THE U.S. HOTEL industry achieved record-high ADR and RevPAR in 2024, but growth slowed to its lowest rate since 2020, according to CoStar’s year-end data. New York City led the top 25 markets with occupancy up 3.3 percent to 84.3 percent.
Occupancy remained flat at 63 percent in 2024 compared to the previous year, while ADR rose to $158.67 from $155.62, marking a modest 1.7 percent increase from 2023. RevPAR increased to $99.94 from $97.97, reflecting a 1.8 percent rise over the prior year.
Markets with the lowest occupancy in 2024 included St. Louis at 58.1 percent, Minneapolis at 58.7 percent, and Detroit at 59.1 percent. The top 25 markets recorded higher occupancy and ADR compared to all other markets, while markets outside the top 25 experienced a 0.5 percent decline in occupancy.
