The U.S. hotel industry reported higher performance from the month prior, according to May 2023 data from STR.
May 2023 (percentage change from May 2022):
- Occupancy: 64.8% (-0.2%)
- Average daily rate (ADR): US$156.25 (+3.8%)
- Revenue per available room (RevPAR): US$101.31 (+3.7%)
Among the Top 25 Markets, New York City experienced the highest occupancy level (84.0%), which was up 3.6% year over year. Performance was helped by NYU’s commencement at Yankee Stadium and Taylor Swift’s Eras Tour.
Markets with the lowest occupancy for the month included Minneapolis (59.1%) and Houston (60.2%).
Reflecting continued improvement in business travel and groups, the Top 25 Markets showed higher occupancy and ADR than all other markets.
About STR
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries with a North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the commercial and residential property markets. For more information, please visit str.com and costargroup.com.
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