by Calculated Risk on 8/09/2024 08:21:00 AM
Friday, August 09, 2024
Hotels: Occupancy Rate Increased 0.8% Year-over-year
The U.S. hotel industry reported slightly positive comparisons year over year, according to CoStar’s latest data through 3 August. ...The following graph shows the seasonal pattern for the hotel occupancy rate using the four-week average.
28 July through 3 August 2024 (percentage change from comparable week in 2023):
• Occupancy: 69.4% (+0.8%)
• Average daily rate (ADR): US$159.63 (+0.6%)
• Revenue per available room (RevPAR): US$110.84 (+1.3%)
emphasis added
The red line is for 2024, blue is the median, and dashed light blue is for 2023. Dashed purple is for 2018, the record year for hotel occupancy.
The 4-week average of the occupancy rate is tracking last year and is below the median rate for the period 2000 through 2023 (Blue).
Note: Y-axis doesn't start at zero to better show the seasonal change.
This was probably the peak for the 4-week average of the occupancy rate in 2024, and the average will start declining into the late summer and early Fall.