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CoStar: U.S. hotel performance down in first week of August

Boston saw a 12.4 percent YoY rise in occupancy, reaching 84.3 percent

CoStar: U.S. hotel performance down in first week of August

U.S. HOTEL PERFORMANCE declined during the initial week of August compared to the preceding week, according to CoStar. Year-over-year comparisons also were down.

Occupancy came in at 68.9 percent in the week ending Aug. 5, slightly down from the previous week's 72.2 percent and a 1 percent decrease from 2022. The ADR stood at $158.10, down from the previous week's $161.83, but showed a 2.2 percent growth from the same period last year. RevPAR was $108.97, lower than the previous week's $116.91, yet still representing a 1.2 percent increase from 2022.


Among the top 25 markets, Boston achieved the highest year-over-year rise in occupancy, increasing by 12.4 percent to reach 84.3 percent. The RevPAR also surged by 25.4 percent to $201.02, with support from the FAN EXPO Boston event.

New York City recorded the highest ADR jump at 11.6 percent, reaching $268.31. It also saw the second-highest occupancy increase, up 10.4 percent to 86.6 percent, along with a notable 23.3 percent climb in RevPAR to $232.41.

St. Louis reported the steepest drop in RevPAR, falling by 18.3 percent to $83.64.

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HIRE Act Reintroduced amid H-1B Fraud Allegations
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HIRE Act reintroduced amid H-1B fraud allegations

Summary:

  • Krishnamoorthi reintroduced the HIRE Act, proposing to raise the H-1B cap to 130,000.
  • The proposal would help fill tech and defense gaps, fund STEM education.
  • Doubling the cap could boost Indian H-1B approvals if the system is fair, an expert said.

INDIAN-ORIGIN U.S. REP. Raja Krishnamoorthi recently reintroduced legislation proposing to raise the H-1B visa cap to 130,000 amid new fraud allegations against the program. Experts estimate the increase could create 45,000 to 50,000 additional opportunities for Indian professionals, though political uncertainty persists.

The Halting International Relocation of Employment Act would raise the annual H-1B cap from 65,000 (plus 20,000 for advanced degree holders) to 130,000, according to The Times of India.

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