CoStar: U.S. hotel performance up in mid-October, YOY results up

U.S. HOTEL PERFORMANCE improved in the third week of October, with positive year-over-year comparisons, according to CoStar. Key metrics showed a slight decrease in occupancy, while RevPAR and ADR increased week-over-week.

Occupancy declined slightly to 70.1 percent for the week ending Oct. 19, down from 70.3 percent the previous week, though it rose 1.6 percent year-over-year. ADR increased to $169.85 from $166.88, a 2.5 percent year-over-year gain. RevPAR rose to $119.01 from $117.28 the previous week, up 4.2 percent from the same period in 2023.

Among the top 25 markets, Tampa saw the largest occupancy increase, up 23.6 percent to 83.7 percent, driven by continued displacement demand from Hurricane Milton. Miami recorded the highest increases in ADR, up 29.9 percent to $245.28, and in RevPAR, up 35.5 percent to $179.72. The market's performance was driven by Taylor Swift's Eras Tour and Adobe MAX 2024.

Las Vegas saw the steepest RevPAR decline, down 19.5 percent to $192.14, followed by Denver, down 12.5 percent to $105.98.