Demand and price moved up together in the week of Sept. 20-26: occupancy 69.7% (+6.4%), ADR $179.43 (+7.4%) and RevPAR $125.06 (+14.2%). Roughly half the RevPAR gain came from occupancy and half from rate (derived: 1.064 x 1.074 = 1.143).
The spread inside the week was wide. San Francisco led RevPAR at +35.1% to $223.16, off a depressed base. Orlando posted the largest occupancy gain (+18.6%) and Miami the largest ADR gain (+19.8%). Phoenix, a Sun Belt growth market, was the only Top 25 market to decline, with RevPAR down 0.5% to $99.09.
The release credits the gain in part to the timing of Rosh Hashanah. Holiday timing shifts business travel between weeks and the effect was not quantified, so underlying growth is lower than 14.2% by an unpublished amount.
Implications: Do not underwrite a hotel off a single weekly print. Look at four-week and year-to-date RevPAR and separate rate from occupancy. Lenders sizing on trailing 12 months get little from this week; sponsors raising equity will cite it anyway.
Related coverage
Key Takeaways
- One strong hotel week is a calendar fact until the next three weeks confirm it.
- Price-led growth is more durable than volume-led growth; this week had both in roughly equal parts.
Hotel News Resource citing CoStar/STR, Oct. 1, 2026 (week of Sept. 20-26) · CRE360 analysis: rate/occupancy split derived; holiday-timing reading of the comparison week is CRE360's interpretation. Single secondary source.
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