Hotel Occupancy & RevPAR Continue to Decline

Executive Summary

• Overall hotel occupancy decreased by 1.2% year-over-year in Q4, as supply growth of 0.8% outpaced a 1.3% decline in demand.
• Revenue per available room (RevPAR) fell by 1.1% despite a 1% increase in the average daily rate (ADR).
• Occupancy rates for all location types remained below 2019 levels. Interstate locations were the closest to pre-pandemic levels at 99%, while urban locations were at 93%.
• San Francisco had the strongest year-over-year RevPAR growth in the nation at 25% in Q4, driven by robust convention business.
• Tampa and Sarasota were the weakest growth markets year-over-year in Q4 due to outsized hurricane-driven demand in Q4 2024.