The US hotel industry continued its positive trajectory in August 2024, as evidenced by the latest data released by CoStar. The week of August 4-10 saw a modest but consistent increase in key performance indicators.
Hotel occupancy reached 68.7% for the week, representing a 0.5% year-over-year improvement. This indicates that more rooms were filled compared to the same period in 2023. Additionally, the average daily rate (ADR) for hotel rooms climbed by 1.4% to $159.49, suggesting that travelers are willing to pay slightly more for accommodations.
The combined effect of increased occupancy and ADR resulted in a 1.9% rise in revenue per available room (RevPAR) to $109.51. RevPAR is a crucial metric for the hospitality industry, as it measures the overall revenue generated per room.
Among the Top 25 Markets in the US, Houston experienced the most significant growth. Occupancy in Houston surged by a remarkable 31.1% to 76.3%, while RevPAR soared by 47.2% to $93.89. This suggests that Houston is experiencing a particularly strong tourism and business travel season.
CoStar’s analysis is based on an extensive sample of over 83,000 hotel properties and 10.8 million rooms globally. This provides a comprehensive overview of the global hotel industry’s performance.
