U.S. hotel performance improves in May

The U.S. hotel industry reported improved performance results from the previous month, according to May 2024 data from CoStar

Jun 24, 2024

All three performance metrics – occupancy, ADR, and RevPAR—increased year-over-year. The top 25 markets reported higher occupancy and ADR than all other markets.

Key takeaways

• Occupancy increased to 65.7% in May, up from 65.2% in April, and increased by 1.5% compared to May 2023. ADR climbed to $160.40 from $157.31 the previous month, a 2.4% rise from 2023. RevPAR reached $105.46, up from $102.51 the preceding month, reflecting a 4% increase from May of the previous year;
• Among the top 25 markets, New York City led in all three key performance metrics: occupancy rose 5.8% to 88.9%, ADR increased 6.3% to $339.25, and RevPAR climbed 12.5% to $301.57. Markets with the lowest occupancy for the month included Detroit at 46.1% and Chicago at 49.4%;
• Meanwhile, U.S. hotel performance improved in the second week of June compared to the previous week, showing mixed year-over-year results. All key metrics, including occupancy, RevPAR, and ADR, increased compared to the prior week.

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