The U.S. hotel industry reported improved performance results from the previous month, according to May 2024 data from CoStar.
May 2024 (percentage change from May 2023):
- Occupancy: 65.7 percent (+1.5 percent)
- Average daily rate: $160.40 (+2.4 percent)
- Revenue per available room: $105.46 (+4.0 percent)
Among the top 25 markets, New York City experienced the highest levels in each of the three key performance metrics: occupancy (+5.8 percent to 88.9 percent), ADR (+6.3 percent to $339.25) and RevPAR (+12.5 percent to $301.57).
Markets with the lowest occupancy for the month included Detroit (61 percent) and Minneapolis (61.5 percent).
The top 25 markets showed higher occupancy and ADR than all other markets.
Article by: Esther Hertzfeld
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