The U.S. hotel industry reported higher performance results from the previous week and positive comparisons year over year, according to CoStar’s latest data through for the week of June 23-29.
For the week (percentage change from comparable week in 2023):
- Occupancy: 71.9 percent (+3.2 percent)
- Average daily rate: $162.81 (+3.6 percent)
- Revenue per available room: $117.13 (+6.9 percent)
Top Markets
Among CoStar’s top 25 markets, Minneapolis saw the highest year-over-year increases in each of the three key performance metrics: occupancy (+20.1 percent to 74.8 percent), ADR (+15.7 percent to $150.42) and RevPAR (+39 percent to $112.46). The market’s performance was helped by the U.S. Olympic Gymnastics Trials and the Twin Cities Pride Parade.
The steepest RevPAR declines were seen in New Orleans (-30.6 percent to $82.54), Denver (-8.2 percent to $159.00) and Philadelphia (-8.2 percent to $110.22)