Hotels: Occupancy Rate Decreased 3.4% Year-over-year
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The U.S. hotel industry experienced a 3.4% decrease in occupancy rates year-over-year for the week ending October 5, 2024, according to STR and CoStar data. The average daily rate (ADR) fell by 4.4%, while revenue per available room (RevPAR) dropped by 7.7%. The decline is attributed to Rosh Hashana, with the four-week average occupancy rate tracking closely to last year's figures and the historical median from 2000 to 2023. The occupancy rate is expected to peak during the fall business travel season before declining for the holidays.
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