The high demand for New Year celebrations has led to a dramatic improvement in the performance of the hospitality industry in the United States, says a report by hospitality industry tracking and analysis firm CoStar.

In a report, CoStar says that due to the New Year’s holiday shift, the US hotel industry reported positive year-over-year comparisons in the week ending January 4. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.

Analysing the performance of the industry in the period December 29, 2024 to January 4, CoStar says that the overall occupancy rates registered in the United States was 48.3 pc, a growth of 2.9 pc compared to the same week in the preceding year.

It says that the Average Daily Rate (ADR) reported in the week was USD 168.90, 11.7 pc higher than the preceding year and the Revenue Per Available Room (RevPAR) stood at USD 81.53, a growth of 14.9 pc.

CoStar says that among the Top 25 Markets, Tampa in Florida reported the largest year-over-year occupancy increase, which grew by 29.7 pc to 77.5 pc.

It adds that New York City posted the highest lifts in ADR, which grew by 30.7 pc to USD 340.79 and RevPAR that rose by 48.4 pc to USD 283.03.

CoStar says that the steepest RevPAR declines were reported in St. Louis in Missouri, where the rates fell by 26 pc to USD 36.02 and in Seattle in Washington, where the rates declind by 18.4 pc to USD 54.23.