US Hotel Occupancy, RevPAR Tick Down in Week Ended July 29
August 3, 2023 | Muhammad Hammad Asif | S&P Market Intelligence
US hotel performance showed mixed results during the week ended July 29, STR reported, citing the latest data from CoStar, which provides information and analytics in the property markets.
Occupancy slightly dropped to 72.2% from 72.9% a week earlier and was up 0.6% from the comparable week in 2022.
The average daily rate (ADR) improved marginally week over week to $161.83 from $161.65 and rose 2.3% from the year-ago period. Revenue per available room (RevPAR) decreased to $116.91 from $117.91 in the previous week and was higher by 2.9% year over year.
St. Louis booked the largest year-over-year gain in occupancy and RevPAR among the top 25 markets. Occupancy in the market grew 17.4% to 73.6%, and RevPAR rose 43.6% to $105.50.
Nashville, Tenn., posted the biggest growth in ADR with a 22.4% gain to $210.31.
Miami reported the largest year-over-year drop in RevPAR, which fell 14.6% to $121.58.
