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.
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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.
