U.S. Hotel Performance for Week Ending February 17th
Thanks to Super Bowl LVIII, Las Vegas reported the highest jumps in ADR (+76.7% to US$318.88) and RevPAR (+81.4% to US$257.72). Weekly occupancy grew 2.7% to 80.8%. On Sunday night, Las Vegas occupancy topped 80%, and ADR reached higher than US$800.
U.S. hotel performance increased from the previous week, while year-over-year comparisons remained mixed, according to CoStar’s latest data through 17 February.
11-17 February 2024 (percentage change from comparable week in 2023):
- Occupancy: 59.2% (-2.5%)
- Average daily rate (ADR): US$162.24 (+4.2%)
- Revenue per available room (RevPAR): US$96.10 (+1.6%)
Among the Top 25 Markets, Boston (+14.6% to 64.7%) and New Orleans (+14.6% to 75.7%) matched for the largest increase in occupancy. Mardi Gras drove New Orleans’ occupancy increase.
Thanks to Super Bowl LVIII, Las Vegas reported the highest jumps in ADR (+76.7% to US$318.88) and RevPAR (+81.4% to US$257.72). Weekly occupancy grew 2.7% to 80.8%. On Sunday night, Las Vegas occupancy topped 80%, and ADR reached higher than US$800.
Phoenix reported the steepest RevPAR decline (-21.6% to US$173.63) because of comparison to its Super Bowl host period last year.
CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. For more information about the company and its products and services, please visit www.costargroup.com.
Categories: Trends