This week in Hospitality & Tourism #41 2023

STR: U.S. hotel results for week ending 7 October

U.S. hotel performance increased from the previous week, and year-over-year comparisons were mostly positive, according to CoStar’s latest data through 7 October.

• Among the Top 25 Markets, Chicago saw the only double-digit gain in occupancy (+11.2% to 74.9%).
• New York City posted the highest increase in ADR (+13.9% to US$358.81).
• Boston reported the largest year-over-year increase in RevPAR (+23.1% to US$242.49).
• Tampa experienced the steepest declines in occupancy (-18.5% to 65.2%) and RevPAR (-18.0% to US$102.38).

Percentage changes were positive on weekdays because of comparisons with the Yom Kippur period last year. Performance levels were notably higher for the long holiday weekend, but occupancy was still down year over year.

1-7 October 2023 (percentage change from comparable weeks in 2022, 2019):

• Occupancy: 67.8% (-0.2%, -3.8%)
• Average daily rate (ADR): US$163.19 (+5.4%, +23.0%)
• Revenue per available room (RevPAR): US$110.68 (+5.2%, +18.4%)