U.S. Hotels Report 65.1% Occupancy for Week Ending May 13th – Down 2.0% from 2022
Hotels in Miami reported the biggest declines in ADR (-14.2% to US$221.88) and RevPAR (-20.9% to US$153.71).
U.S. weekly hotel performance produced mixed year-over-year comparisons, according to STR‘s latest data through 13 May.
7-13 May 2023 (percentage change from comparable week in 2022):
- Occupancy: 65.1% (-2.0%)
- Average daily rate (ADR): US$154.90 (+3.4%)
- Revenue per available room (RevPAR): US$100.81 (+1.3%)
Worsened comparisons than the week prior were expected and normal given seasonal slowing and the negative side of the Mother’s Day calendar shift.
Among the Top 25 Markets, Philadelphia saw the only double-digit increase in occupancy (+13.3% to 73.2%) as well as the highest jumps in ADR (+14.5% to US$189.50) and RevPAR (+29.7% to US$138.80).
Of note, New York City (83.7%) was the only major market to report occupancy above 80%. That level was up 3.9% year over year.
The steepest occupancy decline was reported in San Francisco/San Mateo (-9.2% to 65.7%). Hotels in Miami reported the biggest declines in ADR (-14.2% to US$221.88) and RevPAR (-20.9% to US$153.71).
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