The US hotel industry is displaying a mixed bag of results in mid-August, with some cities experiencing strong growth while others are facing challenges. According to recent data from CoStar, a leading real estate analytics company, Houston stands out as a bright spot.
CoStar’s data, compiled through August 17, reveals the year-over-year trends in the US hotel sector. For the week of August 11-17, 2024, Houston saw significant growth in all three key performance indicators:
*
Occupancy:
Increased by a remarkable 34.3% to 75.3% compared to the same period last year.*
Average Daily Rate (ADR):
Rose by 14.5% to $121.89.*
Revenue Per Available Room (RevPAR):
Experienced a surge of 53.8% to $91.73.This impressive performance sets Houston apart from other major US cities. In contrast, San Francisco experienced a 13.8% decline in RevPAR, dropping to $143.39. Atlanta also faced a downturn, with RevPAR decreasing by 11.3% to $69.43.
These varying trends highlight the diverse economic conditions and tourism activity across the US. While Houston is experiencing a surge in hotel demand, other major cities are struggling to maintain previous levels of revenue. This underscores the importance of analyzing local market conditions and factors affecting individual city performances within the broader hotel industry.
