Break the problem into demand and supply sides: estimate the number of visitors and locals needing hotel rooms, then estimate average occupancy and room supply. Use a top-down approach with clear assumptions and round numbers to simplify calculations.
Pro tip: State your assumptions explicitly and sanity-check your final number against known benchmarks (e.g., NYC has ~120,000 hotel rooms). This shows you can validate estimates with real-world knowledge.
Confirm whether the question refers to all five boroughs, only Manhattan, or includes short-term rentals. Assume all five boroughs and traditional hotels unless specified otherwise.
Calculate annual visitor volume (e.g., ~60 million tourists/year) and average length of stay (e.g., 3 nights) to get total room-nights demanded. Add local demand from staycations or business travelers.
Use average occupancy rate (e.g., 80%) to convert room-nights demanded into required room supply. Alternatively, estimate from hotel count and average rooms per hotel.
Compare your estimate to known figures (e.g., NYC has about 120,000 hotel rooms) and adjust assumptions if needed. Discuss potential sources of error.
AI-generated suggestions, not part of the candidate's original notes. May be inaccurate — verify before relying on them.