US hotel performance decreased from the previous week, while year-over-year comparisons improved, according to CoStar’s latest data through 6 January.
31 December 2023 through 6 January 2024 (percentage change from comparable week in 2023):
- Occupancy: 46.8% (-0.7%)
- Average daily rate (ADR): US$152.17 (+7.2%)
- Revenue per available room (RevPAR): US$71.28 (+6.4%)
Among the Top 25 Markets, New Orleans saw the largest year-over-year increases in each of the three key performance metrics: occupancy (+36.5% to 61.2%), ADR (+43.5% to US$211.90) and RevPAR (+95.9% to US$129.62).
The market’s performance was helped by the Sugar Bowl, FAN EXPO New Orleans, and multiple Mardi Gras parades.
Helped by New Year’s Eve, New York City posted the second-highest gains in ADR (+33.6% to US$260.35) and RevPAR (+49.9% to US$189.85).
The steepest RevPAR declines were seen in Las Vegas (-38.3% to US$124.81) and Dallas (-18.6% to US$49.03).
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. 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 www.str.com
