Article - STR Weekly Insights on Global Hotel Industry Performance: 10 - 16 March 2024 - Second consecutive weekly U.S. RevPAR decrease - Weakness in ADR growth persists - Demand bifurcating, growing in upper tiers and falling in lower tiers - Global RevPAR declines for the first time since 2021
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%.