Due to Memorial Day, the U.S. hotel industry reported lower performance results from the previous week but slightly positive comparisons year over year, according to CoStar’s latest data through 1 June.
26 May through 1 June 2024 (percentage change from comparable week in 2023):
- Occupancy: 62.0% (+0.9%)
- Average daily rate (ADR): US$150.87 (+0.1%)
- Revenue per available room (RevPAR): US$93.50 (+1.0%)
Among the Top 25 Markets, New Orleans saw the highest year-over-year occupancy lift (+17.8% to 66.8%).
Las Vegas reported the largest increase in ADR (+7.4% to $177.13).
Dallas reported the largest jump in RevPAR (+22.5% to US$86.07) and the second-highest increase in ADR (+6.9% to US$120.55). Severe storms in the market drove performance after many residents were left without power.
The steepest RevPAR declines were seen in Washington, D.C. (-10.3% to US$105.24) and Denver (-7.6% to US$93.92).
CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. For more information about the company and its products and services, please visit www.costargroup.com.