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Super Bowl LVIII, hosted in Las Vegas, was responsible for the U.S. hotel industry’s strong year-over-year (YoY) growth in revenue per available room (RevPAR), which was up 3.9% and driven entirely by a 6.8% increase in average daily rate (ADR). U.S. occupancy fell 1.5 ppts as business slowed ahead of the big game. Without Las Vegas’ ADR contribution, U.S. ADR would have been flat compared to last year and RevPAR down 3%. It is important to note that this week’s data only runs through Saturday, and Las Vegas will continue to impact results into the following week given that game day was on Sunday. ....
Early January is generally a slow period for the hotel industry. Thus, this week’s robust gain (+6.3%) in average daily rate (ADR) came as a surprise given occupancy was down 1.5 percentage points (ppts). A closer look revealed that most of the growth was due to a single market Las Vegas, which hosted the annual Consumer Electronics Show (CES) a week later than in 2023. U.S. revenue per available room (RevPAR) advanced 3.3% due to the ADR boost. ....