U.S. hotel performance remained mostly flat from the previous week, and year-over-year comparisons remained mixed, according to STR‘s latest data through 24 June.
18-24 June 2023 (percentage change from comparable week in 2022):
- Occupancy: 71.4% (-1.0%)
- Average daily rate (ADR): US$159.00 (+0.9%)
- Revenue per available room (RevPAR): US$113.58 (-0.1%)
Among the Top 25 Markets, Minneapolis saw the highest year-over-year increases in each of the three key performance metrics: occupancy (+9.1% to 74.5%), ADR (+20.2% to US$158.08) and RevPAR (+31.1% to US$117.80). The substantial increases were driven by Taylor Swift’s Eras Tour.
The steepest RevPAR declines were seen in New Orleans (-14.6% to US$87.85) and Miami (-11.9% to US$122.22).
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.