The U.S. hotel industry has shown signs of improvement in performance during the week of June 9-15, 2024, compared to the previous week, according to the latest data from CoStar. CoStar, a leading online real estate marketplace and analytics provider, analyzes property market trends and highlights these findings as part of their ongoing monitoring. However, when comparing year-over-year results, the data reveals a mixed performance, reflecting the dynamic nature of the hotel industry.
Within the top 25 markets, San Francisco experienced notable growth compared to the same period in 2023. Occupancy rose by 17.0% to 79.4%, the average daily rate (ADR) increased by 11.3% to $226.70, and revenue per available room (RevPAR) surged by 30.3% to $179.97. This significant improvement in San Francisco’s hotel market can be partly attributed to events such as the Data + AI Summit, which drew in significant crowds.
Conversely, the most notable declines in RevPAR were observed in New Orleans, which dropped by 13.5% to $76.72, and Los Angeles, where it fell by 11.4% to $151.45. This highlights the variability in hotel performance across different U.S. markets. CoStar continues to monitor these market dynamics through its comprehensive market insights and information services.
