Hotels: Occupancy Rate Decreased 0.8% Year-over-year

From STR: U.S. hotel results for week ending 21 October

U.S. hotel performance increased from the previous week and showed improved year-over-year comparisons, according to CoStar’s latest data through 21 October.

15-21 October 2023 (percentage change from comparable week in 2022):

• Occupancy: 69.0% (-0.8%)
• Average daily rate (ADR): US$165.32 (+3.8%)
• Revenue per available room (RevPAR): US$114.04 (+2.9%)
emphasis added

The following graph shows the seasonal pattern for the hotel occupancy rate using the four-week average.

Click on graph for larger image.

The red line is for 2023, black is 2020, blue is the median, and dashed light blue is for 2022.  Dashed purple is for 2018, the record year for hotel occupancy. 

The 4-week average of the occupancy rate is tracking close to last year, and just above the median rate for the period 2000 through 2022 (Blue).

Note: Y-axis doesn't start at zero to better show the seasonal change.

The 4-week average of the occupancy rate will decline seasonally for the next couple of months.