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Sunday, February 18, 2024

Hotels: Occupancy Rate Decreased 2.7% Year-over-year

by Calculated Risk on 2/18/2024 08:31:00 AM

U.S. hotel performance increased from the previous week, while year-over-year comparisons remained mixed, according to CoStar’s latest data through 10 February. ...

4-10 February 2024 (percentage change from comparable week in 2023):

Occupancy: 56.2% (-2.7%)
• Average daily rate (ADR): US$160.96 (+6.8%)
• Revenue per available room (RevPAR): US$90.40 (+3.9%)
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 2024, black is 2020, blue is the median, and dashed light blue is for 2023.  Dashed purple is for 2018, the record year for hotel occupancy. 

The 4-week average of the occupancy rate is tracking just below last year, and below the median rate for the period 2000 through 2023 (Blue).

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

The 4-week average of the occupancy rate will increase seasonally over the next 2 months.