According to STR’s latest data for the week ending July 1st, U.S. hotel performance showed improvement in year-over-year (YOY) comparisons. Although there was a decline in performance compared to the previous week, the YOY metrics displayed positive growth.
The occupancy rate increased by 4.1% to reach 69.9%. This indicates a higher proportion of hotel rooms being occupied compared to the same week in the previous year.
The average daily rate (ADR) experienced a slight rise of 1.5% to reach US$156.27. This indicates a small increase in the average price that guests paid for their hotel rooms.
Revenue per available room (RevPAR), which is a key metric indicating overall hotel performance, saw a significant improvement with a growth of 5.7% to reach US$109.18. This indicates increased revenue generated per available room, showcasing improved financial performance.
Among the Top 25 Markets, St. Louis stood out with the highest YOY increases in both occupancy (22.2% to 71.6%) and RevPAR (39.3% to US$96.46). Philadelphia had the largest lift in ADR, rising by 16.4% to US$170.53. On the other hand, New Orleans experienced the steepest decline in RevPAR (-25.1% to US$119.12), followed by Miami (-10.2% to US$112.20).
These metrics provide valuable insights into the recovery and growth of the U.S. hotel industry, reflecting positive trends in comparison to the challenging conditions experienced in the previous year.
According to the latest data from STR through July 1st, U.S. hotel performance declined compared to the previous week, but year-over-year comparisons showed improvement.
During the period of June 25 to July 1, 2023, the following percentage changes were observed compared to the corresponding week in 2022:
Occupancy: Increased by 4.1% to 69.9%
Average daily rate (ADR): Rose by 1.5% to US$156.27
Revenue per available room (RevPAR): Showed a growth of 5.7% to US$109.18
St. Louis emerged as the top-performing market among the Top 25 Markets, with significant year-over-year growth in both occupancy (+22.2% to 71.6%) and RevPAR (+39.3% to US$96.46).
Philadelphia recorded the most significant increase in average daily rate (ADR), rising by 16.4% to US$170.53. On the other hand, New Orleans experienced the largest decline in revenue per available room (RevPAR), dropping by 25.1% to US$119.12, followed by Miami with a decline of 10.2% to US$112.20.
Established in 1985, STR is a trusted provider of premium data benchmarking, analytics, and marketplace insights for the global hospitality industry.
With offices in 15 countries, including corporate headquarters in Hendersonville, Tennessee, a global headquarters in London, and an Asia Pacific headquarters in Singapore, STR offers comprehensive services.
In October 2019, STR was acquired by CoStar Group, Inc. (NASDAQ: CSGP), an esteemed provider of comprehensive commercial real estate information, analytics, and online marketplaces. To learn more, please visit str.com and costargroup.com.
Source : hotelnewsresource.com
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