- According to CoStar’s data, the U.S. hotel industry reported decreased performance year over year for the week ending November 30, 2024.Â
- While most Top 25 Markets saw a decline in RevPAR, Tampa and Oahu reported substantial increases in occupancy and ADR, respectively.
Following the Thanksgiving calendar shift, the U.S. hotel industry posted lower year-over-year performance comparisons for the week ending November 30, 2024. The data provided by CoStar, a leading online real estate marketplace and analytics provider, paints a somewhat somber picture of the industry.
The overall occupancy dropped to 50.0%, marking a decrease of 7.7% from the comparable week in 2023. The average daily rate (ADR) also dipped to US$141.09, a drop of 3%, while the revenue per available room (RevPAR) decreased by 10.5% to US$70.59.
However, it wasn’t all bad news. Among the Top 25 Markets, Tampa reported the largest year-over-year increases in occupancy and RevPAR, rising 13.2% to 69.0% and 22.6% to US$106.16, respectively. Oahu also stood out with the highest ADR increase of 12.8%, reaching US$286.39.
Despite these bright spots, 19 of the Top 25 Markets reported a decline in RevPAR, with Las Vegas experiencing the most significant drop of 56.0% to US$86.03.