- The second week of 2024 fell a bit short in hotel room night demand compared to the same week of 2019 and 2023. San Diego County properties sold 266,453 RNs, versus 282K RNs in 2019 and 277K RNs last year. Despite the shortfall, last week’s demand was by nearly 30,000 RNs compared to the week prior.
- Average occupancy rose week over week to settle at 59.0% with most regions within the County reaching mid-to-high 70s by Saturday. San Diego remains lower among top markets, though, ranking 12th in the nation and 5th in the western competitive set. The top three markets for the week were Miami at 79.7%, Oahu Island at 75.2% and Orlando at 71.5%.
- Within the City of San Diego, top regions were UTC properties at 64.3% occupancy, followed by Downtown at 63.0%, and I-15 Corridor at 60.3%.
- PCMA’s Convening Leaders 2024 was in full swing last week and contributed 11,063 contracted RNs to total demand. Overall, Group demand neared 50K RNs sold for the week with an average occupancy of 26.0% and rates of $256. Despite the strong showing, week two of 2024 fell slightly below Group demand in 2023 when upscale+ hotels sold about 53K RNs and charged $257 per night.
- Total market ADR continues to follow 2023 trends with rates at $173 last week. San Francisco was an outlier last week (as they hosted a large biotech conference) with average rates of $589, but all other western markets were in the ballpark with San Diego; Orange County had rates of $198, Los Angeles was at $183 and Phoenix came to $172.
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