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): $159.79 (+0.4%)
- Revenue per available room (RevPAR): $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 $284.14) and RevPAR (+1.6% to $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 78,000 properties and 10.3 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
About CoStar Group
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attract nearly 100 million unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.