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- The U.S. hotel industry reported a 2.5% decrease in occupancy and a 1.2% increase in average daily rate (ADR) in September 2024 compared to the same month in the previous year.
- Despite a slight decrease, New York City led the Top 25 Markets with the highest occupancy level at 87%, boosted by major events such as the United Nations General Assembly and U.S. Open.
The U.S. hotel industry, according to data from leading online real estate marketplace provider CoStar, has shown mixed performance results in September 2024. The occupancy rate fell by 2.5% to 64.6%, while the average daily rate (ADR) saw a minor increase of 1.2% at US$162.63. Revenue per available room (RevPAR) dropped by 1.3% to US$105.04.
Among the Top 25 Markets, New York City stood out despite a slight decrease in occupancy, maintaining the highest occupancy level at 87.0%. This was largely due to major events taking place in the city, such as the United Nations General Assembly, Fashion Week, and the U.S. Open.
Markets trailing behind included New Orleans and Tampa, posting the lowest occupancy rates for the month at 53.6% and 61.4% respectively. Despite these figures, the Top 25 Markets still showed higher occupancy and ADR compared to all other markets.
