Friday, November 15, 2024 The U.S. hotel industry faced notable declines during election week, reporting reduced occupancy, average daily rates (ADR), and revenue per available room (RevPAR) compared to the same period last year.
Data from CoStar, a leading real estate and analytics firm, reflects these changes for the week ending November 9, 2024, capturing an industry-wide shift during a time of heightened market sensitivity. The metrics show year-over-year reductions across major indicators: Standing out from other major markets, Las Vegas recorded remarkable growth across all three key metrics. This surge highlights the city’s strong draw during an otherwise challenging week for the national industry.
Las Vegas’s performance reflects its steady appeal to travelers and robust event-driven demand. Meanwhile, San Francisco and Washington, D.C.
, registered the steepest year-over-year declines in RevPAR, pointing to subdued demand and more competitive pricing in these urban hubs. These downturns underscore the varied recovery trajectories and the complex dynamics influencing hotel performance in key cities. As the U.
S. hotel industry advances past election week, these trends may offer insights into evolving travel patterns and consumer demand in the months ahead..