- The U.S. hotel industry reported year-over-year performance improvements for the week ending on 7th December 2024, with a slight increase in occupancy and significant increases in average daily rate (ADR) and revenue per available room (RevPAR).
- Among the Top 25 Markets, Chicago and Las Vegas saw the largest increases in key metrics, while San Francisco and New Orleans experienced the steepest declines.
According to the latest data from the leading real estate marketplace and analytics provider, CoStar, the U.S. hotel industry saw favorable year-over-year performance comparisons for the week ending on 7th December 2024.
The occupancy rate for this period was 59.0%, a slight increase of 0.5% compared to the same week in 2023. The average daily rate (ADR) also increased by 3.8% to $159.77, and revenue per available room (RevPAR) rose by 4.3% to $94.31.
Among the Top 25 Markets, Chicago led the way with the largest increases in occupancy and RevPAR. Occupancy in Chicago rose by 17.8% to 67.6%, and RevPAR skyrocketed by 42.9% to $110.59. Las Vegas also performed well, posting the highest lift in ADR with a substantial 27.1% increase to $261.33.
However, not all markets performed equally. San Francisco and New Orleans reported the steepest declines in RevPAR, falling by 16.7% to $114.86 and 14.7% to $83.16, respectively. These figures highlight the mixed fortunes within the U.S. hotel industry, with some cities thriving while others face challenges.
