The U.S. hotel industry is demonstrating strong year-over-year growth, according to the latest data from CoStar, a leading provider of real estate information and analytics. The data, covering the week of August 18-24, 2024, highlights positive trends across key performance metrics.
Houston Emerges as a Top Performer
Among the top 25 markets, Houston stood out with a remarkable 31.7% increase in occupancy, bringing the rate to 76.1%. This surge underscores Houston’s growing appeal and robust demand for accommodations.
Chicago Booms During the Democratic National Convention
Chicago also saw impressive gains, largely driven by the Democratic National Convention. The city experienced the largest increases in both ADR and RevPAR. ADR climbed 41.8% to US$215.60, and RevPAR soared 51.1% to US$156.32. Chicago’s occupancy rate also improved by 6.5%, reaching 72.5%.
Mixed Results Across Markets
While Houston and Chicago showed strong growth, not all markets experienced positive results. Las Vegas and Nashville recorded the steepest declines in RevPAR, dropping 14.2% to US$112.09 and 11.3% to US$96.11, respectively. These declines highlight the variability in market performance across the country.
CoStar Provides Valuable Insights
As the U.S. hotel industry continues to recover and evolve, CoStar’s data provides valuable insights into the dynamics at play in different regions. The company’s comprehensive hotel performance sample includes 85,000 properties and 11 million rooms worldwide, offering a broad perspective on industry trends.
This positive momentum in the U.S. hotel industry signals a promising outlook as the sector continues to adapt and grow in response to changing market conditions.
