CoStar: U.S. hotels’ weekly performance mixed, YOY up in fourth week of May

Las Vegas saw the only double-digit ADR increase, rising 10.9 percent to $217.5

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U.S. hotel performance May 2024
Occupancy increased to 67.7 percent for the week ending May 25, up from 67.4 percent the prior week, a 1.6 percent year-over-year rise, according to CoStar. ADR decreased to $160.67 from $163.11, still a 2.3 percent surge compared to last year. RevPAR stood at $108.73, down from the previous week's $109.93, but up 3.9 percent compared to the same period in 2023.

U.S. HOTEL WEEKLY performance showed mixed results in the fourth week of May compared to the previous week but posted positive year-over-year comparisons, according to CoStar. Despite a slight uptick in occupancy, both ADR and RevPAR decreased week-on-week across all key metrics.

Occupancy rose to 67.7 percent for the week ending May 25, up from 67.4 percent the prior week, reflecting a 1.6 percent year-over-year increase. ADR decreased to $160.67 from $163.11, yet still representing a 2.3 percent surge compared to last year. RevPAR stood at $108.73, a decline from the previous week’s $109.93, but marking a 3.9 percent increase compared to the same period in 2023.

Among the top 25 markets, Houston experienced the most significant year-over-year boosts in occupancy, soaring 20.9 percent to reach 74.1 percent, while RevPAR surged by 29.2 percent to $89.15. Las Vegas recorded the sole double-digit increase in ADR, climbing by 10.9 percent to $217.53.

Meanwhile, the steepest RevPAR drops were observed in Detroit, down by 13 percent to $80.20, and San Francisco, declining by 8.3 percent to $136.79.