailed statement that the surge in hotel room construction "has no bearing on the direction of business at least in the short to medium term." …

News Jan 10, 2023, 2:32PM EST

New York City's restaurants and bars are still 35,000 jobs short, executive says

As part of City Guide's 2023 Annual Tourism Seminar event, there were panels comprised of senior executives across the tourism sector.…

News Jul 17, 2020, 11:41AM EDT

W Hotel in lower Manhattan won't reopen due to Covid-19

This week, hotel research firm STR reported that the occupancy level for New York City's hotels fell to 37%, down from 40.1% the prior week. Vijay Dandapani, the president and CEO of the Hotel Association of New York City, said last month that hotels also are facing another whammy: finding the money to pay real property taxes: "That half yearly bill (was) due on July 1st which is based on last year’s numbers — that’s how the assessment process works for better or worse — clearly worse in this instance."…

News Jun 17, 2020, 2:55PM EDT

New York City may permanently lose 20% of hotel rooms to coronavirus, report says

In STR's latest report, for the week of May 31 through June 6, the occupancy level was 47.1%; ADR was $122.73 and RevPAR was $57.77. Vijay Dandapani, the president and CEO of the Hotel Association of New York City, said the focus should be on the industry's RevPAR, not occupancy levels. …

News Nov 18, 2019, 4:00AM EST

Airbnb, HomeAway to blame for NYC hotels' slump, association CEO says

Vijay Dandapani, the president and CEO of the Hotel Association of New York City, looks at the city’s most recent hotel performance numbers and isn’t happy. …

News Jan 23, 2020, 11:36AM EST

It was a dismal 2019 for New York's hotel industry

The poor performance last year of New York's hotel industry didn't come as a big surprise to city hotel officials. Vijay Dandapani, the president and CEO of the Hotel Association of New York City, looked at the bleak statistics for the first nine months of the year in November and said his take on the New York hotel situation was "not good." …

News Mar 26, 2020, 11:08AM EDT

New York hotels battered by coronavirus crisis; occupancy levels plunge

The other key point is that we face a liquidity not a solvency crisis, at least not as yet," said Vijay Dandapani, president and CEO of the Hotel Association of New York City, in an emailed statement, adding that "any hotel that can stay open by conserving cash flow through a deferment (not forgivance) of real property taxes likely will remain part of New York City’s hotel stock going forward along with its attendant set of employees." …

News Mar 19, 2020, 9:40AM EDT

Dismal hotel industry outlook for New York City and nation

"We see citywide occupancy declining to 20 percent by next week," said Vijay Dandapani, president and CEO of the Hotel Association of New York City, in an emailed statement. It was the same dismal story nationally, according to STR, which reported U.S. occupancy levels fell 24.4 percent to 50 percent last week; ADR fell 10.7 percent to $120.30; and RevPAR nationally fell 32.5 percent to $63.74. …

News May 22, 2020, 2:39PM EDT

NYC property owners call for tax relief from city

Those property owners need help as well to avoid mass bankruptcies, said Vijay Dandapani, president and CEO of the Hotel Association of New York City. "As an indispensable part of the city’s economy and a crucial player in the long economic recovery ahead, it’s essential and only fair that the city does everything it can to keep hotels in business. …

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