U.S. Hotel Industry Shows Positive Performance in October 2024 :: Hospitality Trends

• The U.S. hotel industry reported a rise in occupancy, average daily rate (ADR), and revenue per available room (RevPAR) in October 2024. 
• Among the Top 25 Markets, New York City showed the highest occupancy level.

According to data from CoStar, a leading real estate marketplace provider, the U.S. hotel industry saw a promising increase in performance during October 2024, with improved occupancy, average daily rates (ADR), and revenue per available room (RevPAR).

The occupancy rate for October 2024 stood at 67.3%, marking a 2.3% increase from the same period in the previous year. The ADR rose by 1.8% to reach US$164.86, while the RevPAR witnessed a 4.1% growth, touching US$110.94.

Among the top 25 markets, New York City recorded the highest occupancy level, with an increase of 4.6%, reaching 91.0%. However, the lowest occupancy rates were observed in St. Louis (61.7%) and Minneapolis (63.1%). Overall, the top 25 markets outperformed all other markets in terms of occupancy and ADR.