The latest data from CoStar reveals a positive uptick in U.S. hotel performance for the week ending 7 October, with most year-over-year comparisons reflecting encouraging figures.
During the period of 1-7 October 2023, the occupancy rate stood at 67.8%, reflecting a marginal decrease of 0.2%. Conversely, Average Daily Rate (ADR) saw a notable increase at US$163.19, marking a positive change of 5.4%. Revenue per available room (RevPAR) also demonstrated growth, reaching US$110.68, with a positive change of 5.2%.
Weekday performances contributed to the positive percentage changes, attributed to comparisons with the Yom Kippur period in the previous year. However, despite the overall positive trend, the long holiday weekend saw a year-over-year dip in occupancy.
Delving into specific markets, Chicago emerged as a standout performer among the Top 25 Markets, boasting a double-digit gain in occupancy at 74.9%, a remarkable increase of 11.2%.
New York City, on the other hand, led the charts in ADR growth, with an impressive surge of 13.9%, reaching US$358.81.
Boston reported the most substantial year-over-year increase in RevPAR, experiencing a notable rise of 23.1%, reaching US$242.49.
In contrast, Tampa faced challenges, witnessing the steepest declines in both occupancies, plummeting by 18.5% to 65.2%, and RevPAR, with a decrease of 18.0% to US$102.38. The city’s performance underscores the varied landscape within the U.S. hotel industry during this period.