WASHINGTON – 6 June 2024 – Due to Memorial Day, the U.S. hotel industry reported lower performance results from the previous week but slightly positive comparisons year over year, according to CoStar’s latest data through 1 June. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
26 May through 1 June 2024 (percentage change from comparable week in 2023):
- Occupancy: 62.0% (+0.9%)
- Average daily rate (ADR): US$150.87 (+0.1%)
- Revenue per available room (RevPAR): US$93.50 (+1.0%)
Among the Top 25 Markets, New Orleans saw the highest year-over-year occupancy lift (+17.8% to 66.8%).
Las Vegas reported the largest increase in ADR (+7.4% to $177.13).
Dallas reported the largest jump in RevPAR (+22.5% to US$86.07) and the second-highest increase in ADR (+6.9% to US$120.55). Severe storms in the market drove performance after many residents were left without power.
The steepest RevPAR declines were seen in Washington, D.C. (-10.3% to US$105.24) and Denver (-7.6% to US$93.92).
For more information about the company and its products and services, please visit www.costargroup.com.
Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 82,000 properties and 10.7 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
News Media Contact
Haley Luther
Senior Communications Manager – STR
(216) 278-0627
hluther@str.com
About CoStar Group
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attract over 100 million unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
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