- Occupancy: 60.0% (-2.8%)
Average daily rate (ADR): US$152.01 (+17.7%)
Revenue per available room (RevPAR): US$91.22 (+14.3%)
- ADR increases over the last eight months are the highest levels of growth STR has ever benchmarked (excluding pandemic recovery months).
- Occupancy levels are reverting to historical norms.
- Group’s rapid recovery is underpinned by lower ADRs – both actual and growth level – relative to transient, suggesting a cost-efficient option for companies prioritizing group travel over transient.
- Top 25 Market occupancy recovery continues to be leisure weekend-driven, as hotel costs in combination with rising airfare makes travel increasingly expensive for budget-conscious companies.
- The number of rooms in construction increased year over year for the third consecutive month, suggesting that the U.S. has entered a new supply growth cycle with previously deferred projects moving forward.