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CoStar: U.S. hotel performance up in third week of July

Occupancy rises to its highest level since Aug. 10, 2019

CoStar: U.S. hotel performance up in third week of July

U.S. HOTELS’ PERFORMANCE increased during the third week of July on a weekly and yearly basis, according to CoStar. Occupancy alone rose to its highest level since Aug. 10, 2019.

Occupancy reached 72.9 percent in the week ending July 22, a small increase from the previous week’s 72 percent and a 0.5 percent rise compared to 2022. ADR rose to $161.65, surpassing the previous week’s $159.98 and up 1.5 percent from the corresponding period last year. RevPAR came in at $117.91, surpassing the previous week’s $115.18 and representing a 2 percent increase over 2022.


Among the top 25 markets, New York City saw the largest year-over-year increases in occupancy, up 11.8 percent to 90.9 percent, and RevPAR, which rose 21.2 percent to $253.61. Helped by Taylor Swift’s Eras Tour, Seattle posted the only double-digit ADR gain, up 16 percent to $251.29 and the second-highest RevPAR jump, a rise of 20.9 percent to $222.77.

The steepest RevPAR declines were seen in Miami, which dropped 12.8 percent to $130.76, and Orlando, down 10.3 percent to $133.69.

CoStar’s total hotel performance sample comprises 78,000 properties and 10.3 million rooms around the world.

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U.S. Hotel Construction Drops to 40-Quarter Low: CoStar

CoStar: U.S. hotel construction hits 40-quarter low

Summary:

  • U.S. hotel rooms under construction fell year over year for the ninth month, CoStar reported.
  • About 137,956 rooms were under construction in September, down 12.3 percent from 2024.
  • In September, 12,746 midscale and 4,559 economy rooms were under construction.

U.S. HOTEL ROOMS under construction fell year over year for the ninth consecutive month in September, reaching the lowest level in 40 quarters, according to CoStar. Still, more rooms are under construction now than after the Great Recession.

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