CoStar: Thanksgiving shift slows YOY hotel performance

THE SHIFT IN the Thanksgiving calendar led to lower year-over-year performance for the U.S. hotel industry in the fourth week of November, according to CoStar. Occupancy, RevPAR and ADR all declined compared to the prior week.

Tampa and Oahu saw the strongest performance improvements among the top 25 markets.

Occupancy dropped to 50 percent for the week ending Nov. 30, down from 59.7 percent the previous week and 7.7 percent lower year-over-year. ADR fell to $141.09, down from $150.49 the prior week and 3 percent lower than the same week last year. RevPAR decreased to $70.59 from $89.80, reflecting a 10.5 percent drop compared to the same period in 2023.

Among the top 25 markets, Tampa had the highest year-over-year occupancy increase, rising 13.2 percent to 69 percent, while RevPAR grew 22.6 percent to $106.16. Oahu reported the largest ADR increase, climbing 12.8 percent to $286.39.

Overall, 19 of the top 25 markets reported a decline in RevPAR, with Las Vegas experiencing the steepest drop, falling 56 percent to $86.03.