U.S. Hotel Industry Performance Results: Occupancy Rate Decreased by 0.6% Year-over-Year in Hotel Occupancy

According to STR, the U.S. hotel industry saw improved performance results in the week ending 15 June 2024 compared to the previous week. However, the year-over-year comparisons were mixed, as per data from CoStar.

For the week of 9-15 June 2024, the occupancy rate was 70.3%, a slight decrease of 0.6% compared to the same week in 2023. The average daily rate (ADR) was US$161.70, marking a 0.9% increase, and the revenue per available room (RevPAR) was US$113.62, a marginal increase of 0.3%.

The hotel occupancy rate’s seasonal pattern is depicted in the following graph, which uses a four-week average. The red line represents data for 2024, blue indicates the median, and the dashed light blue line represents 2023. The dashed purple line represents 2018, which was a record year for hotel occupancy.

The four-week average of the occupancy rate is currently on par with last year and slightly above the median rate for the period from 2000 through 2023. It’s important to note that the Y-axis doesn’t start at zero to better illustrate the seasonal change.

With the onset of the summer travel season, it is expected that the four-week average of the occupancy rate will now increase seasonally.

Source: calculatedriskblog.com

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