How the US Hotel Recovery Appears Different Than Past Cycles
Pre-Inflation, US Hotel Rates Are Keeping Pace With Demand
While U.S. hotel performance continues to lag 2019 levels, the rate of recovery is a positive sign for hoteliers industrywide.
While U.S. hotel performance continues to lag 2019 levels, the rate of recovery is a positive sign for hoteliers industrywide.
According to the latest monthly data from STR — CoStar Group's hospitality analytics firm — U.S. hotel occupancy reached 62.9% in October, which is down 8.8% from October 2019. U.S. revenue per available room in October was $84.75, down 7.6% from the same month in 2019. Average daily rate, however, was $134.78, a 1.2% increase over October 2019.
In a video presentation analyzing the monthly data, Jan Freitag, national director of hospitality analytics for CoStar Group, said hotel occupancy in the middle of the week rose above the 50% mark.
"ADR growth continued unabated and it is good to see that we even see signs of life in the midweek occupancies," Freitag said. "Midweek occupancy in October stood at 57%. That of course is still a far cry from the weekend occupancy in October that was roughly 74%."