STR: U.S. hotel performance for April 2023
U.S. hotel performance for April 2023 produced mix year-over-year comparisons, according to STR.
HENDERSONVILLE, Tennessee - U.S. hotel performance for April 2023 produced mix year-over-year comparisons, according to STR.
April 2023 (percentage change from April 2022):
- Occupancy: 64.4% (-1.4%)
- Average daily rate (ADR): US$155.77 (+3.4%)
- Revenue per available room (RevPAR): US$100.39 (+1.9%)
Among the Top 25 Markets, New York recorded the highest occupancy level (82.6%), which was up 5.3% from the market’s 2022 benchmark. The largest year-over-year gains in the metric were seen in Minneapolis (+8.2% to 56.2%), Chicago (+7.0% to 63.4%), Houston (+7.0% to 63.4%) and Washington, D.C. (+6.3% to 73.7%).
Washington, D.C. posted the highest jump in ADR (+14.2% to US$201.04).
Chicago ranked second in ADR growth (+13.8% to US$155.66) and first in RevPAR growth (+21.7% to US$98.66).
Markets with the lowest occupancy for the month included Detroit and Minneapolis, both seeing occupancy levels at 56.2%.
New Orleans (-9.5% to 66.6%) reported the steepest occupancy decline year over year as well as the largest drop in RevPAR (-21.1% to US$125.90). New Orleans was also one of two markets with a 12.7% decrease in ADR (to US$188.91), Miami (to US$246.12) was the other.
Additional Performance Data
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CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.
CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia’s leading property marketplaces. CoStar Group’s industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible; STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom.
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