The US hotel industry saw a dip in performance results following the Fourth of July holiday, according to CoStar’s latest data through July 6th. CoStar, a leading provider of online real estate marketplaces, information, and analytics in the property markets, reported mixed year-over-year comparisons for the week of June 30th through July 6th, 2024.
While the Fourth of July is often a busy time for the hotel industry, the holiday appears to have had a slight negative impact on performance compared to the previous week.
Despite the overall decline, New Orleans stood out among the Top 25 Markets, recording the highest year-over-year increases in all three key performance metrics: occupancy, average daily rate (ADR), and revenue per available room (RevPAR). Occupancy in New Orleans rose by 15.5% to 56.6%, ADR climbed by 35.1% to $197.23, and RevPAR surged by 56.1% to $111.72. This indicates that New Orleans remains a strong destination for travelers, even following the holiday.
