CBRE Expects Lodging Revenue Per Available Room Recovery by Mid-2023

CBRE Group, Inc. | December 15, 2021

Dallas, TX – December 15, 2021 – Average daily rate (ADR) gains and a 35.1% year-over-year increase in hotel occupancy in Q3 showed demand for U.S. hotel stays endured in the face of the Delta variant. Continued improvement in domestic travel and the rollback of many international travel restrictions have led CBRE to revise its forecast significantly upward in the near- and medium-term. Revenue per available room (RevPAR) is now forecast to reach 2019 nominal levels by the second half of 2023, rather than in 2024, as previously forecasted. Still, the identification of the Omicron variant and ongoing concerns about the pandemic continue ...