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. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
23-29 June 2024 (percentage change from comparable week in 2023):
- Occupancy: 71.9% (+3.2%)
- Average daily rate (ADR): US$162.81 (+3.6%)
- Revenue per available room (RevPAR): US$117.13 (+6.9%)
Among the Top 25 Markets, Minneapolis saw the highest year-over-year increases in each of the three key performance metrics: occupancy (+20.1% to 74.8%), ADR (+15.7% to US$150.42) and RevPAR (+39.0% 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% to US$82.54), Denver (-8.2% to US$159.00) and Philadelphia (-8.2% to US$110.22)
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