U.S. Hotel Performance Shows Variability In CoStar’s Latest Findings

Saturday, June 1, 2024

The latest data from CoStar, a prominent provider of online real estate marketplaces, information, and analytics, indicates a varied performance in the U.S. hotel industry for the past week. However, there are positive year-over-year comparisons to report as of May 25th.

From May 19th to 25th, 2024, there were notable changes in key hospitality metrics compared to the same period in 2023:

• Occupancy rose to 67.7%, marking a 1.6% increase.
• The Average Daily Rate (ADR) climbed to US$160.67, showing a 2.3% uptick.
• Revenue per available room (RevPAR) reached US$108.73, indicating a 3.9% growth.

Among the Top 25 Markets, Houston experienced significant year-over-year improvements, with occupancy soaring by 20.9% to 74.1% and RevPAR jumping by 29.2% to US$89.15.

Las Vegas stood out with the sole double-digit increase in ADR, rising by 10.9% to US$217.53.

However, some markets faced declines in RevPAR, notably Detroit dropping by 13.0% to US$80.20 and San Francisco declining by 8.3% to US$136.79.

CoStar Group (NASDAQ: CSGP) stands at the forefront of the online real estate sector, offering marketplaces, detailed information, and analytics across property markets. Since its inception in 1987, the company has been dedicated to compiling and updating the most expansive and detailed database of real estate data available. As a global authority in commercial real estate insights, CoStar empowers clients with unparalleled data on property values, market conditions, and availability.

The company’s portfolio includes Apartments.com, the top online destination for renters searching for ideal apartment homes, and LoopNet, the most visited online commercial real estate marketplace, attracting over twelve million monthly visitors worldwide. STR specializes in premium data, analytics, and market insights for the global hospitality sector. Ten-X is recognized for its innovative online platform for commercial real estate auctions and direct negotiations. Homes.com has rapidly become a key online platform linking real estate agents with buyers and sellers.

Additionally, CoStar operates OnTheMarket, a leading residential property portal in the UK; BureauxLocaux, a major site for commercial real estate transactions in France; Business Immo, the top commercial real estate news outlet in France; Thomas Daily, the largest real estate data hub in Germany; and Belbex, the primary source for commercial spaces in Spain.

Attracting over 100 million unique visitors monthly to its websites, CoStar Group is headquartered in Washington, DC, with offices across the U.S., Europe, Canada, and Asia. The company occasionally uses its website, CoStarGroup.com, as a distribution channel for essential corporate updates. For further details, visit CoStarGroup.com.