U.S. Hotels Log Late-April Gains With RevPAR Up 8.5%

Overview

• CoStar’s latest weekly read shows occupancy at 67.7%, average daily rate (ADR) at $169.17, and revenue per available room (RevPAR) at $114.45, a year-over-year RevPAR rise of 8.5%.
• Event-driven markets led the pack, with New Orleans posting a 34.3% RevPAR jump and Las Vegas recording a 17.8% ADR lift, while 21 of the top 25 markets saw RevPAR growth.
• STR/CoStar data show national RevPAR up 4.5% over the trailing 28 days through mid-April, with luxury leading gains and economy and midscale properties also improving.
• HVS reports average U.S. hotel cap rates near 8.3% in Q4 and expects a gradual drift lower in 2026 as more struggling assets change hands.
• Hotel sales are starting to revive from last year’s lull, yet volumes remain well below prior peaks as special events and fuller convention calendars help support rates and occupancy.