U.S. Hotel Industry reports promising results for week ending March 9th

Friday, March 15, 2024

According to CoStar’s latest data up to March 9th, 2024, there was an improvement in U.S. hotel performance compared to the previous week, but a decline was noted compared to the same period last year. CoStar, a prominent provider of online real estate marketplaces, information, and analytics, shared the following figures:

• Occupancy: 63.2% (down by 2.2% from the same week in 2023)
• Average daily rate (ADR): US$156.96 (a decrease of 0.6%)
• Revenue per available room (RevPAR): US$99.17 (a decline of 2.8%)

Among the Top 25 Markets, Minneapolis demonstrated significant year-over-year increases in all three key performance metrics: occupancy (+25.1% to 63.7%), ADR (+15.9% to US$143.12), and RevPAR (+45.1% to US$91.11).

The most notable RevPAR decreases were observed in Las Vegas (down by 30.6% to US$123.99) and Anaheim (decreased by 26.2% to US$139.21).

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