U.S. hotel performance increased from the previous week and showed improved comparisons year over year, according to CoStar’s latest data through 22 July.
16-22 July 2023 (percentage change from comparable week in 2022):
- Occupancy: 72.9% (+0.5%)
- Average daily rate (ADR): US$161.65 (+1.5%)
- Revenue per available room (RevPAR): US$117.91 (+2.0%)
The U.S. occupancy level was the highest since the week ending 10 August 2019.
Among the Top 25 Markets, New York City saw the largest year-over-year increases in occupancy (+11.8% to 90.9%) and RevPAR (+21.2% to US$253.61).
Helped by Taylor Swift’s Eras Tour, Seattle posted the only double-digit ADR gain (+16.0% to US$251.29) and the second-highest RevPAR jump (+20.9% to US$222.77).
The steepest RevPAR declines were seen in Miami (-12.8% to US$130.76) and Orlando (-10.3% to US$133.69).
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.