Gauging the U.S. hotel market in 2024
Research - FEBRUARY 15, 2024

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Gauging the U.S. hotel market in 2024

by Lewis Dayton

The resurgence of international travel is expected to have a serious boost to occupancy rates at hotels in the United States by as much as 1.2 percent, says CBRE in its hotels outlook for 2024.

Revenue per available room (RevPAR) growth is projected to be 3 percent in 2024, as headwinds including competition from alternative lodging sources, military conflicts and an economic slowdown all present obstacles to high growth.

“From a national perspective, we’re expecting urban locations to show the strongest growth,” said Rachel Rothman, head of hotels research and data analytics at CBRE, in webinar that went along with the report, due to the influx of international travel, the strength in group business and leisure demand.

The year-over-year RevPAR growth at urban locations in third quarter 2023 was 3.8 percent, the highest of all location types.

Upper-midscale chain hotels will do better than others, as is traditionally the case during economic downtu

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