WASHINGTON – 18 January 2024 – The U.S. hotel industry posted its highest average daily rate (ADR) and revenue per available room (RevPAR) on record, according to 2023 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
2023 (percentage change from 2022):
- Occupancy: 63.0% (+0.6%)
- ADR: US$155.62 (+4.3%)
- RevPAR: US$97.97 (+4.9%)
The country’s occupancy level was its highest since 2019.
Among the Top 25 Markets, New York City experienced the highest levels in each of the three key performance metrics: occupancy (+8.8% to 81.6%), ADR (+8.5% to US$301.22) and RevPAR (+18.1% to US$245.77).
New Orleans (-6.8% to US$100.40) and Miami (-6.7% to US$159.22) reported the only RevPAR decreases in 2023.
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 81,000 properties and 10.5 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
