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Home Economic Trends Occupancy rate down 0.6% year-on-year

Occupancy rate down 0.6% year-on-year

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Hoteljune222024.png

by Calculated Risk June 23, 2024 1:04 PM

The U.S. hotel industry saw improved performance from the previous week, but performance compared to a year ago was mixed, according to CoStar’s latest data through June 15.

June 9-15, 2024 (percent change from the same week in 2023):

Market share: 70.3% (-0.6%)
• Average daily rate (ADR): USD 161.70 (+0.9%)
• Revenue per room (RevPAR): US$113.62 (+0.3%)
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The following graph shows the seasonal patterns of hotel occupancy. 4 week average.

Click on the graph to enlarge the image.

The red line is 2024, the blue is the median, and the dashed light blue line is 2023. The dashed purple line is 2018, the year when hotel occupancy rates hit an all-time high.

The four-week average of occupancy rates is on par with last year and slightly above the median for the 2000-2023 period (blue).

Note: The y-axis does not start at zero to better illustrate seasonal changes.

The four-week average of occupancy rates increases seasonally with the summer travel season.

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