U.S. Hotel Industry Shows Year-over-Year Growth in November 2024

New data from analytics company CoStar reveals that the U.S. hotel industry experienced a slight dip in financial performance from October to November 2024. However, it still marked an improvement compared to November 2023, showcasing positive trends in key hotel metrics.

Occupancy rates across the United States rose by 1.7% year-over-year, reaching 59.4%. This increase signals that more travelers are choosing to stay at U.S. hotels as compared to last year, even though the overall growth rate has slowed from the previous month. Additionally, the average daily rate (ADR) for hotel rooms saw a 0.9% year-over-year increase, bringing it to $152.70 per night.

Revenue per available room (RevPAR), a critical indicator of hotel performance, rose by 2.5% from November 2023, reaching $90.66. This uptick suggests that despite a slight dip in occupancy levels from the previous month, hotels are still benefiting from higher rates and stronger demand compared to the same period last year.

Among the top 25 U.S. hotel markets, New York City led the way with the highest occupancy rate at 86.6%. This reflects the city’s strong tourism and business travel demand, maintaining its position as a dominant hotel market. In contrast, Minneapolis and St. Louis reported the lowest occupancy rates in the top 25 markets, with 50% and 52.4%, respectively, indicating weaker demand in these areas during November.

While the U.S. hotel industry showed signs of slower growth compared to the previous month, the year-over-year improvements in occupancy, ADR, and RevPAR signal a resilient market heading into the holiday season. With the data showing consistent growth across many regions, the outlook for the hotel industry remains positive for the coming months.

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