Weekly Hotel Performance Update – June 30-July 6, 2024

• San Diego had another strong showing last week, extending the recent string of good news, as the July 4^th holiday ushered in some heavy traffic.
• County properties sold 363,515 room nights, essentially matching the numbers put up during the same week 2023 and 2019. Of those, 224,715 room nights were booked within the city.
• Occupancy averaged 80.3% across the county last week. That represents a 4.3-point decrease week-over-week, owing to a slow start to the week as travelers geared up for the holiday. Ultimately, however, July 4^th was a blockbuster night for hotels in every region in the county, and that strength continued into Friday and Saturday nights.
  • Across the city, occupancy averaged above 95% on Thursday and Friday and remained above 90% on Saturday. Mission Bay properties recorded occupancy above 97% on both Thursday and Friday, and Downtown posted similar number at 96.8% on Thursday and 97.6% on Friday. Notably, La Jolla logged an occupancy rate of 98.0% on Friday even amid an ADR above $450.
  • San Diego ranked 2^nd among the top 25 markets last week behind Oahu (87.3%) and just slightly ahead of New York (80.1%). San Diego was well ahead of the western comp set with Seattle (72.9%) a distant second.
  • Despite the stellar performance among Mission Bay and Downtown hotels on Thursday and Friday, Pt. Loma – Airport properties recorded the highest average occupancy (84.8%) for the week, thanks to a relatively stronger mid-week showing. Pt. Loma – Airport properties were followed by Mission Bay (84.2%) and Downtown (81.5%).
• ADR averaged $245, right on top of the rate charged in 2023. As is typical, Mission Valley charged the lowest rates at $180 while La Jolla raked in an average of $411 per night. ADR also ranked 2^nd among the top 25, and combined with occupancy, San Diego had the 2^nd highest RevPAR at $196.

The American Library Association was at the convention center and was wrapping up on Monday. That event contributed about 3,500 room nights, almost all of which were on Sunday night. Tallied up, San Diego sold 23,632 Group room nights at an average rate of $270 per night, both measures about the same as 2023.

View the complete hotel performance report here.