Top-Line Metrics (January 2024, percentage change from January 2023):
- Occupancy: 51.9% (-1.7%)
- Average daily rate (ADR): $146.33 (+2.7%)
- Revenue per available room (RevPAR): $75.99 (+0.9%)
Key points
- January produced modest RevPAR growth, reflecting the continued return to pre-COVID patterns of low single-digit gains.
- The Top 25 Markets continued to outperform all others in aggregate.
- Group demand and ADR continued to outperform transient.
- Upper Upscale and Upscale chains led industry performance, boosted by recovering weekdays and group demand.
- The 2024 RevPAR growth forecasted has been maintained.
- Forward booking levels are up through May with a pause in March for the Easter observance.
- Planning activity is growing in the pipeline, which will result in more robust supply growth in 2025 and beyond.
