CBRE has raised its 2022 national forecast for hotel sector performance, citing better-than-expected fundamentals and below-average supply growth as well as strong domestic leisure travel.
The largest brokerage now is projecting that hotel RevPAR will reach 2019 nominal levels by Q3 2022, moving up its previous forecast of Q3 2023 by an entire year. RevPAR actually exceeded the pre-pandemic average of $184 in December, but then fell about 20% below the 2019 level during Q1 2022.
CBRE now is forecasting average daily room rate (ADR) growth of 29.7%, a 41.8% increase in demand and a 75.06% increase in RevPAR this year nationally.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
