U.S. hotels posted record-high ADR and RevPAR in 2023
New Orleans (-6.8% to US$100.40) and Miami (-6.7% to US$159.22) reported the only RevPAR decreases in 2023.
WASHINGTON – The U.S. hotel industry posted its highest average daily rate (ADR) and revenue per available room (RevPAR) on record, according to 2023 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
2023 (percentage change from 2022):
Occupancy: 63.0% (+0.6%)
ADR: US$155.62 (+4.3%)
RevPAR: US$97.97 (+4.9%)
The country’s occupancy level was its highest since 2019.
Among the Top 25 Markets, New York City experienced the highest levels in each of the three key performance metrics: occupancy (+8.8% to 81.6%), ADR (+8.5% to US$301.22) and RevPAR (+18.1% to US$245.77).
The Top 25 Markets showed higher occupancy and ADR than all other markets.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.