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U.S. Hotel Results for Week Ending 2 December

CoStar Group | December 7, 2023

WASHINGTON – 7 December 2023 – As expected, U.S. hotel performance increased from the previous week, according to CoStar’s latest data through 2 December. 26 November through 2 December 2023 (percentage change from comparable week in 2022): Occupancy: 54.2% (-1.6%) Average daily rate (ADR): US$144.88 (+0.8%) Revenue per available room (RevPAR): US$78.54 (-0.8%) Among the Top 25 Markets, New York City saw the largest year-over-year increases in occupancy (+6.8% to 83.5%) and RevPAR (+17.2% to US$319.18) Las Vegas posted the largest ADR lift (+11.2% to US$232.94). Due to the Miami Art Week/Art Base...

Major Markets Driving U.S. Hotel Profitability Gains

CoStar Group | December 6, 2023

WASHINGTON – 6 December 2023 – Improvement in group demand across the Top 25 Markets drove U.S. hotel revenue and profit growth, according to October P&L data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. October 2023 per-available-room metrics (% change from October 2022) GOPPAR: US$97.45 (+3.7%) TRevPAR: US$240.74 (+4.0%) EBITDA PAR: US$69.60 (-1.2%) LPAR (Labor Costs): US$74.48 (+5.9%) The industry saw its largest year-over-year increases in GOPPAR and TRevPAR since March 2023. “The Top 25 Markets have showed an...

U.S. Hotel Results for Week Ending 25 November

CoStar Group | December 1, 2023

WASHINGTON – 1 December 2023 – As expected due to the Thanksgiving holiday, U.S. hotel performance fell from the previous week, according to CoStar’s latest data through 25 November. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 19-25 November 2023 (percentage change from comparable week in 2022): Occupancy: 49.4% (-1.4%) Average daily rate (ADR): US$138.29 (+0.9%) Revenue per available room (RevPAR): US$68.32 (-0.6%) Among the Top 25 Markets, Oahu Island saw the largest year-over-year increases in occupancy (+9.4% to 76.3%) and RevPAR (+16.3% ...

U.S. Hotel Performance for October 2023

CoStar Group | November 22, 2023

WASHINGTON – 22 November 2023 – The U.S. hotel industry reported mixed performance results from the previous month, according to October 2023 from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. October 2023 (percentage change from October 2022): Occupancy: 65.8% (-1.8%) Average daily rate (ADR): US$161.56 (+3.0%) Revenue per available room (RevPAR): US$106.38 (+1.2%) Among the Top 25 Markets, New York City experienced the highest occupancy level (86.8%), which was up 3.0% year over year. Markets with the lowest occupancy for the month in...

Canada Hotels Recorded Double-Digit RevPAR Growth in October

CoStar Group | November 22, 2023

WASHINGTON – 22 November 2023 – Following seasonal patterns, Canada’s hotel performance fell month over month, but continued a stretch of year-over-year growth, according to CoStar’s October 2023 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. October 2023 (percentage change from October 2022): Occupancy: 68.1% (+2.2%) Average daily rate (ADR): CAD196.25 (+8.8%) Revenue per available room (RevPAR): CAD133.57 (+11.2%) “Following three months of single-digit, year-over-year growth, RevPAR grew double-digits for the first time since June,” ...

STR, TE Upgrade U.S. ADR and RevPAR Forecast

STR | November 20, 2023

HENDERSONVILLE, Tennessee—STR and Tourism Economics lifted year-over-year growth projections for average daily rate (ADR) and revenue per available room (RevPAR) in the final U.S. hotel forecast revision of 2023. For 2023, growth in RevPAR was raised by 0.3 percentage points, due to a 0.6ppt lift in ADR growth. Recent RevPAR trends demonstrate that rate continues to be the primary driver of performance. Occupancy was downgraded slightly (by 0.2ppts). For 2024, the growth projections for each of the key performance metrics remained flat from the previous forecast due to the above long-term average trends beginning to stabilize. ...

The Role of Profitability Data in a Comprehensive Hotel Benchmarking Experience

STR | November 14, 2023

Hotel owners and operators are best positioned for success when they measure their business from every angle. That is why no benchmarking experience can be considered comprehensive without frequent insight into the bottom line. Those hoteliers who benchmark with STR find the data sets and analytics needed to cover the full hotel lifecycle, with monthly profitability features providing vital intelligence for building and executing investment and operational strategies. The end result? Improved operational efficiency and maximum hotel profitability. The metrics Derived from nearly 150 data points across P&L statements, key metrics ar...

Riyadh Hotel ADR and RevPAR Reached Record Highs in October

CoStar Group | November 14, 2023

WASHINGTON – 14 November 2023– Riyadh’s hotel industry reported its highest average daily rate (ADR) and revenue per available room (RevPAR) level on record, according to October 2023 preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. October 2023 (year-over-year % change): Occupancy: 77.5% (+8.0%) Average daily rate (ADR): SAR1,055.28 (+38.3%) Revenue per available room (RevPAR): SAR818.05 (+49.3%) Riyadh’s hotel performance was helped by the World Combat Games, held 20-30 October and the Future Investment Initiative...

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