hotel forecast
CBRE Hotels Adjusts Outlook for 2024 Due to Economic Conditions, Predicts Modest U.S. RevPAR Growth
CBRE Group, Inc. | August 15, 2024
Dallas – August 15, 2024 – CBRE is reducing its forecast for U.S. hotel performance this year, as lodging demand softens due to weaker-than-expected leisure travel and slowing corporate profit growth. CBRE now projects a 1.2% increase in revenue per available room (RevPAR) growth for 2024, down from the 2.0% estimated in May 2024. Nevertheless, CBRE anticipates 2% year-over-year growth in RevPAR in the second half of 2024, up from 0.5% year-over-year growth in the first half, driven by international tourism and election-related events. CBRE forecasts GDP growth of 2.3% and average inflation of 3.2% in 2024. The performance of the lod...
Boston/Cambridge Lodging Market – Outlook Is for Positive Growth for 2024
Rachel J. Roginsky | November 15, 2023
By Rachel Roginsky After spending the last 32 years tracking and analyzing the Boston/Cambridge (“the City”) lodging market, Pinnacle Advisory Group (“Pinnacle”) is quite comfortable forecasting top line (occupancy and ADR) revenue for the City. But projecting the future with precision can be complicated. Here’s our perspective on the City’s lodging market for 2024: • Convention and Group Demand – This segment of demand comprises approximately 23% of total demand in the City. According to Signature Boston, the Boston Convention and Exhibition Center will generate approximately 500,000 room nights in 2024, which will be a...
IDeaS Releases 2024 Hotel Technology Predictions
IDeaS | November 15, 2023
Gathering insight from industry leaders around the world, IDeaS prognosticates on what may be in store for 2024 MINNEAPOLIS—Nov. 15, 2023 — IDeaS, a SAS, company, the world’s leading provider of hotel revenue management software and services, released Future Forecast: Six Hotel Technology Predictions for 2024. Gathering information from some of the top minds in the industry, IDeaS releases six bold hotel technology predictions that it believes will shape the year to come. Key predictions include: • The continued breakdown of hospitality data silos: The hospitality industry collects an incredible amount of valuable guest data, b...
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...
STR, TE Lower Growth Forecast for U.S. Hotels
STR | August 10, 2023
NASHVILLE—STR and Tourism Economics lowered their year-over-year growth projections in the revised 2023-24 U.S. hotel forecast just presented at the 15th Annual Hotel Data Conference. For 2023, growth in revenue per available room (RevPAR) was lowered by 0.5 percentage points, due to a 0.6ppt downgrade in occupancy growth. While that RevPAR growth remains above the long-term historical average, most of the increase was frontloaded to the early portion of the year. For 2024, the RevPAR growth projection was also lowered 0.5ppts on a 0.5ppt downgrade in occupancy. Average daily rate (ADR) was upgraded 0.1ppts for 2023 but kept flat for ...
HVS Outlook 2023: Beyond the Recovery
Anne R. Lloyd-Jones | January 23, 2023
By Anne R. Lloyd-Jones, McKenna Luke Despite persistent high inflation, an active Fed, and accelerating recessionary concerns, the lodging industry sustained the strong growth recorded in Q2 and Q3 of 2022 through the balance of the year. Transient demand continued to lead the recovery, surpassing 2019 levels in 19 of the past 21 months. The leisure segment remains a dominant influence, with business demand returning at a slower pace, although increasing levels of “bleisure” demand are blurring the distinction between these two sectors. Group demand rebounded to roughly 80% of 2019 levels; after the initial return of small to medium-si...
Consumer Travel Outlook Better in the Short-Term Amid Increasing Cost Pressures, Declining Travel Disruption and Fewer COVID-19 Concerns
STR | December 5, 2022
Via STR’s Market Recovery Monitory through 12 November 2022, a pandemic-era high 52% of global hotel markets achieved real (inflation-adjusted) revenue per available room (RevPAR) above 2019 levels on a 28-day moving basis. In the U.S., 62% of markets exceeded their pre-pandemic comparable during the period. In the face of mounting economic challenges, the war in Ukraine and soaring inflation in many parts of the world, these encouraging results highlight the continued resilient performance of the global hospitality industry. Building on previous research conducted throughout the pandemic, STR canvassed opinion among consumers in No...
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...
