CoStar: U.S. hotel performance improves in second week of March

Minneapolis posted high YOY growth in all key metrics

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U.S. hotel performance March
Occupancy reached 63.2 percent for the week ending March 9, up from the previous week's 62.5 percent, showing a 2.2 percent year-over-year decline, according to CoStar. ADR increased to $156.96 from $155.29 the previous week, marking a 0.6 percent decrease compared to last year. RevPAR rose to $99.17, up from the prior week's $97.12, indicating a 2.8 percent decrease compared to the same period in 2023.

U.S. HOTEL PERFORMANCE rose in the second week of March compared to the previous week but declined year over year, according to CoStar. Key metrics, including occupancy, ADR, and RevPAR, all saw increases compared to the prior week.

Occupancy climbed to 63.2 percent for the week ending March 9, up from the prior week’s 62.5 percent, reflecting a 2.2 percent year-over-year decline. ADR rose to $156.96 from $155.29 the previous week, marking a 0.6 percent decrease compared to last year. RevPAR reached $99.17, up from the previous week’s $97.12, signifying a 2.8 percent decrease compared to the same period in 2023.

Among the top 25 markets, Minneapolis saw significant year-over-year growth across all three key performance metrics: occupancy surged by 25.1 percent to 63.7 percent, ADR rose by 15.9 percent to $143.12, and RevPAR increased by 45.1 percent to $91.11.

The steepest RevPAR declines occurred in Las Vegas, dropping by 30.6 percent to $123.99, and Anaheim, down 26.2 percent to $139.21.