US Hotel Room Revenues Rise 6.5%, Led by San Francisco Gains
Revenue per available room (RevPAR) in US hotels rose 6.5% in the week ending October 10, with San Francisco leading gains at 31.1% growth.
Revenue per available room (RevPAR) in US hotels increased by 6.5% year-over-year during the week of October 4-10, reaching $126.79, according to CoStar data published by Lodging Magazine.
Average occupancy reached 70.6%, up 2.3%, while the average daily rate (ADR) stood at $179.58, an increase of 4.1%.
San Francisco led all markets with a RevPAR growth of 31.1% to $242.53, as occupancy rose 10.6% to 88.5%, and ADR climbed 18.5% to $274.02. CoStar attributed this surge to the city hosting Tech Week and Fleet Week.
Chicago ranked second in terms of occupancy and RevPAR, and 17 of the top 25 markets recorded gains in this index.
What Do These Terms Mean?
Revenue per Available Room (RevPAR): A metric measuring average revenue generated per room in a hotel, regardless of whether it is occupied, calculated by multiplying the room rate by the occupancy rate.
Average Daily Rate (ADR): The average actual price guests pay for a room per night.
Occupancy Rate: The percentage of occupied rooms relative to total available rooms in a hotel during a specific period.
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