STR Weekly Insights: 18-24 August 2024

U.S. revenue per available room (RevPAR) soared in the week ending 24 August 2024, up 4.5% year over year, which was the highest increase of the past eight weeks. The Top 25 Markets again led the industry, especially on weekdays (Monday-Wednesday) and were supplemented by growth elsewhere, especially Transient weekday demand in non-Top 25 Markets. Room demand has been trending upwards for the past four weeks, still led by the upper-tier chain scales (Luxury & Upper Upscale) but with added contributions from the middle of the market (Upscale and Upper Midscale) and less decrease in the lower tier (Midscale & Economy). Average daily rate (ADR) gains generally met or exceeded the current level of inflation. With conference and convention season around the corner, the next couple months are expected to follow similar patterns.