at Calculated Risk on 11/29/2024 12:21:00 PM
Due to the Thanksgiving calendar shiftthe US hotel industry reported higher year-over-year performance comparisons, according to CoStar’s latest data through November 23. …
17-23 November 2024 (percentage change from comparable week in 2023):
• Occupancy: 59.7% (+20.7%)
• Average daily rate (ADR): US$150.49 (+8.6%)
• Revenue per available room (RevPAR): US$89.80 (+31.1%)
emphasis added
The following graph shows the seasonal pattern for the hotel occupancy rate using the four-week average.
Click on graph for larger image.
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 above both last year and the median rate for the period 2000 through 2023 (Blue) – and will likely finish mostly unchanged year-over-year.
Note: Y-axis doesn’t start at zero to better show the seasonal change.
The 4-week average of the occupancy rate has peaked for the fall business travel season and will decline seasonally through the holidays. Note: Occupancy will be down sharply next week due to the timing of Thanksgiving (the reverse of this week).