U.S. HOTEL PERFORMANCE exhibited mixed year-over-year comparisons in the third week of November, according to CoStar. Moreover, both occupancy and RevPAR declined compared to the previous week.
Occupancy dropped to 62.4 percent for the week ending Nov. 18, down from the previous week’s 64.8 percent, marking a year-over-year decrease of 0.6 percent. ADR saw a slight increase to $156.47, compared to the previous week’s $156.01, demonstrating a significant 7 percent uptick from the previous year. Despite a decline to $97.61 in RevPAR compared to the previous week’s $101.13, there was a noteworthy 6.3 percent rise from the corresponding period in 2022.
Among the top 25 markets, Boston led with the largest year-over-year occupancy gain, surging by 11.0 percent to reach 77.2 percent.
Boosted by the Formula 1 Las Vegas Grand Prix, Las Vegas recorded significant spikes in ADR, rising by 81.9 percent to $350.57, and RevPAR, increasing by 58.9 percent to $249.29. However, despite the event, the market witnessed the sharpest occupancy decline, dropping by 12.7 percent to 71.1 percent.
Tampa experienced the steepest RevPAR decline, falling by 10.4 percent to $100.58, followed by San Diego, which saw an 8.1 percent decrease to $128.12.
