US hotel performance declines in January: CoStar

CoStar says that among the top 25 markets, Seattle experienced the largest year-over-year occupancy increase

Despite the United States’ hotel industry performance reporting a decline in the third week of January compared to the previous week, year-over-year comparisons yielded mixed results while the Average Daily Rates (ADR) and Revenue Per Available Room (RevPAR) fell during the week compared to the preceding period, says a report by CoStar.

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The US hotel industry has reported lower performance results month over month, according to a report on January 2024 data compiled by CoStar, a Washington DC-based real estate firm.

According to the report, occupancy was at 51.9 pc in January 2024, which is about 1.7 pc less than January 2023. The Average Daily Rate (ADR) rose to USD 146.33, up by 2.7 pc and Revenue Per Available Room (RevPAR) was USD 75.99, up by 0.9 pc.

The statement adds that among the top 25 markets, Oahu Island experienced the highest occupancy level at 79.0 pc, which was up 6.2 pc year over year.

On the flip side, markets with the lowest occupancy for the month included Minneapolis was at 40.7 pc and St. Louis at 43.7 pc. The statement adds that the top 25 Markets showed higher occupancy and ADR than all other markets.

CoStar says that among the top 25 markets, Seattle experienced the largest year-over-year occupancy increase, rising by 9.6 pc to reach 54.1 pc.

It says that Atlanta recorded the most significant increases in ADR, rising by 14.3 pc to USD 131.74, and RevPAR, which climbed 18.5 pc to USD 81.76.

The steepest RevPAR declines occurred in Las Vegas, down 19.2 pc to USD 108.97, and Nashville, which declined by 15.2 pc to USD 68.59.