After several years of enormous growth in daily rates, revenue and occupancy, Phoenix’s hotel industry slowed down in 2024.
Yet in the same year, the overall U.S. hotel industry reported record-high average daily rate and revenue per available room, according to CoStar’s 2024 year-end data.
In 2024, Phoenix’s hotel market had an average occupancy of 67.9%, which is a slight drop from 2023’s full-year occupancy of 68.3%. The entire U.S. hotel occupancy rate for 2024 was 63%, the same as in 2023.
Both Phoenix’s and the national average occupancy rate have not been able to exceed 2019 levels of 70.4% and 65.8%, respectively.
For the full year in 2024, Phoenix’s average daily rate was $173.45, down 0.8% from 2023. The U.S. daily rate grew year-over-year 1.7% to $158.67.
Read more of this story from the Business Journal.
