WASHINGTON – 22 April 2024 – The U.S. hotel industry reported higher performance results from the previous month, but mixed comparisons year over year, according to March 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
March 2024 (percentage change from March 2023):
- Occupancy: 63.7% (-2.5%)
- Average daily rate (ADR): US$159.79 (+0.4%)
- Revenue per available room (RevPAR): US$101.81 (-2.2%)
Among the Top 25 Markets, Miami experienced the highest levels in each of the three key performance metrics: occupancy (+2.3% to 83.5%), ADR (-0.6% to US$284.14) and RevPAR (+1.6% to US$237.25).
Markets with the lowest occupancy for the month included Minneapolis (54.7%) and Detroit (55.1%).
The Top 25 Markets showed higher occupancy and ADR than all other markets.
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Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 81,000 properties and 10.5 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
