cbre group
CBRE Hotels Reduces Near-Team Outlook Due to Softer Summer Demand
CBRE Group, Inc. | August 17, 2023
Dallas – August 17th, 2023 – CBRE is reducing its forecast for hotel performance this year, as weaker-than-expected summer demand resulted in a shortfall in Q2 2023 revenue per available room (RevPAR). CBRE has revised its forecast for 2023 RevPAR to $96.64, up 4.6% year-over-year, but down $1.25 from its previous forecast in May 2023. The revision is predicated on a 70-basis-point (bps) decrease in expected occupancy compared with the earlier forecast. Average daily rate (ADR) is expected to increase by 3.6% in 2023, down 10 bps from the previous forecast. CBRE’s baseline-scenario forecast anticipates 1.6% average GDP growth and a...
CBRE Hotels Raises Outlook for Second Half of 2022, Expects Continued Growth in 2023
CBRE Group, Inc. | September 7, 2022
Dallas – September 7, 2022 – CBRE is raising its forecast for hotel performance on the heels of industry gains in Q2 2022 and the expectation of slightly positive GDP growth in 2023. CBRE has revised its forecast for the second half of 2022 to a gain in revenue per available room (RevPAR) of 14.7 percent year-over-year, up from the previous projection of 13.1 percent year-over-year. The revision is predicated on a 3.5 percentage point increase in expected average daily rate (ADR) growth compared to the previous forecast issued in May 2022, as well as a 2.2 percentage point reduction in CBRE’s demand forecast. U.S. hotel industry per...
Extended Stay America Celebrates Topping-Off of New Hotel in Gibsonton – Riverview, Florida
Extended Stay America | June 18, 2019
Charlotte, NC, June 18, 2019 — Extended Stay America, Inc. (NASDAQ:STAY) announced today the “topping off” of its new hotel in Gibsonton - Riverview, Florida, signifying the final beam has been placed and that the structural framework is complete. The 124-room Extended Stay America Tampa-Gibsonton- Riverview will open in the Fall of 2019 and is part of the company’s ongoing strategy to extensively grow its portfolio of hotels through development and franchising. Extended Stay America continues to seek new properties throughout the United States. “This is a great location for our first new prototype hotel in 13 years that falls...
Caribbean Hotel Profits Suffer In 2016
CBRE Group, Inc. | October 18, 2017
Zika, Exchange Rates and New Supply Impact Performance October 18, 2017, Atlanta, Ga. – CBRE Hotels Americas Research announced that the average Caribbean hotel in its survey sample suffered a 4.7 percent decrease in gross operating profit (GOP) during 2016, according to its newly released twelfth edition of Caribbean Trends® in the Hotel Industry. This decline in profitability follows four consecutive years of double-digit increases in GOP. The decline in the bottom-line starts with the falloff in top line revenue. During 2016, occupancy for the Trends® sample declined by 2.8 percent, along with a 0.2 percent decrease in ...
U.S. Hotel Spas: A Great Source of Revenue
CBRE Group, Inc. | December 14, 2016
New York – December 14, 2016 – In 2015, hotel spa department revenue grew at a faster pace compared to other sources of hotel revenue. According to the recently released 2016 edition of Trends® in the Hotel Spa Industry, U.S. hotel spa departments were able to increase their revenue by 5.6 percent from 2014 to 2015. This compares favorably to a 3.3 percent rise in rooms revenue for the properties in the survey sample, and a 5.5 percent increase in total hotel revenue. This is the first time since the 2007 edition of the publication that spa revenue growth surpassed rooms revenue growth. "CBRE Hotels' Americas Research is...
