U.S. HOTELS RECORDED decreased performance results in November, compared to the preceding month, according to CoStar. However, year-over-year comparisons indicated positive improvements.
Occupancy decreased to 58.4 percent in November, compared to 65.8 percent in October, marking a 1.2 percent decline from the previous year. ADR decreased from $161.56 to $151.23, showing a 3.6 percent increase from 2022. RevPAR stood at $88.36, down from $106.38 in the previous month, reflecting a 2.4 percent rise from the preceding year.
Among the top 25 markets, New York City achieved the highest occupancy at 84 percent, marking a 6.3 percent year-over-year increase. Markets with the lowest occupancy for the month were Minneapolis at 49.1 percent and St. Louis at 53.2 percent. Meanwhile, the top 25 markets exhibited superior occupancy and ADR compared to all others.
In October, U.S. hotel revenue surged with rising group demand in the top 25 markets, according to CoStar. GOPPAR hit $97.45, up 3.7 percent YoY. TRevPAR rose to $240.74, a 4 percent increase, while EBITDA PAR was $69.60, down 1.2 percent from September 2022. Labor costs increased to $74.48, up 5.9 percent.
