The U.S. hotel industry posted its highest average daily rate and revenue per available room on record in 2023, according to data from CoStar.
For the year (percentage change from 2022):
- Occupancy: 63.0 percent (+0.6 percent)
- ADR: $155.62 (+4.3 percent)
- RevPAR: $97.97 (+4.9 percent)
The country’s occupancy level was its highest since 2019.
Top Markets
Among CoStar’s top 25 markets, New York City reported the highest levels in each of the three key performance metrics: occupancy (+8.8 percent to 81.6 percent), ADR (+8.5 percent to $301.22) and RevPAR (+18.1 percent to $245.77).
New Orleans (-6.8 percent to $100.40) and Miami (-6.7 percent to $159.22) reported the only RevPAR decreases in 2023.
The top 25 markets showed higher occupancy and ADR than all other markets.