The U.S. hotel industry demonstrated remarkable improvements in May 2024, showcasing enhanced performance across key metrics compared to the same period last year, according to CoStar.
Renowned for its comprehensive online marketplaces and essential information and analytics within the property markets, CoStar reported that the U.S. hotel sector experienced notable growth in several areas. Occupancy rates increased to 65.7%, reflecting a 1.5% rise.
The average daily rate (ADR) climbed to $160.40, up by 2.4%, while revenue per available room (RevPAR) reached $105.46, marking a 4.0% growth. New York City led the Top 25 Markets with significant increases across all major performance indicators.
The city's occupancy surged by 5.8% to 88.9%, ADR rose by 6.3% to $339.25, and RevPAR grew by 12.5% to $301.57. In contrast, Detroit and Minneapolis recorded the lowest occupancy rates in May, with figures at 61.0% and 61.5%, respectively.
Overall, the Top 25 Markets outperformed other markets, exhibiting higher occupancy and ADR, indicating a robust recovery and continued growth in the U.S. hotel sector.
