U.S. Performance
Hotel occupancy came in at 62.8%, which was down from an elevated 64.2% the week prior (Presidents’ Day holiday) but higher than all other weeks in 2023 and 3.0% above the 2022 comparable. Average daily rate (ADR) was lower week over week as well but up 8.9% year over year (YoY) to US$151. As a result, revenue per available room (RevPAR) gained 12.1% YoY to US$95. As the 2022 Omicron calendar comparison fades, hotel performance is resembling a more normal pattern as evidenced by improving occupancy in major markets and growing group demand.
