US Hotel Metrics Edge Lower in Week Ended August 12
August 17, 2023 | Muhammad Hammad Asif | S&P Global Market Intelligence
US hotel performance declined during the week ended Aug. 12, STR reported, citing the latest data from CoStar, which provides information and analytics in the property markets. Occupancy dropped to 68.3%, from 68.9% a week earlier, and was flat from the comparable week in 2022.
The average daily rate (ADR) declined week over week to $156.47 from $158.10 but rose 2% from the year-ago period. Revenue per available room (RevPAR) decreased to $106.89, from $108.97 in the previous week, but was 2% higher year over year.
Los Angeles booked the largest year-over-year gain in all three metrics among the top 25 markets. Occupancy in the market grew 13.5% to 82.6%, RevPAR rose 23% to $184.16, and ADR increased 8.4% to $222.98.
St. Louis reported the largest year-over-year drop in RevPAR, falling 22.1% to $63.80.
