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

From STR: U.S. hotel results for week ending 3 August

The U.S. hotel industry reported slightly positive comparisons year over year, according to CoStar’s latest data through 3 August. ...

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 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 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.