As expected, the U.S. hotel industry reported lower performance results in November as compared to October but improved year-over-year comparisons, according to November 2023 from CoStar.
For November 2023 (percentage change from November 2022):
- Occupancy: 58.4 percent (-1.2 percent)
- Average daily rate: $151.23 (+3.6 percent)
- Revenue per available room: $8.36 (+2.4 percent)
Among CoStar’s top 25 markets, New York City experienced the highest occupancy level (84 percent), which was up 6.3 percent year over year.
Markets with the lowest occupancy for the month included Minneapolis (49.1 percent) and St. Louis (53.2 percent).
The top 25 markets showed higher occupancy and ADR than all other markets.