STR: US Hotel Results — Photo by HHN

HENDERSONVILLE, Tennessee - STR data for 3-9 May 2020 showed continues modest gains in U.S. hotel occupancy compared with previous weeks, but a similar level of year-over-year decline in the three key performance metrics.

In comparison with the week of 5-11 May 2019, the industry recorded the following:

  • Occupancy: -55.9% to 30.1%
  • Average daily rate (ADR): -42.1% to US$76.35
  • Revenue per available room (RevPAR): -74.4% to US$22.95

Previous weekly U.S. weekly occupancy levels:

  • April 26 through May 2: 28.6%
  • April 19-25 2020: 26.0%
  • April 12-18 2020: 23.4%
  • April 5-11 2020: 21.0%

"The industry reported its fourth consecutive week-to-week increase in demand as the slow and steady ascent in national occupancy continued," said Jan Freitag, STR's senior VP of lodging insights. "More people are flying, as shown in daily checkpoint counts from the TSA, and more people are staying in hotels for a variety of purposes—the weekly number of rooms sold topped 10 million for the first time since the end of March. The markets benefiting more from leisure sources in areas with more relaxed distancing measures will see a sharper recovery line than others. Overall, the recovery will be uneven across the country."

Aggregate data for the Top 25 Markets showed larger year-over-year declines than the national averages: occupancy (-63.2% to 27.9%), ADR (-49.5% to US$82.68) and RevPAR (-81.4% to US$23.07).

Among those Top 25 Markets, Oahu Island, Hawaii, experienced the largest drop in occupancy (-87.1% to 10.3%), which resulted in the steepest decrease in RevPAR (-91.2% to US$15.22).

Boston, Massachusetts, posted the largest decline in ADR (-59.8% to US$88.45).

Of note, absolute occupancy in New York, New York, was 43.7%, down slightly from 44.9% the previous week.

In Seattle, Washington, occupancy was 24.8%, up from 23.8% the week prior.

About CoStar Group, Inc.

CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with thirteen million average monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France's leading commercial real estate news service. Thomas Daily is Germany's largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group's websites attracted over 163 million average monthly unique visitors in the third quarter of 2024. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.

This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations or beliefs regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that future media events will not sustain an increase in future occupancy rates. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including in CoStar's Annual Report on Form 10-K for the year ended December 31, 2023 and Forms 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024, and September 30, 2023, each of which is filed with the SEC, including in the "Risk Factors" section of those filings, as well as CoStar's other filings with the SEC available at the SEC's website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Haley Luther
Senior Communications Manager
+1 (216) 278 0627
CoStar