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CoStar: U.S. hotels post record ADR, RevPAR in 2024

NYC led the top 25 markets with occupancy rising 3.3 percent to 84.3 percent

New York City, reflecting the market’s leading 84.3% occupancy rate in 2024, as reported by CoStar
Occupancy held steady at 63 percent in 2024 compared to the prior year, while ADR rose 1.7 percent to $158.67, according to CoStar. RevPAR reached $99.94, reflecting a 1.8 percent increase.

What ADR and RevPAR records did U.S. hotels hit in 2024?

THE U.S. HOTEL industry achieved record-high ADR and RevPAR in 2024, but growth slowed to its lowest rate since 2020, according to CoStar's year-end data. New York City led the top 25 markets with occupancy up 3.3 percent to 84.3 percent.

Occupancy remained flat at 63 percent in 2024 compared to the previous year, while ADR rose to $158.67 from $155.62, marking a modest 1.7 percent increase from 2023. RevPAR increased to $99.94 from $97.97, reflecting a 1.8 percent rise over the prior year.


Markets with the lowest occupancy in 2024 included St. Louis at 58.1 percent, Minneapolis at 58.7 percent, and Detroit at 59.1 percent. The top 25 markets recorded higher occupancy and ADR compared to all other markets, while markets outside the top 25 experienced a 0.5 percent decline in occupancy.

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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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