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.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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