San Diego Weekly Market Performance Overview
Last week, San Diego’s hotel performance remained choppy—a recurring theme throughout much of this year. However, performance showed notable improvement compared to the same week in 2023, bringing us closer to achieving the 2024 room night demand forecast of 17.4 million. As previously noted, November will play a critical role in determining the overall success of San Diego’s hotel market this year, especially given the market’s softness during this period last year.
Key Metrics
Occupancy
- Occupancy Rate: San Diego’s occupancy rate reached 75.8%, marking a 12.0% year-over-year (YoY) increase, the largest gain in the Western Competitive Set last week.
- Rankings:
- Top U.S. Markets: New York (90.1%), Tampa (87.2%), and Miami (82.4%).
- Top Western Competitive Set Markets: Phoenix (79.5%), San Diego (75.8%), and Los Angeles (75.4%). Phoenix took the top spot due to events like the Phoenix Pizza Festival and November Nights Festival.
- Local Submarket Performance:
- Downtown led with 85.3% occupancy, followed by UTC (84.3%) and Point Loma (79.9%).
- UTC and the I-15 Corridor experienced a significant midweek occupancy spike, suggesting solid business travel in the region.
- Room Night Demand: San Diego County hotels sold 344,700 room nights, approximately 40,000 more than the same week in 2023.
ADR & RevPAR
- ADR: The average daily rate stood at $207.
- RevPAR: Revenue per available room was $157, ranking San Diego 1st in the Western Competitive Set and 5th among the Top 25 U.S. Markets.
Group Performance
- Group Occupancy: Group occupancy climbed to 39.9%, a 38.5% YoY increase and the highest in the Western Competitive Set.
- Room Nights: 76,200 group room nights were sold, representing an increase of 21,100 compared to the same week in 2023.
Convention Activity
The San Diego Convention Center hosted several major events last week, contributing 29,500 room nights to the market. Key events included:
- American Association for the Study of Liver Disease
- International Foundation of Employee Benefit Plans
- American Academy of Physical Medicine & Rehabilitation
View the complete hotel performance report here.
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