U.S. hotel performance remained mostly flat from the previous week, and year-over-year comparisons remained mixed, according to STR‘s latest data through June 24.
June 18-24, 2023 (percentage change from comparable week in 2022):
- Occupancy: 71.4% (-1.0%)
- Average daily rate (ADR): $159.00 (+0.9%)
- Revenue per available room (RevPAR): $113.58 (-0.1%)
Among the top 25 markets, Minneapolis saw the highest year-over-year increases in each of the three key performance metrics: occupancy (+9.1% to 74.5%), ADR (+20.2% to $158.08) and RevPAR (+31.1% to $117.80). The substantial increases were driven by Taylor Swift’s Eras Tour.
The steepest RevPAR declines were seen in New Orleans (-14.6% to $87.85) and Miami (-11.9% to $122.22).
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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