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Among the top 25 markets, Tampa saw the largest year-over-year occupancy increase – Image Credit Unsplash
- The U.S. hotel industry reported a positive year-over-year performance, with an 8.5% increase in occupancy and an 8.9% rise in average daily rates.
- Among the top 25 markets, Tampa saw the largest year-over-year occupancy increase, New York City posted the highest average daily rate, and Washington, D.C. registered the largest jump in revenue per available room.
The U.S. hotel industry experienced a positive year-over-year performance for the week ending 14th December, according to CoStar’s latest data. The growth was attributed to the Hannukah calendar shift and the compressed business travel period between Thanksgiving and Christmas.
During this period, hotel occupancy rose by 8.5% to 59.5%, while the average daily rate (ADR) increased by 8.9% to US$155.21. Revenue per available room (RevPAR) significantly rose by 18.2%, reaching US$92.32.
The data also highlighted some standout performances among the top 25 markets. Tampa reported the most substantial year-over-year occupancy increase of 33.3%, reaching 84.7%. New York City led the pack in ADR, posting a 30.1% increase to US$510.13. Washington, D.C., experienced a notable RevPAR jump of 67.6%, reaching US$151.18.
However, San Francisco was the only city among the top markets to register a decline in RevPAR (-16.4% to US$131.08). This was primarily due to the shift of the American Geophysical Union annual meeting from San Francisco in 2023 to Washington, D.C., in 2024.
