The U.S. hotel industry reported higher performance from the month prior but lower year-over-year percentage changes, according to June 2023 data from STR.
June 2023 (percentage change from June 2022):
- Occupancy: 69.7% (-0.4%)
- Average daily rate (ADR): US$158.40 (+2.3%)
- Revenue per available room (RevPAR): US$110.33 (+1.9%)
Among the Top 25 Markets, New York City experienced the highest occupancy level (85.4%), which was up 1.7% year over year, and was the only market to post ADR over US$300 (at US$305.51).
Markets with the lowest occupancy for the month included New Orleans (58.2%) and Phoenix (62.7%).
Reflecting continued improvement in business travel and groups, the Top 25 Markets showed higher occupancy and ADR than all other markets.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.