“Hotel Industry Performance Results: Occupancy Rate Drops 2.5% Year-over-year”

A report from STR reveals that the U.S. hotel industry experienced a decrease in performance results for the week ending 22 June 2024, compared to the previous week. The data, provided by CoStar, also showed mixed year-over-year comparisons.

The key findings for the week of 16-22 June 2024, compared to the same week in 2023, are as follows:

– Occupancy was at 69.5%, representing a decrease of 2.5%.
– The average daily rate (ADR) was US$159.88, a slight increase of 0.1%.
– Revenue per available room (RevPAR) stood at US$111.17, marking a decrease of 2.3%.

The report also included a graph showing the seasonal pattern for hotel occupancy rates using a four-week average. The graph indicates that the occupancy rate for 2024 (represented by a red line) is slightly behind that of the previous year and below the median rate for the period from 2000 through 2023 (represented by a blue line).

It’s important to note that the y-axis on the graph doesn’t start at zero to better illustrate the seasonal change. The four-week average of the occupancy rate is expected to increase seasonally due to summer recreational travel.

The report concludes with an adblock test and provides a link for those who want to understand why such tests are necessary.

Source: calculatedriskblog.com

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