CoStar data reveals U.S. Hotel performance trends through March 2nd 2024

Friday, March 8, 2024

CoStar’s latest data through 2 March indicates that overall hotel performance in the U.S. showed mostly positive trends compared to the same period last year.

From 25 February through 2 March 2024, key metrics experienced the following changes compared to the corresponding week in 2023:

• Occupancy stood at 62.5%, showing a slight decrease of 0.3%.
• The Average Daily Rate (ADR) rose to US$155.29, marking a 2.7% increase.
• Revenue per available room (RevPAR) reached US$97.12, reflecting a 2.4% rise.

Among the Top 25 Markets, Seattle witnessed the most significant year-over-year increase in occupancy, rising by 12.1% to 66.5%.

Las Vegas, buoyed by the NAHB International Builders’ Show, saw notable growth in ADR (+25.4% to US$249.30) and RevPAR (+36.5% to US$217.82).

Conversely, Detroit experienced the most substantial decline in RevPAR, dropping by 9.8% to US$66.13, followed by St. Louis with an 8.3% decrease to US$62.56.

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Additional Performance Data:
CoStar’s hotel performance sample encompasses 81,000 properties and 10.5 million rooms worldwide, making it the most extensive dataset of its kind. Members of the media seeking additional data can refer to the contacts provided below.

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