Veterans Day disrupts U.S. travel, impacting hotel revenue and occupancy, with notable declines in major markets.
Veterans Day’s Impact on U.S. Travel
The week ending November 15, 2025, saw a significant disruption in U.S. travel due to Veterans Day falling on a Tuesday, a shift from the previous year’s observance on Monday. This change led to a 4.6% decline in Revenue per Available Room (RevPAR) as occupancy rates dropped by 2.6 percentage points. The Average Daily Rate (ADR) also decreased by 0.5%, marking the first decline since late October.
The Top 25 Markets in the U.S. experienced a sharper RevPAR decline of 6.2%, driven by a 4-point drop in occupancy and a significant decrease in group demand due to the holiday. In contrast, markets outside the Top 25 saw a smaller RevPAR decrease of 2.9%, as they are less dependent on group business.
Midweek Holiday Resembles Recession Trends
Veterans Day has historically fallen on a Tuesday only a few times since STR began daily data reporting. This year’s midweek RevPAR decline of 9.2% is reminiscent of recessionary trends, with only 2009 and 2008 showing worse results. The significant midweek decrease in group demand, which fell by 14.4%, was a primary factor in this year’s negative performance.
All hotel classes experienced a weekly RevPAR decline, ranging from 1.8% in Luxury to 7.9% in Economy. The Upper Upscale and Upscale segments saw midweek RevPAR declines of more than 10%, with Upper Midscale hotels recording the most significant decline at 9.5%.
Conference Shifts Affect Major Markets
The shift in Veterans Day also affected conference schedules, resulting in notable RevPAR declines in key markets. New Orleans experienced the largest weekly decline at 31.2%, attributed to a conference shift from the previous year. Similar patterns were observed in Dallas, Miami, and San Diego, where last year’s gains were reversed due to the holiday’s timing.
Despite these challenges, some markets saw positive results. Anaheim, Minneapolis, Oahu, and St. Louis reported double-digit RevPAR gains, while Denver, Detroit, New York City, and Orlando posted single-digit increases. College football events also contributed to RevPAR growth, with markets such as Wisconsin North and Mississippi posting significant increases.
Global Performance and Future Outlook
Globally, RevPAR increased by 2.1% on a same-store basis, excluding the U.S. However, this growth was slower than the previous week’s, primarily due to moderating ADR increases. Canada and Germany saw negative ADR growth after earlier gains, while Japan and Spain experienced double-digit ADR increases.
Looking ahead, U.S. RevPAR is expected to decline before Thanksgiving. TSA screenings for the week ending November 19 have decreased by 3.6%, indicating a potential drop in room demand. Historically, the week before Thanksgiving has seen lower room demand than the prior week, with only two exceptions over the past 24 years. This trend, combined with weak airport screenings, suggests another RevPAR retreat is likely.
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