August 31, 2023 | Muhammad Hammad Asif | S&P Global Market Intelligence
US hotel performance weakened during the week ended August 26, matching historical seasonal patterns, STR reported, citing the latest data from CoStar, which provides information and analytics in the property markets.
Occupancy dropped to 65.0% from 67.0% a week earlier but was up by 0.4% from the comparable week in 2022.
The average daily rate (ADR) declined week over week to $150.23 from $154.10 but rose 1.7% from the year-ago period. Revenue per available room (RevPAR) decreased to $97.62, from $103.22 in the previous week, but was up 2.1% year over year.
Houston booked the largest year-over-year gain in ADR and RevPAR among the top 25 markets. ADR grew 10.5% to $112.08, while RevPAR climbed 17.8% to $64.45.
Las Vegas saw the biggest jump in occupancy with a 7.9% year-over-year increase to 76.3%.
Miami reported the largest year-over-year drop in RevPAR, falling 11% to $102.75.
This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.
