U.S. hotel performance increased from the previous week, according to STR‘s latest data through 22 April.
16-22 April 2023 (percentage change from comparable week in 2022):
- Occupancy: 67.2% (+2.3%)
- Average daily rate (ADR): US$155.76 (+4.2%)
- Revenue per available room (RevPAR): US$104.64 (+6.6%)
Helped by group demand, which was the third highest of the pandemic-era, the occupancy and RevPAR levels were the second highest of the year, behind the week ending 18 March.
Among the Top 25 Markets, Chicago saw the highest year-over-year increases in each of the key performance metrics: occupancy (+23.9% to 72.2%), ADR (+29.6% to US$174.71) and RevPAR (+60.6% to US$126.13).
Of note, New York City (82.1%) and Las Vegas (80.8%) were the only two markets to report occupancy above 80%.
The steepest RevPAR declines were seen in Miami (-20.7% to US$181.17) and Tampa (-8.9% to US$139.51).
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.