- Hotel demand softened modestly during the week following Thanksgiving. Countywide demand totaled 250,333 RNs, just a shade below the same week in 2022. That said, leisure demand has slackened over the past four to six weeks, so performance through the rest of the year will be vital in understanding how 2024 could shape up for the region.
- County occupancy averaged 55.5% last week, dropping San Diego to 16th place among the top 25 markets. Within the City of San Diego, hotels along the I-15 Corridor fared best at 62.6%, followed by UTC at 60.0% and Downtown at 58.0%. New York had the highest occupancy in the nation at 83.5% as the Rockefeller Center Christmas tree lighting took center stage, with Miami a distant second at 69% and Oahu Island at 67.5%.
- Group demand has been in the same ballpark as past years for several weeks now, suggesting the weakening in total market demand is coming from the leisure segment. The convention center had one moderately sized group move in over the week, contributing about 10,000 RNs to total demand. Group demand totaled 36,131 RNs last week with an average occupancy of 18.9% and rates at $240.
- Overall ADR averaged $167 throughout the week, landing San Diego in the middle of the pack among top markets. Orange County rates averaged $200, with San Francisco and Los Angeles trailing at $186 and $179, respectively.
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