U.S. HOTEL PERFORMANCE showed an increase in the third week of September compared to the previous week, according to CoStar. Yearly comparisons revealed predominantly positive trends, although occupancy remained lower year-over-year due to the Rosh Hashanah calendar shift.
Occupancy rose to 68.5 percent for the week ending Sept. 23, a climb from the previous week’s 67.7 percent, yet a 1.6 percent decrease compared to the same period last year. ADR saw an increase to $164.97 from $161.55 the prior week, marking a 2.9 percent uptick from the previous year. RevPAR also experienced an increase, reaching $112.96, up from $109.07 the previous week and 1.2 percent higher than in 2022.
Among the top 25 markets, Minneapolis posted the largest year-over-year occupancy surge, rising by 7.4 percent to reach 71.3 percent.
Helped by the United Nations General Assembly, New York City recorded significant rises in ADR, up by 16.5 percent to $488.89, and RevPAR, increasing by 17.6 percent to $444.47.
Due to the Dreamforce calendar shift, San Francisco experienced the steepest decline in RevPAR, dropping by 38.6 percent to $175.81.
