U.S. Hotel Industry Witnesses Significant Growth Due to Thanksgiving Calendar Shift
- The U.S. hotel industry recorded higher year-on-year performance in the week ending 23 November 2024, as per CoStar’s data.
- Among the Top 25 Markets, Seattle saw the highest occupancy increase, while Chicago posted the highest growth in ADR and RevPAR.
The U.S. hotel industry reported an impressive year-on-year performance for the week ending 23 November 2024, according to the latest data from CoStar, a leading real estate marketplace and analytics provider. The week witnessed a significant increase due to the shift in the Thanksgiving calendar.
The industry saw an occupancy rate of 59.7%, a noteworthy increase of 20.7% from the comparable week in 2023. The Average Daily Rate (ADR) stood at US$150.49, marking an 8.6% rise. Furthermore, Revenue per Available Room (RevPAR) rose by 31.1% to US$89.80.
Among regional markets, Seattle led the pack with the largest year-on-year occupancy increase of 62.9%, reaching 76.7%. Chicago experienced the highest increase in ADR and RevPAR, with figures rising by 43.8% to US$181.36 and 113.7% to US$127.91, respectively. However, Oahu was the only market with a RevPAR decline of 22.7% to US$176.10.
Categories: Trends