U.S. hotel commentary – August 2024

U.S. hotel revenue per available room (RevPAR) rose 3.9% year over year (YoY) in August, following a lackluster July. Growth was driven by average daily rate (ADR), which increased 2.3%. For the first time since February, the ADR increase was nearly equal to the monthly rate of inflation (2.5%). After two months of declines, occupancy improved by 1ppt to 66.9%, which was 4.1ppts below August 2019.