The U.S. hotel industry reported improved performance results from the previous month, according to May 2024 data from CoStar
Jun 24, 2024
All three performance metrics – occupancy, ADR, and RevPAR—increased year-over-year. The top 25 markets reported higher occupancy and ADR than all other markets.
Key takeaways
- Occupancy increased to 65.7% in May, up from 65.2% in April, and increased by 1.5% compared to May 2023. ADR climbed to $160.40 from $157.31 the previous month, a 2.4% rise from 2023. RevPAR reached $105.46, up from $102.51 the preceding month, reflecting a 4% increase from May of the previous year;
- Among the top 25 markets, New York City led in all three key performance metrics: occupancy rose 5.8% to 88.9%, ADR increased 6.3% to $339.25, and RevPAR climbed 12.5% to $301.57. Markets with the lowest occupancy for the month included Detroit at 46.1% and Chicago at 49.4%;
- Meanwhile, U.S. hotel performance improved in the second week of June compared to the previous week, showing mixed year-over-year results. All key metrics, including occupancy, RevPAR, and ADR, increased compared to the prior week.
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