US hotel performance increased for the week ending Oct. 14 from the previous week, but year-over-year comparisons remained mixed, according to CoStar’s latest data through Oct. 14. CoStar’s data includes numbers from 78,000 properties and 10.3 million rooms globally.
For the week ending Oct. 14, results included:
Occupancy: 68.5% (down 2.3% from comparable week in 2022)
Average daily rate (ADR): $164.25 (up 3.2%)
Revenue per available room (RevPAR): $112.51 (up 0.8%)
Among the Top 25 Markets, Oahu Island saw the largest year-over-year increases in occupancy (up 17.8% to 85.2%) and RevPAR (up 29.7% to $243.22).
Las Vegas posted the highest lift in ADR (up 14.7% to $226.94) and the second-largest jump in RevPAR (up 21.1% to $199.88).
New Orleans saw the steepest RevPAR decline (down 28.3% to $107.38).
The year-over year-softness was somewhat surprising, given the week had the most schools out of session for fall break, according to STR’s School Break Report, and it included the Columbus/Indigenous Peoples’ Day holiday. (STR is a division of CoStar.) The weakness was seen across all days, with the largest declines coming during the latter half of the week. While it is possible that outbound international travel is a contributor to the decrease, given its recent strength (up 18% in September compared with 2019), said the blog, “we believe that the industry is still in a rebalancing/normalization period from the post-pandemic leisure travel surge.”
