By Brittney Sherman
Hotels in the U.S. reported year over year decreased occupancy, revenue, and revenue per available room (RevPAR) during third quarter 2024. According to CoStar Analytics, this was the fourth quarter in a row that room rate growth declined and the second lowest overall growth rate, outside of first quarter, since 2021. Luxury and Urban hotels continue to lead room demand, while economy hotels experience losses. International, corporate, and group travel are projected to boost the top 25 markets, however trickling declines are expected to impact most other markets in fourth quarter 2024.
Read the full CoStar Analytics article HERE.