Occupancy rate increased 0.8% year-on-year

by Calculated Risk August 9, 2024 8:21 AM

According to the latest data from CoStar through August 3, the U.S. hotel industry reported a slight increase compared to the previous year….

July 28th to August 3rd, 2024 (percent change from the same week in 2023):

• Occupancy rate: 69.4% (+0.8%)
• Average daily rate (ADR): USD 159.63 (+0.6%)
• Revenue per room (RevPAR): $110.84 (+1.3%)
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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.

This will likely be the peak four-week average occupancy rate for 2024, with the average beginning to decline in late summer and early fall.