The US hotel industry reported higher performance results from the previous month, but mixed comparisons year over year, according to March 2024 data from CoStar, the data and analytics provider. Among the results:
- Occupancy: 63.7% (down 2.5%)
- Average daily rate (ADR): $159.79 (up 0.4%)
- Revenue per available room (RevPAR): $101.81 (down 2.2%)
Among the Top 25 Markets, Miami experienced the highest levels in each of the three key performance metrics: occupancy (up 2.3% to 83.5%), ADR (down 0.6% to $284.14) and RevPAR (up 1.6% to $237.25).
Markets with the lowest occupancy for the month included Minneapolis (54.7%) and Detroit (55.1%).
The Top 25 Markets showed higher occupancy and ADR than all others, indicating the strength of business travel, which is a major factor in those markets.
Also according to CoStar, the eclipse on April 8 resulted in a 288% increase year over year in RevPAR for that day in markets in the path of totality. Several large markets in Texas, as well as Indianapolis, Montreal and Toronto, were the urban areas in the path of the eclipse seeing the greatest impact.
Of these markets, Indianapolis saw the greatest RevPAR increase (up 660%) and achieved the third-highest RevPAR gain of any day since 2017, when the last total eclipse took place. Dallas achieved its fourth-highest RevPAR for any day since 2017.
Among second-tier markets, Buffalo, Cleveland and Rochester (N.Y.) saw the greatest RevPAR gains and posted their highest RevPAR lifts of any day since 2017.
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