Marc Holliday on tourism
From SL Green Realty Corp (NYSE: SLG) - Q2 2024 Earnings Call · · Business Presentations
“Naysayers wrote off New York as a global destination but tourism is beating expectations again well over 60 million tourists expected this year in New York Hotel average daily rates up 3% year-over-year occupancy is approaching 90% in Manhattan and the result of this is because of limits on Airbnbs and conversion of some hotel properties to Supportive Housing. If this trend continues Midtown is likely going to be under hotel again soon.”
On , Marc Holliday, Interim President, Chairman & Chief Executive Officer at SL GREEN REALTY CORP, spoke about tourism during SL Green Realty Corp (NYSE: SLG) - Q2 2024 Earnings Call on Business Presentations.
About Marc Holliday
Marc Holliday, chairman and CEO of SL Green Realty, said in March 2026 that New York City's leasing growth was the strongest he had seen in his career. He stated that the company had leased 9 million square feet of space over the prior three years and that two-thirds of its portfolio was expected to be 98% leased by the end of the year. Holliday attributed demand to the city's educated workforce and noted that AI companies such as Anthropic, Harvey AI, and Sigma Computing were among the tenants seeking space. He also said that Mayor Zohran Mamdani had done a "reasonably good job" on safety and sanitation in his first 60 to 70 days in office, and expressed hope that the state budget would be balanced without new income taxes. In the company's Q3 2025 earnings call, Holliday reported that SL Green had signed more than 1.9 million square feet of leases that year, with occupancy climbing above 92%. He described the New York office market as "roaring back" and said the company was at the "doorstep of the AI industrial revolution." Holliday also expressed disappointment that the company's bid for a Caesars Palace casino in Times Square did not advance in the state licensing process, calling it "an enormous loss for New York City." The company completed a $1.44 billion refinancing at 11 Madison Avenue and acquired Park Avenue Tower for $730 million, which Holliday described as a "targeted market play" with near-term upside from rising rents.