U.S Hotel shows promising results for week ending february 24th

Friday, March 1, 2024

According to the latest data from CoStar, a prominent provider of online real estate marketplaces, information, and analytics, U.S. hotel performance displayed a mix of trends for the week ending on February 24th. Here are the percentage changes compared to the same week in 2023:

• Occupancy: 62.0% (-3.3%)
• Average daily rate (ADR): US$156.62 (+0.3%)
• Revenue per available room (RevPAR): US$97.12 (-2.9%)

Among the Top 25 Markets, Minneapolis experienced the most significant year-over-year increase in occupancy, rising by 4.5% to reach 47.8%. Las Vegas (ADR: +7.5% to US$203.52) and Oahu Island (ADR: +7.5% to US$303.54) both showed the highest growth in average daily rates.

However, New Orleans (RevPAR: -22.1% to US$128.09) and Nashville (RevPAR: -20.2% to US$104.30) suffered the steepest declines in revenue per available room. New Orleans’ performance was particularly affected by a shift in the Mardi Gras calendar.

CoStar’s extensive hotel performance sample covers 81,000 properties and 10.5 million rooms worldwide. For more information about CoStar and its offerings, please visit www.costargroup.com. Media representatives can find additional data by referring to the contacts provided below.

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