U.S. Hotel Industry Sees Positive Growth, Boosted by Events and Displacement Demand for Week Ending 19 October

• The U.S. hotel industry reports a growth in occupancy, ADR, and RevPAR, with Tampa and Miami seeing the biggest increases.
• Despite overall positive results, certain markets, such as Las Vegas and Denver, experienced significant RevPAR declines.

According to the latest data from online real estate marketplace CoStar, the U.S. hotel industry reported positive year-on-year results for the week ending 19th October.

The industry saw an increase in occupancy rate to 70.1%, a rise in the average daily rate (ADR) to US$169.85, and a boost in revenue per available room (RevPAR) to US$119.01.

Among the top 25 markets, Tampa enjoyed the largest occupancy increase of 23.6%, reaching 83.7%. This growth was due to the continued displacement demand following Hurricane Milton.

Miami also experienced significant increases, with ADR rising to US$245.28 and RevPAR to US$179.72. These gains were primarily driven by high-profile events such as Taylor Swift’s Eras Tour and Adobe MAX 2024.

However, not all markets enjoyed the same success. Las Vegas and Denver experienced steep RevPAR declines of 19.5% and 12.5% respectively. Despite these drops, the overall U.S. hotel industry trends were positive, marking a good week for the sector.