U.S. Hotels Report 65.2% Occupancy for Week Ending May 6th – Up 2.0% from 2022
Of note, New York City (85.1%) and Oahu Island (80.2%) were the only two markets to report occupancy above 80%.
U.S. hotel performance showed mixed results from the previous week but grew year over year, according to STR‘s latest data through 6 May.
30 April through 6 May 2023 (percentage change from comparable week in 2022):
- Occupancy: 65.2% (+2.0%)
- Average daily rate (ADR): US$157.62 (+6.4%)
- Revenue per available room (RevPAR): US$102.74 (+8.4%)
Among the Top 25 Markets, Chicago saw the highest year-over-year increases in occupancy (+14.7% to 67.7%) and RevPAR (+36.2% to US$116.98).
Of note, New York City (85.1%) and Oahu Island (80.2%) were the only two markets to report occupancy above 80%.
Helped by Taylor Swift’s Eras Tour, Nashville reported the largest increase in ADR (+27.9% to US$227.79) and the second-highest jump in RevPAR (+33.2% to US$174.20).
The only RevPAR declines were seen in Miami (-9.9% to US$197.12) and San Francisco (-2.4% to US$141.18).
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
Categories: Trends