CoStar Reports U.S. Hotel Performance for May 2024
The U.S. hotel industry reported improved performance results from the previous month, according to May 2024 data from CoStar.
May 2024 (percentage change from May 2023):
- Occupancy: 65.7% (+1.5%)
- Average daily rate (ADR): US$160.40 (+2.4%)
- Revenue per available room (RevPAR): US$105.46 (+4.0%)
Among the Top 25 Markets, New York City experienced the highest levels in each of the three key performance metrics: occupancy (+5.8% to 88.9%), ADR (+6.3% to US$339.25) and RevPAR (+12.5% to US$301.57).
Markets with the lowest occupancy for the month included Detroit (61.0%) and Minneapolis (61.5%).
The Top 25 Markets showed higher occupancy and ADR than all other markets.
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