The average daily U.S. hotel rate in October increased year over year, as did the occupancy rate and revenue per available room, according to hotel analytics firm STR.
ADR in October increased 1.8 percent year over year to $164.86, while occupancy increased 2.3 percent to 67.3 percent and RevPAR increased 4.1 percent to $110.94, according to STR.
STR again said its top 25 markets “showed higher occupancy and ADR than all other markets,” which it has noted for several months.
New York posted the highest October occupancy figure among STR’s top 25 markets at 91 percent, up 4.6 percent year over year. St. Louis recorded the lowest October occupancy at 61.7 percent, followed by Minneapolis at 63.1 percent.
STR and Tourism Economics last week noted that the underlying drivers of increased business travel appear steady even as they lowered their hotel performance outlooks for full-year 2024 and 2025.
