BROOMFIELD, Colorado - Hotel average daily rate (ADR) and revenue per available room (RevPAR) in the Los Angeles market are projected to reach the second-highest levels for any Super Bowl weekend on record, according to STR’s forecasting team.

The market is projected to achieve an ADR of $445 and a RevPAR of $396 for Friday, February 11 through Sunday, February 13.

“Since July, the Los Angeles hotel market has consistently achieved monthly rates near or above pre-pandemic levels,” said Blake Reiter, STR’s director of custom forecasts. “Occupancy has been rapidly improving toward 2019 levels as well, but it hasn’t reflected the same degree of recovery. We expect there will be, at least to a certain extent, a curtailing of occupancy because of COVID. Of course, if the NFL decides to switch venues as media reports have suggested, or implement more stringent protocols, LA hotel performance will certainly be among the ripple effects."

— Source: CoStar— Source: CoStar
— Source: CoStar

“LA last hosted the Super Bowl nearly 30 years ago in 1993, which makes comparisons difficult as it was a completely different hospitality market back then. As such, we decided to analyze the performance data from more recent Super Bowl weekends in markets such as San Francisco/San Jose and Miami. Though a smaller market, Miami is somewhat similar in terms of typical occupancy levels experienced in February. We also feel that Miami, in particular the luxury segment, carries similar rate upside for VIP travelers.”

Los Angeles’s Super Bowl hotel occupancy is projected to outperform Tampa but fall short of what was seen in Miami. During the comparable weekend in 2020 (Friday, Saturday and Sunday nights), prior to the start of the pandemic, Los Angeles hotel occupancy was 87.7%.

“While we are still in the midst of the pandemic, we don’t anticipate the same degree of COVID impact that we saw in 2021,” Reiter said. “Last year, we did not see the typical two-week lead-up to the game when occupancy begins to tick upwards as production crews, NFL personnel, and game attendees arrive. This year, we are expecting a more substantial level of demand capture ahead of the game. While the lead-up demand won’t be as significant as we would’ve otherwise expected during a non-pandemic year, we can certainly expect an increase compared to what was seen in Tampa.”

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