The U.S. hotel industry demonstrated a strong performance in May 2024, according to CoStar, a leading provider of property market information and analytics. Compared to May 2023, the industry saw significant improvements across key performance indicators.
In the analysis of the Top 25 Markets, New York City stood out with the highest increases in occupancy, ADR (Average Daily Rate), and RevPAR (Revenue Per Available Room). Occupancy surged by 5.8% to 88.9%, ADR rose by 6.3% to US$339.25, and RevPAR increased by 12.5% to US$301.57.
In contrast, Detroit and Minneapolis recorded the lowest occupancy rates in May, with figures of 61.0% and 61.5% respectively.
Overall, the Top 25 Markets exhibited higher occupancy and ADR compared to other markets. This positive performance highlights the resilience and growth potential of the U.S. hotel industry, indicating a robust recovery from the impacts of the pandemic.
