by Calculated Risk on 7/18/2024 03:54:00 PM
Thursday, July 18, 2024
Hotels: Occupancy Rate Decreased 3.7% Year-over-year
The U.S. hotel industry reported higher performance results than the previous week but lower comparisons year over year, according to CoStar’s latest data through 13 July. ...The following graph shows the seasonal pattern for the hotel occupancy rate using the four-week average.
7-13 July 2024 (percentage change from comparable week in 2023):
• Occupancy: 69.2% (-3.7%)
• Average daily rate (ADR): US$158.21 (-1.5%)
• Revenue per available room (RevPAR): US$109.51 (-5.2%)
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 just behind 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.
The 4-week average of the occupancy rate will increase seasonally due to summer recreational travel. So far, the summer leisure travel season has disappointed.