CBRE expects Japan’s hotel sector to improve

Although occupancy for Japan’s hotel sector was down 11 percent as of February 2024 year-to-date compared to the same period in 2019, CBRE expects an improvement over the course of this year on the back of further foreign tourism gains.

The Japanese government estimates that international tourist arrivals will hit a record 33 million this year, with authorities setting a goal of 60 million annual foreign arrivals by 2030. CBRE is therefore confident about the outlook for further hotel operational growth in 2024, driven by an occupancy recovery in well-managed assets in core locations.

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