CoStar: Thanksgiving holiday dims U.S. hotel performance in fourth week of November

October marked the 25th consecutive month of 4 percent or less supply growth

0
1292
Occupancy dropped to 49.4 percent for the week ending Nov. 25, down from the previous week's 62.4 percent, marking a year-over-year decrease of 1.4 percent. ADR declined to $138.29 from the previous week's $156.47, showing a 0.9 percent uptick from the prior year. RevPAR also dipped to $68.32 compared to the previous week's $97.61, marking a 0.6 percent decrease from the corresponding period in 2022.

U.S. HOTEL PERFORMANCE witnessed an expected decline in the fourth week of November from the previous week, attributed to the Thanksgiving holiday, according to CoStar. Hotel occupancy, ADR, and RevPAR declined compared to the previous week.

Occupancy plummeted to 49.4 percent for the week ending Nov. 25, a stark decline from the previous week’s 62.4 percent, reflecting a year-over-year decrease of 1.4 percent. ADR declined to $138.29, down from the previous week’s $156.47, showing a 0.9 percent uptick from the prior year. RevPAR also dipped to $68.32, compared to the previous week’s $97.61, marking a 0.6 percent decrease from the corresponding period in 2022.

Among the top 25 markets, Oahu Island experienced the highest year-over-year increases, with occupancy rising 9.4 percent to 76.3 percent and RevPAR increasing by 16.3 percent to $227.92.

Las Vegas recorded the highest ADR boost, surging by 10 percent to $158.13. Meanwhile, Minneapolis experienced the most significant RevPAR decline, dropping 18.8 percent to $38.93, followed by San Francisco, down 11.4 percent to $65.99.