The U.S. hotel industry reported improved performance results from the previous month, according to May 2024 data from CoStar.
May 2024 (percentage change from May 2023):
- Occupancy: 65.7 percent (+1.5 percent)
- Average daily rate: $160.40 (+2.4 percent)
- Revenue per available room: $105.46 (+4.0 percent)
Among the top 25 markets, New York City experienced the highest levels in each of the three key performance metrics: occupancy (+5.8 percent to 88.9 percent), ADR (+6.3 percent to $339.25) and RevPAR (+12.5 percent to $301.57).
Markets with the lowest occupancy for the month included Detroit (61 percent) and Minneapolis (61.5 percent).
The top 25 markets showed higher occupancy and ADR than all other markets.