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Year-over-year growth in RevPAR doubled to 2.4% compared to the 1.2% gain seen for October. The calendar was clean with equal numbers of weekdays and weekends, unlike the previous month when the calendar negatively impacted performance.
Article - STR Commentary on U.S. Performance for November 2023 - Year-over-year growth in RevPAR doubled to 2.4% compared to the 1.2% gain seen for October. The calendar was clean with equal numbers of weekdays and weekends, unlike the previous month when the calendar negatively impacted performance.
U.S. hotel occupancy reached 58.7%, up 4.5 percentage points (ppts) compared to the prior week as holiday leisure travel kicked in along with the return of end-of-year business and convention travel. Occupancy, however, was down 0.7 ppts versus last year. Average daily rate (ADR) increased 4.5% year over year (YoY), resulting in a 3.3% increase in revenue per available room (RevPAR). ADR has been driving RevPAR growth for most of 2023 even as occupancy has slipped. This is more evidence of hoteliers continuing to price with a focus on margins rather than occupancy.
Year-over-year growth in RevPAR softened to +1.2% after coming in at +3% a month prior. Demand dropped 1.2%, which was the largest decrease since April. Like April, a calendar shift was largely responsible for the fall. Compared to last year, this October included one less Saturday (from five last year to four this year) and the gain of Halloween Tuesday.
Article - Weekly Global Hotel Performance Trends from STR: 3 - 9 December 2023 - Global Occupancy, Excluding the U.S., Moved to 66.5%, Up 5.3ppts YoY and Flat from the Previous Week. Occupancy is Trending in Line with Pre-pandemic Norms As 2017, 2018 and 2019 All Showed a Similar Slowdown of Occupancy from Mid-November Toward the End of the Year.