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Friday, October 13, 2023

Hotels: Occupancy Rate decreased 0.2% Year-over-year

by Calculated Risk on 10/13/2023 09:49:00 AM

U.S. hotel performance increased from the previous week, and year-over-year comparisons were mostly positive, according to CoStar’s latest data through 7 October. ...

1-7 October 2023 (percentage change from comparable week in 2022):

Occupancy: 67.8% (-0.2%)
• Average daily rate (ADR): US$163.19 (+5.4%)
• Revenue per available room (RevPAR): US$110.68 (+5.2%)
emphasis added
The following graph shows the seasonal pattern for the hotel occupancy rate using the four-week average.

Hotel Occupancy RateClick on graph for larger image.

The red line is for 2023, black is 2020, blue is the median, and dashed light blue is for 2022.  Dashed purple is for 2018, the record year for hotel occupancy. 

The 4-week average of the occupancy rate is tracking close to last year, and just above the median rate for the period 2000 through 2022 (Blue).

Note: Y-axis doesn't start at zero to better show the seasonal change.

The 4-week average of the occupancy rate might pick up a little more during the Fall business travel season before declining in the Winter months.