April continued a streak of strong results for Houston hotels aided by major events like the FIRST Robotics Championship at the George R. Brown Convention Center and Taylor Swift’s three-night concert event at NRG Stadium.
Metro Houston hotel occupancy averaged 66% in the month of April, up 7% from April 2022. The average daily rate (ADR) and revenue per available room (RevPAR), key metrics for hotel performance, were up 13.3% and 21.3% respectively during the month compared with the year-earlier period.
Looking at key submarkets:
- Occupancy in Downtown/CBD was 65.7% in April, up 17.1% from April 2022. ADR was up 19.6% while RevPAR was up a whopping 40% from a year ago.
- The Galleria submarket experienced a 22.9% year-over-year increase in occupancy for the month. ADR was up 6.4% and RevPAR increased 30.7%.
- The Medical Center/NRG saw one of the highest occupancy rates among submarkets at 67.7% in April, up 10.2% from a year ago. Demand there was up 16.4% with ADR and RePAR up significantly at 29.6% and 42.9% respectively.
- The North Houston/Woodlands submarket experienced a 5.4% increase in occupancy to 68.3% in April. Demand in that area increased 5.3% year-over-year with ADR up 7.7% and RevPAR up 13.5% year-over-year.
Looking at the first four months of 2023, occupancy averaged 62%, up 11.7% compared with the first four months of 2022. ADR was up 10.9% to $115.86 while RevPAR rose 23.9% to $72.29.
Meanwhile, trends look positive for the remainder of the year with 29 major conventions booked, including a convention each week in the month of July. Upcoming meetings and conventions include the American Society for Mass Spectrometry with an estimated 6,500 attendees in early June and the American Society for Microbiology with roughly 7,000 in mid-June.
(pictured: Hilton Americas Houston)