U.S. HOTEL PERFORMANCE increased at the beginning of December as expected, compared to the last week of November, according to CoStar. Hotel occupancy, ADR, and RevPAR improved compared to the previous week.
Occupancy increased to 54.2 percent for the week ending Dec. 2, up from the prior week’s 49.4 percent, reflecting a year-over-year decrease of 1.6 percent. ADR rose to $144.88, compared to the previous week’s $138.29, showing a 0.8percent uptick from the prior year. RevPAR also rose to $78.54, compared to the prior week’s $68.32, marking a 0.8 percent decrease from the corresponding period in 2022.
Among the top 25 markets, New York City saw the largest year-over-year increases in occupancy, rising by 6.8 percent to 83.5 percent, and RevPAR surged by 17.2 percent to $319.18. Las Vegas recorded the highest ADR increase, rising by 11.2 percent to $232.94.
Due to the calendar shift for Miami Art Week/Art Basel, Miami experienced significant declines in all three key performance metrics: occupancy dropped by 14.0 percent to 69 percent, ADR plummeted by 42.5 percent to $191.20, and RevPAR saw a sharp decline of 50.6 percent to $131.93.
