Occupancy rate increased 1.0% year-on-year

by Calculated Risk July 25, 2024 2:07 PM

According to CoStar’s latest data through July 20, the U.S. hotel industry reported stronger operating results than the previous week and better year-over-year comparisons….

July 14-20, 2024 (percent change from the same week in 2023):

• Market share: 73.5% (+1.0%)
• Average daily rate (ADR): USD 165.91 (+2.4%)
• Revenue per room (RevPAR): US$122.02 (+3.4%)
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The following graph shows the seasonal patterns of hotel occupancy. 4 week average.

Click on the graph to enlarge the image.

The red line is 2024, the blue is the median, and the dashed light blue line is 2023. The dashed purple line is 2018, the year when hotel occupancy rates hit an all-time high.

The four-week average of occupancy rates is at the same level as last year and below the median for the 2000-2023 period (blue).

Note: The y-axis does not start at zero to better illustrate seasonal changes.

The four-week average for occupancy is expected to see a seasonal increase over the coming weeks due to summer leisure travel.