- The U.S. hotel industry saw an uptick in Occupancy, Average Daily Rate (ADR) and Revenue per Available Room (RevPAR) for the week ending November 2nd, 2024.
- Tampa and New Orleans experience significant growth due to external events, while Las Vegas and San Francisco report a drop in RevPAR.
According to the latest data from CoStar, a leading online real estate marketplace provider, the U.S. hotel industry reported positive year-over-year growth for the week ending 2 November 2024.
The industry witnessed an increase in occupancy of 1.9% to 60.8%, an increase in the average daily rate (ADR) of 1.2% to $154.99, and a rise of 3.1% in Revenue per Available Room (RevPAR) to $94.22.
Among the top 25 markets, Tampa reported the largest occupancy increase (+34.7% to 80.5%), attributed to displacement demand from Hurricane Milton.
Meanwhile, New Orleans recorded the highest increases in ADR (+27.7% to US$222.51) and RevPAR (+53.3% to US$169.73), driven by Taylor Swift’s Eras Tour and the Annual ANCC Magnet and Pathway to Excellence Conference.
In contrast, Las Vegas and San Francisco experienced a decline in RevPAR, marking a 28.8% and 14.9% drop, respectively.
