New York City, Minneapolis, and St. Louis Drive Surging Regional Tourism Growth as U.S. Hospitality Achieves 67.3% Occupancy in October 2024 – Travel And Tour World

The U.S. hotel industry demonstrated improved performance in October 2024, reflecting continued recovery and growth, as per the latest data from CoStar. CoStar, a leading provider of online real estate marketplaces, information, and analytics for property markets, reported notable increases in key metrics compared to the same period last year.

October 2024 Highlights (Percentage Change from October 2023):

• Occupancy: 67.3% (+2.3%)
• Average Daily Rate (ADR): $164.86 (+1.8%)
• Revenue Per Available Room (RevPAR): $110.94 (+4.1%)

Among the Top 25 Markets, New York City led with the highest occupancy rate, surging by 4.6% to reach an impressive 91.0%. This performance underscores the city’s sustained popularity as a travel destination, driven by strong leisure and business travel demand. Conversely, St. Louis (61.7%) and Minneapolis (63.1%) recorded the lowest occupancy levels during the month.

Overall, the Top 25 Markets outperformed other areas in both occupancy and ADR, highlighting their resilience and appeal as key hubs for tourism and business.

CoStar’s Global Insights

CoStar’s hotel performance sample, encompassing 85,000 properties and 11 million rooms worldwide, offers unparalleled insights into global trends. This comprehensive database ensures accurate and reliable analytics for the industry, aiding stakeholders in understanding shifts in demand and market dynamics. Media representatives can request additional data through the designated contacts.

Industry Outlook for the Coming Months

The consistent growth in key performance indicators suggests optimism for the U.S. hotel industry heading into the holiday season. Factors such as sustained international travel, conferences, and local events are expected to drive further occupancy and revenue growth. New York City, in particular, is poised to maintain its leading position, benefiting from its diverse attractions and extensive event calendar. Similarly, other major markets are likely to see incremental improvements as economic conditions stabilize and consumer confidence grows.