The U.S. hotel industry saw improved performance in the week ending June 29, 2024, with positive year-over-year comparisons. Minneapolis saw the highest gains, fueled by events like the U.S. Olympic Gymnastics Trials and Twin Cities Pride Parade.
Results for: Costar
The U.S. hotel industry experienced significant growth in May 2024, with key performance indicators like occupancy, ADR, and RevPAR surpassing the previous year’s figures. New York City emerged as the top performer, while Detroit and Minneapolis lagged behind.
The U.S. hotel industry saw improvements in performance compared to the previous week, but year-over-year results were mixed, according to CoStar data. While San Francisco experienced significant growth driven by events like the Data + AI Summit, New Orleans and Los Angeles saw notable declines in RevPAR.
Matterport, a leading digital twin platform, has been acquired by Costar, one of its customers, in a deal valued at approximately $1.6 billion. The cash-and-stock transaction, which represents a significant premium over Matterport’s pre-announcement share price, marks a promising development for the company after a period of investor skepticism. Costar, a real estate heavyweight with a market cap of $34.84 billion, sees Matterport’s technology as a valuable addition to its offerings, particularly in the virtual tour segment. Matterport’s services have gained traction in the real estate industry, offering digital replicas of physical spaces. The company’s leadership has evolved over the years, with RJ Pittman taking the helm as CEO in 2018. Despite facing competition from the likes of Cupix and Zillow 3D Home, Matterport’s diversification into smartphone-based tours and the integration of AI through its Cortex solution have set it apart.