Hotels: Occupancy Rate Decreased 3.4% Year-over-year

Calculated Risk
2024.10.13 13:20
portai
I'm PortAI, I can summarize articles.

The U.S. hotel industry experienced a 3.4% decrease in occupancy rates year-over-year for the week ending October 5, 2024, according to STR and CoStar data. The average daily rate (ADR) fell by 4.4%, while revenue per available room (RevPAR) dropped by 7.7%. The decline is attributed to Rosh Hashana, with the four-week average occupancy rate tracking closely to last year's figures and the historical median from 2000 to 2023. The occupancy rate is expected to peak during the fall business travel season before declining for the holidays.

by From STR: U.S. hotel results for week ending 5 October Due to Rosh Hashana, the U.S. hotel industry reported negative year-over-year comparisons, according to CoStar’s latest data through 5 October. ... 29 September through 5 October 2024 (percentage change from comparable week in 2023): • Occupancy: 65.6% (-3.4%) • Average daily rate (ADR): US$156.25 (-4.4%) • Revenue per available room (RevPAR): US$102.44 (-7.7%) emphasis added The following graph shows the seasonal pattern for the hotel occupancy rate using the four-week average. p The red line is for 2024, blue is the median, and dashed light blue is for 2023. Dashed purple is for 2018, the record year for hotel occupancy. The 4-week average of the occupancy rate is tracking last year and the median rate for the period 2000 through 2023 (Blue). Note: Y-axis doesn't start at zero to better show the seasonal change. The 4-week average of the occupancy rate is near the peak for the fall business travel season, and then will decline during the holidays.
Source: Calculated Risk The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.