CoStar: U.S. hotel performance varied in fourth week of February

Minneapolis posted the highest YOY occupancy increase, rising to 47.8 percent by 4.5 percent

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February hotel occupancy
Occupancy rose to 62 percent for the week ending Feb. 24, up from the previous week's 59.2 percent, marking a 3.3 percent year-over-year decline, according to CoStar. ADR decreased to $156.62 from $162.24 the prior week, reflecting a 0.3 percent increase compared to the previous year. RevPAR rose to $97.12 from $96.10 the prior week, indicating a 2.9 percent decrease compared to the same period in 2023.

U.S. HOTEL PERFORMANCE displayed mixed outcomes in the fourth week of February compared to the previous week, according to CoStar. While occupancy and RevPAR experienced a modest increase, ADR declined from the prior week.

Occupancy increased to 62 percent for the week ending Feb. 24, up from the previous week’s 59.2 percent, marking a 3.3 percent year-over-year decline. ADR decreased to $156.62 from $162.24 the prior week, reflecting a 0.3 percent increase compared to the previous year. RevPAR rose to $97.12 from $96.10 the prior week, indicating a 2.9 percent decrease compared to the same period in 2023.

Among the top 25 markets, Minneapolis reported the highest year-over-year occupancy increase, rising by 4.5 percent to reach 47.8 percent.

Las Vegas and Oahu Island experienced the highest ADR growth, rising by 7.5 percent to $203.52 and $303.54, respectively.

The steepest RevPAR declines occurred in New Orleans, dropping 22.1 percent to $128.09, and in Nashville, which fell 20.2 percent to $104.30. Meanwhile, the Mardi Gras calendar shift impacted New Orleans’ performance.