Occupancy reached 65.2 percent, up two percent from the same week in 2022. Meanwhile, the average daily rate (ADR) climbed to $157.62, rising 6.4 percent, while revenue per available room (RevPAR) came in at $102.74, marking an 8.4 increase from the same period last year.
Among the Top 25 Markets that STR analyzed, Chicago saw the highest year-over-year increases in occupancy and RevPAR. The former jumped a whopping 14.7 percent to 67.7 percent while the latter rose 36.2 percent to $116.98.
New York City (85.1 percent) and Oahu Island (80.2 percent) were the only two markets to report occupancy above 80 percent, according to STR.
Nashville reported the largest increase in ADR, which grew 7.9 percent to $227.79. The Music City also saw the second-highest jump in RevPAR, up 33.2 percent to $174.20. The rises were aided by the arrival of Taylor Swift’s Eras Tour.
STR noted that the only RevPAR declines over the most recent week was seen in Miami and San Francisco, where RevPAR declined 9.9 percent to $197.12 and 2.4 percent to $141.18, respectively.
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