U.S. Hotel Industry In San Francisco Celebrates Exceptional Growth In Key Performance Metrics

Sunday, June 23, 2024

According to the latest data from CoStar, as of June 15, the U.S. hotel industry has shown an improvement in performance compared to the previous week. CoStar, a prominent online real estate marketplace and analytics provider, highlights these findings as part of their ongoing analysis of property market trends.

However, when comparing the data year over year, the results are mixed. This variability reflects the dynamic nature of the hotel industry, which CoStar continuously monitors through its comprehensive market insights and information services.

During the week spanning June 9 to June 15, 2024, the U.S. hotel sector saw various performance shifts relative to the corresponding week in 2023:

• Occupancy decreased slightly by 0.6% to 70.3%.
• The average daily rate (ADR) increased by 0.9% to $161.70.
• Revenue per available room (RevPAR) saw a modest rise of 0.3% to $113.62.

In the top 25 markets, San Francisco showcased notable growth compared to last year, with occupancy rising by 17.0% to 79.4%, average daily rate (ADR) increasing by 11.3% to $226.70, and revenue per available room (RevPAR) surging by 30.3% to $179.97. This significant improvement in San Francisco’s hotel market was partially driven by events like the Data + AI Summit.

Conversely, the most notable declines in RevPAR were observed in New Orleans, which dropped by 13.5% to $76.72, and Los Angeles, where it fell by 11.4% to $151.45.

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