Overall, eight of the Top 25 Markets reported double-digit increases in GOPPAR.
WASHINGTON – Improvement in group demand across the Top 25 Markets drove U.S. hotel revenue and profit growth, according to October P&L data, according to October P&L data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
October 2023 per-available-room metrics (% change from October 2022)
- GOPPAR: US$97.45 (+3.7%)
- TRevPAR: US$240.74 (+4.0%)
- EBITDA PAR: US$69.60 (-1.2%)
- LPAR (Labor Costs): US$74.48 (+5.9%)
The industry saw its largest year-over-year increases in GOPPAR and TRevPAR since March 2023.
“The Top 25 Markets have showed an 11% jump in GOPPAR year to date despite a 14% lift in labor costs,” said Audrey Kallman, research analyst at STR. “That double-digit GOPPAR growth was more than 10 times the level seen in all other markets. New York City, an obvious business-centric market, led growth in the metric across the major markets on both a year-to-date and monthly basis.”
“Further evidence of the improvement in corporate demand, F&B labor costs on a per-occupied-room basis showed the largest year-to-date growth of any department,” said Kallman. “This aligns with weekday group performance rebounding across the topline.”
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
