As per CoStar’s most recent data up to September 2, 2023, U.S. hotel performance is following its typical seasonal patterns, displaying a blend of results when compared to the previous week, yet showcasing positive year-over-year comparisons.
Here’s a breakdown of the statistics for the week of August 27 to September 2, 2023, with percentage changes from the corresponding week in 2022:
- Occupancy: 62.7% (+0.2%)
- Average daily rate (ADR): $150.52 (+1.8%)
- Revenue per available room (RevPAR): $94.38 (+2.0%)
Among the Top 25 Markets, Minneapolis stands out with the most substantial year-over-year improvements, boasting a remarkable 19.1% increase in occupancy, reaching 74.4%, and a robust 26.7% boost in RevPAR, reaching $101.06.
Las Vegas, on the other hand, saw the highest surge in ADR, jumping by 9.0% to $181.61. It also recorded the second-largest gains in occupancy, up by 15.9% to 74.4%, and a substantial 26.3% rise in RevPAR, reaching $135.07.
In contrast, New Orleans experienced the sharpest decline in RevPAR, plummeting by 17.2% to $61.20.
CoStar, a leading provider of online real estate marketplaces, information, and analytics in the property markets, conducted this analysis.
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