WASHINGTON – 20 June 2024 – The U.S. hotel industry reported improved performance results from the previous month, according to May 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
May 2024 (percentage change from May 2023):
- Occupancy: 65.7% (+1.5%)
- Average daily rate (ADR): US$160.40 (+2.4%)
- Revenue per available room (RevPAR): US$105.46 (+4.0%)
Among the Top 25 Markets, New York City experienced the highest levels in each of the three key performance metrics: occupancy (+5.8% to 88.9%), ADR (+6.3% to US$339.25) and RevPAR (+12.5% to US$301.57).
Markets with the lowest occupancy for the month included Detroit (61.0%) and Minneapolis (61.5%).
The Top 25 Markets showed higher occupancy and ADR than all other markets.
For more information about the company and its products and services, please visit www.costargroup.com.
Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 82,000 properties and 10.7 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
