Weekday (Monday-Wednesday) hotel performance in STR’s Top 25 Markets continued to be the industry’s strongest-performing segment in the week of Jan. 21-27, according to a blog from the hospitality industry data and analytics provider. Weekday average daily rate (ADR) was up 5.1% and occupancy was up 1.6 points, resulting in a RevPAR hike of 5.1%.
Las Vegas led the Top 25 Markets with RevPAR up 88.5% due to two large conventions. Chicago, the third-largest market in terms of room supply, also posted a significant RevPAR increase, up 52.1% year over year. Other markets seeing double-digit RevPAR jumps were Oahu, Orange County, Seattle and Detroit. Eleven of the Top 25 Markets posted RevPAR gains above the industry average, while eight markets saw RevPAR decreasing.
In addition, according to the research, group demand returned in full force, up 12% compared with the same week last year. Group demand has topped last year’s levels for the past three weeks, which is notable given that last January benefited from a favorable post-Omicron surge in group demand, according to STR. Year over year, group ADR has also increased for the past three weeks. Markets posting group occupancy of more than four percentage points above last year were Las Vegas, Chicago, Oahu, Tampa, San Francisco and Orlando.
As for the overall performance of the industry domestically for the week, occupancy was down 0.3% to 56.2%, ADR was up 5.1% to $149.76, and RevPAR was up 4.8% to $84.13.
