US hotel RevPAR rises 12.6% in week as Chicago jumps
US hotel RevPAR rose 12.6% year on year to $125.31 in the week to 24 October, with occupancy up 4.8% and average daily rate up 7.4%.
US hotel revenue per available room rose 12.6% year on year to $125.31 in the week ended 24 October, despite slipping slightly from $125.53 the previous week, according to CoStar data.
Occupancy was 69.8% in that week, up 4.8% year on year but down from 70.7% the previous week, while average daily rate rose 7.4% to $179.55 from $177.65.
Among the top 25 markets, Tampa posted the largest occupancy gain, up 14.8% to 72.6%, and Chicago had the largest gains in average daily rate, up 26.4% to $235.51, and in RevPAR, up 39.7% to $189.26, helped by the PACK EXPO International trade show.
Oahu recorded the steepest declines in occupancy and RevPAR, with occupancy down 10.2% to 72.2% and RevPAR down 10.7% to $185.74, while Anaheim had the largest fall in average daily rate, down 8% to $197.55.
What do these terms mean?
Revenue per available room (RevPAR): The average revenue per available room, occupied or not, calculated by multiplying occupancy by average daily rate.
Average daily rate (ADR): The average price paid for an occupied room for one night, measuring pricing power in the hotel market.
Occupancy rate: The share of occupied rooms out of total available rooms at a hotel during a given period.
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