U.S. revenue per available room (RevPAR) dipped for a second consecutive week and by the worst percentage (-3.5%) since the last week of 2023. Sixty percent of the decline came from average daily rate (ADR), which was down 2.1%. All but two chain scales, Upper Upscale and Upscale, saw RevPAR decrease with the largest decline in the branded portion of the chain scales occurring in Economy (-8%). Performance was down on all days of the week with the largest declines occurring on Thursday (-5.8%) and Friday (-6.7%). Weekdays (Monday-Wednesday) did better with RevPAR down 2.3%.
Growth in revenue per available rooms (RevPAR) returned to the U.S. following the previous week’s decrease. Occupancy held somewhat steady, average daily rate (ADR) increased, weekday (Monday-Wednesday) performance grew, and group demand exploded, surpassing both the 2023 and 2019 comparables.
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Article - STR Weekly Insights: 11-17 February 2024 - The 10 highest hotel supply countries outside of the U.S. saw occupancy that was largely in line with the comparable week last year. Seven of the 10 countries saw an occupancy change between -2ppts and +2ppts.