hotel parking
Parking and EV Stations Charge U.S. Hotel Performance
Jim Hurless | September 9, 2024
By Robert Mandelbaum and Jim Hurless Parking revenues have increased by 23.1% from 2019 to 2023, based on a sample of U.S. properties in CBRE’s Trends® in the Hotel Industry database, which is more than four times greater than the growth rate for total hotel revenues during that period. Not only is parking a growing source of revenue, but it is relatively profitable as well. In 2023, parking department profit margins for the CBRE sample were 61.3% of total department revenue, while the average profit margin for all other-operated departments was 58.7% at those hotels. While the contribution to revenues and profits is welcomed news to hot...
As Occupancy Stalls, Parking Drives Hotel Revenue Growth
Todd Casper | July 6, 2023
By Robert Mandelbaum, Todd Casper Based on our February 2023 Hotel Horizons® report, CBRE is forecasting that total hotel revenue for the average U.S. hotel returned to pre-COVID levels in 2022. This occurred despite the fact that the average occupancy for U.S. hotels is not expected to exceed 2019 levels until 2026. With occupancy levels lagging during the post-COVID recovery and guest counts depressed, hotel owners and operators have had to look for alternative sources of revenue beyond the rental of guest rooms to make up for the income deficits. For some hotels in the U.S., parking has become a profitable source of revenue since CO...
HVS 2019 Hotel Parking Survey
Rodney G. Clough | August 23, 2019
By Rodney G. Clough Most hotels in urban centers profit considerably off of available parking capacity and, depending on the garage size and operational strategy of the hotel owner, garages can be significant value drivers. Our experience reflects that parking garages can operate with departmental profit as high as 40% to 50% if managed internally, or garages can be significant profit centers when operated by experienced, third-party garage operators. With more and more travelers using shared ride services to get around town, smart hotel operators are renting excess parking capacities on monthly contracts to commuters working in adjacent o...
