U.S. hotel performance, YOY comparisons up in third week of October

U.S. HOTEL PERFORMANCE saw an uptick in the third week of October compared to the previous week, according to CoStar. Year-over-year comparisons also showed signs of improvement.

Occupancy stood at 69 percent for the week ending on Oct. 21, a slight uptick from the previous week’s 68.5 percent, and a marginal year-over-year decline of 0.8 percent. ADR increased to $165.3, up from the previous week’s $164.25, marking a 3.8 percent surge compared to the previous year. RevPAR also showed improvement, reaching $114.04, surpassing the previous week’s $112.51, and reflecting a 2.9 percent rise from 2022.

Among the top 25 markets, Seattle experienced the most substantial year-over-year increase in occupancy, rising by 8.5 percent to reach 76.1 percent. Las Vegas recorded the most significant gains in ADR, surging by 20.3 percent to $257.42, and RevPAR saw an increase of 23.5 percent, reaching $229.57.

Miami saw the steepest RevPAR decline, dropping by 12.3 percent to $133.01.