According to March 2023 data from STR, the U.S. hotel industry showed improved performance compared to the previous month.
In March 2023, the occupancy rate was 65.3%, representing a 4.0% decline from March 2019. However, the average daily rate (ADR) rose by 19.1% to US$158.17, and the revenue per available room (RevPAR) increased by 14.4% to US$103.35.
Among the Top 25 Markets, Tampa had the highest occupancy rate of 84.0%, which was 3.8% lower than the market’s 2019 benchmark.
Minneapolis (53.3%), Detroit (58.6%), and Philadelphia (58.6%) were among the markets with the lowest occupancy rates for the month. San Francisco reported the most significant decline in occupancy rate, dropping by 17.1% compared to 2019.
The improved performance in business travel and groups was reflected in the Top 25 Markets, which had higher occupancy rates and average daily rates (ADR) compared to all other markets.
STR, a provider of premium data benchmarking, analytics, and marketplace insights for the global hospitality sectors, has been in operation since 1985. The company has a presence in 15 countries and headquarters in Hendersonville, Tennessee (North America), London (international), and Singapore (Asia Pacific). In October 2019, CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics, and online marketplaces, acquired STR.