For March, the U.S. hotel industry reported higher performance results from the previous month, but mixed comparisons year over year, according to data from CoStar.
For the month (percentage change from March 2023):
- Occupancy: 63.7 percent (-2.5 percent)
- Average daily rate: $159.79 (+0.4 percent)
- Revenue per available room: $101.81 (-2.2 percent)
Top Markets
Among the top 25 markets, Miami experienced the highest levels in each of the three key performance metrics: occupancy (+2.3 percent to 83.5 percent), ADR (-0.6 percent to $284.14) and RevPAR (+1.6 percent to $237.25).
Markets with the lowest occupancy for the month included Minneapolis (54.7 percent) and Detroit (55.1 percent).
The top 25 markets showed higher occupancy and ADR than all other markets.