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2023 Economic Review and 2024 Outlook - Lodging02-06-24 | News

2023 Economic Review and 2024 Outlook - Lodging

Non-Residential
by Staff

Lodging

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The 2023 Global Midyear Hotels Outlook report, published by CBRE, a leading commercial real estate services and investment firm, found that after a robust Q1 2023, U.S. hotel performance softened in Q2, with year-over-year revenue per available room (RevPAR) growth slowing to 1.1%. Weaker demand resulted from increased Americans traveling overseas which had an impacted on the hotel market which was already contending with a 12.5% rise in short-term rental demand, cruise ship bookings, and depleted consumer savings. Urban locations, recovering to 2019 levels, saw a 5.0% increase. Despite resilient consumer spending on travel, 2023 RevPAR growth expectations have decreased from 6.0% to 4.6%, due to a rebound in domestic travel and potential disruptions from higher interest rates, oil prices, and the depletion of excess savings. Urban hotels are forecasted to perform best, with a 5.5% compound annual growth in RevPAR from 2022 to 2027.
https://tinyurl.com/Lodging-23

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