Wednesday, March 20, 2024
In February 2024, the U.S. hotel industry displayed promising growth compared to the previous year, as reported by CoStar, a renowned provider of online real estate marketplaces and analytics. Despite minor fluctuations, key performance indicators showed overall positive trends.
Occupancy rates averaged at 58.9%, marking a slight decrease of 1.8% from February However, the average daily rate (ADR) surged by 3.9%, reaching US$158.23. Revenue per available room (RevPAR) also saw an increase of 2.0%, amounting to US$93.19.
Among the Top 25 Markets, Oahu Island stood out with the highest occupancy level at 84.0%, witnessing a significant 6.6% year-over-year rise. Notably, Las Vegas experienced a remarkable boost in both ADR and RevPAR, attributed to the Super Bowl LVIII, with ADR skyrocketing by 61.9% to US$301.35 and RevPAR climbing by 69.9% to US$247.44.
Conversely, Minneapolis and Chicago reported the lowest occupancy rates for the month, standing at 46.1% and 49.4%, respectively. Nonetheless, the Top 25 Markets collectively outperformed other regions in terms of occupancy and ADR.
CoStar’s extensive hotel performance data encompass 81,000 properties and 10.5 million rooms worldwide, providing comprehensive insights into the industry’s dynamics. For media inquiries and additional data requests, please contact Haley Luther, Senior Communications Manager at STR, via [email protected] or (216) 278-0627.
The U.S. hotel industry’s growth trajectory in February 2024 signifies resilience and potential amidst evolving market conditions. As travelers regain confidence and economic activities rebound, stakeholders remain optimistic about the sector’s recovery.
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