U.S. Lodging Demand Forecast to Return to Pre-Pandemic Levels by Fourth Quarter 2023

CBRE Group, Inc. | July 20, 2021

Dallas, TX – July 20, 2021 – Based on stronger than expected performance during the first quarter of 2021, plus encouraging economic and vaccination news, CBRE Hotels Research forecasts U.S. lodging demand will return to pre-pandemic levels by the fourth quarter of 2023. The strength in lodging demand will support pricing, but occupancy gains will be somewhat offset by new supply, as fewer development and conversion projects were side-lined than previously forecasted.  As a result, the recovery in occupancy will not occur until the fourth quarter of 2025 due to greater supply growth during the 2020 – 2022 period than coming out of pr...