U.S. hotel forecast revised upward
CBRE has again raised its forecast for U.S. hotel performance, expecting average RevPAR to be up 6% year-over-year
The company is seeing signs that the easing of travel restrictions in Japan and China, combined with continued improvements in group and independent business demand, are bolstering demand heading into the heavy summer travel season.
Key takeaways
- CBRE has revised its forecast for 2023 RevPAR to $97.89, up 6% year-over-year. Rate increases will be a bit weaker than expected but occupancy growth will compensate;
- Average daily rate is now expected to increase by 3.7% in 2023, down from the previous forecast of 4.2%, owing to slightly lower inflation expectations and a bigger mix of group travel and shoulder-period demand.
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