Friday, August 30, 2024 The U.S. hotel industry has demonstrated solid year-over-year growth, according to the latest data from CoStar, a leading provider of online real estate marketplaces, information, and analytics in the property markets.
The data, covering the week of 18-24 August 2024, highlights encouraging trends across key performance metrics. For the week ending 24 August 2024, the U.S.
hotel industry reported: Houston emerged as a standout performer among the Top 25 Markets, with a remarkable 31.7% increase in occupancy, bringing the rate to 76.1%.
This surge underscores the city’s growing appeal and robust demand for accommodations. Chicago also posted impressive gains, driven largely by the Democratic National Convention. The city saw the largest increases in both ADR and RevPAR, with ADR climbing 41.
8% to US$215.60 and RevPAR soaring 51.1% to US$156.
32. Chicago’s occupancy rate also improved by 6.5%, reaching 72.
5%. On the other hand, not all markets experienced positive results. Las Vegas and Nashville recorded the steepest declines in RevPAR, dropping 14.
2% to US$112.09 and 11.3% to US$96.
11, respectively. These declines highlight the variability in market performance across the country. As the U.
S. hotel industry continues to recover and evolve, CoStar’s data provides valuable insights into the dynamics at play in different regions. The company’s comprehensive hotel performance sample includes 85,000 properties and 11 million rooms worldwide, offering.