/cdn.vox-cdn.com/uploads/chorus_asset/file/25844672/NewModelY_70.jpg "Tesla brings its redesigned Model Y to the US, but keeps selling the old one too")
- The U.S. hotel industry reported a record-high average daily rate (ADR) and revenue per available room (RevPAR) in 2024 despite experiencing the slowest growth rate since 2020.
- Among the top 25 markets, New York City led in occupancy level, while markets outside the top 25 experienced a slight decline in occupancy.
According to year-end data from CoStar, a leading real estate marketplace and analytics provider, the U.S. hotel industry hit record levels for the average daily rate (ADR) and revenue per available room (RevPAR) in 2024.
However, the country’s growth rate was the slowest since 2020’s decline. The national occupancy rate remained flat at 63.0%, with an ADR of US$158.67, marking a 1.7% increase from 2023.
RevPAR also increased by 1.8% to US$99.94. Among the top 25 markets, New York City had the highest occupancy level, with a 3.3% increase to 84.3%.
The lowest occupancy rates were in St. Louis, Minneapolis, and Detroit.
Despite this, the top 25 markets had higher occupancy and ADR than all other markets, which saw a 0.5% decline in occupancy.
