CoStar: US Hotels Posted Record Revenues in 2023

by John Nelson

WASHINGTON, D.C. — The U.S. hotel sector posted its highest average daily rate (ADR) and revenue per available room (RevPAR) on record, according to 2023 data from CoStar. ADR ended the year at $155.62, a 4.3 percent increase compared to year-end 2022, and RevPAR settled at $97.97, a 4.9 percent hike from 2022. Additionally, the U.S. hotel industry enjoyed its highest occupancy levels since 2019. The occupancy rate at year-end was 63 percent, a 60-basis-point increase year-over-year.

Among the top 25 markets tracked by CoStar, New York City experienced the highest occupancy rate (81.6 percent, up 8.8 percent year-over-year), ADR ($301.22, up 8.5 percent) and RevPAR ($245.77, a 18.1 percent hike). New Orleans and Miami recorded the only RevPAR decreases, falling 6.8 percent and 6.7 percent year-over-year, respectively.

You may also like