by calculated risk March 22, 2024 08:21:00 AM
U.S. hotel performance increased from the previous week, but showed a continuous decrease compared to the previous year.according to CoStar's latest data through March 16.
March 10-16, 2024 (% change from comparable week in 2023):
• Occupancy rate: 66.5% (-1.4%)
• Average daily amount (ADR): USD 163.21 (-2.1%)
• Revenue per available room (RevPAR): USD 108.51 (-3.5%)
Emphasis added
The following graph shows the seasonal pattern of hotel occupancy. 4 week average.
The red line is 2024, the black is 2020, the blue is the median, and the light blue dashed line is 2023. The dashed purple line is 2018, a record year for hotel occupancy.
Note: To better illustrate seasonal changes, the Y-axis does not start at zero.
The four-week average of occupancy rates is expected to remain relatively flat seasonally through the summer travel season.