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U.S. hotel industry reports higher performance for week ending 29 June

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 29 June.

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23-29 June 2024 (percentage change from comparable week in 2023):

Occupancy: 71.9 per cent (+3.2 per cent)

Average daily rate (ADR): US$162.81 (+3.6 per cent)

Revenue per available room (RevPAR): US$117.13 (+6.9 per cent)

Among the Top 25 Markets, Minneapolis saw the highest year-over-year increases in each of the three key performance metrics: occupancy (+20.1 per cent to 74.8 per cent), ADR (+15.7 per cent to US$150.42) and RevPAR (+39.0 per cent to US$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 per cent to US$82.54), Denver (-8.2 per cent to US$159.00) and Philadelphia (-8.2 per cent to US$110.22)

CoStar’s hotel performance sample comprises 82,000 properties and 10.7 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.

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STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries.

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