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Friday, May 24, 2024

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

by Calculated Risk on 5/24/2024 11:01:00 AM

The U.S. hotel industry reported higher performance from the previous week and positive comparisons year over year, according to CoStar’s latest data through 18 May. ...

12-18 May 2024 (percentage change from comparable week in 2023):

Occupancy: 67.4% (+0.2%)
• Average daily rate (ADR): US$163.11 (+2.6%)
• Revenue per available room (RevPAR): US$109.93 (+2.8%)
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 last year, and slightly above 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 when the summer travel season begins.