CoStar: U.S. hotel performance sees positive growth in second week of May

San Francisco posted the highest YOY increases in all three key performance metrics

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U.S. hotel performance May 2024
Occupancy increased to 66.1 percent for the week ending May 11, up from 64.4 percent the previous week, a 2.1 percent year-over-year rise, according to CoStar. ADR rose to $162.14 from $159.97, a 4.4 percent increase compared to last year. RevPAR reached $107.24, up from $103.09 the prior week, indicating a 6.6 percent increase compared to the same period in 2023.

U.S. HOTEL PERFORMANCE improved in the second week of May compared to the previous week, with positive year-over-year comparisons, according to CoStar. Key metrics such as occupancy, RevPAR, and ADR all increased week-over-week.

Occupancy rose to 66.1 percent for the week ending May 11, up from 64.4 percent the previous week, representing a 2.1 percent year-over-year increase. ADR increased to $162.14 from $159.97, a 4.4 percent rise compared to last year. RevPAR reached $107.24, up from $103.09 the prior week, showing a 6.6 percent increase compared to the same period in 2023.

Among the top 25 markets, San Francisco reported the highest year-over-year increases in each of the three key performance metrics: occupancy increased by 20.6 percent to 79.3 percent, ADR rose by 54.5 percent to $313.13, and RevPAR increased by 86.3 percent to $248.28. The market’s performance was boosted by the RSA Conference.

Boosted by NPE2024, Orlando saw the second-largest lifts in occupancy, up 18.6 percent to 75.7 percent, and RevPAR increased by 28.9 percent to $160.81.

The steepest RevPAR declines were observed in Philadelphia, dropping by 27.1 percent to $101.16, and in Nashville, which fell by 9.2 percent to $133.09.