US Hotel Occupancy, Daily Rates Jump in Week Ended July 15
July 20, 2023 | Muhammad Hammad Asif | S&P Market Intelligence
US hotel performance improved in all three metrics during the week ended July 15, STR reported, citing the latest data from CoStar, which provides information and analytics in the property markets.
Occupancy increased to 72.0% from 61.8% a week earlier and was up 0.1% from the comparable week in 2022.
The average daily rate (ADR) improved slightly week over week to $159.98 from $155.81 and rose 1.5% from the year-ago period. Revenue per available room (RevPAR) rose to $115.18 from $96.36 in the previous week and was higher by 1.6% year over year.
San Francisco/San Mateo booked the largest year-over-year gain in occupancy among the top 25 markets, rising 7.7% to 79.4%. Denver had the biggest growth in ADR and RevPAR. The former was up 20.1% to $199.95 while the latter increased 25.9% to $177.40.
Chicago reported the largest year-over-year drop in RevPAR, which fell 8.9% to $126.62.
