U.S. hotel performance declines in fourth week of October

U.S. hotel performance has declined in the fourth week of October compared to the previous week, according to CoStar. However, year-over-year comparisons revealed positive results.

Occupancy came in at 66 percent for the week ending Oct. 28, slightly lower than the previous week's 69 percent, but with year-over-year growth of 0.7 percent. ADR dropped to $160.89, down from the previous week's $165.32, yet showing a notable 3.9 percent increase from the previous year. Similarly, RevPAR saw a decrease, reaching $106.16 compared to the previous week's $114.04, but reflecting a solid 4.6 percent rise from 2022.

Among the top 25 markets, Minneapolis saw the largest year-over-year increase in occupancy, rising by 12.7 percent to reach 64.5 percent.

New York City posted the highest ADR increase, up 12.7 percent to $365.05. San Francisco reported the largest jump in RevPAR, surging 22.7 percent to $178.32. Tampa saw the steepest RevPAR decline, down 16.9 percent to $98.63.