STR: August U.S. Hotel Rates, Occupancy Jump
The August average U.S. daily hotel rate and occupancy rate each increased notably year over year, according to hotel analytics firm STR, which separately noted midweek demand strength, a sign of solid business travel demand.
JimMin
The August average U.S. daily hotel rate and occupancy rate each increased notably year over year, according to hotel analytics firm STR, which separately noted midweek demand strength, a sign of solid business travel demand.
U.S. average daily rate in August increased 2.3 percent year over year to $157.84, while occupancy increased 1.5 percent to 66.9 percent. Revenue per available room increased 3.9 percent year over year to $105.67. Each metric's monthly percentage increase was among the largest of 2024.
STR again said its top 25 markets "showed higher occupancy and ADR than all other markets," which it has noted for several months.
In separate notes, STR said that weekly U.S. RevPAR increased year over year each week in August, including on each day of the week. "The recent strengthening in weekdays with the start of schools in many parts of the country serves as a positive indication that business travel is recovering and will help stabilize performance in the coming weeks and months," STR noted.
New York posted the highest August occupancy figure among STR's top 25 markets at 87.3 percent, up 5.2 percent year over year. New Orleans had the lowest occupancy at 54.1 percent, followed by Phoenix at 58.4 percent.
