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.
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