CBRE Hotels Adjusts Outlook for 2024 Due to Economic Conditions, Predicts Modest U.S. RevPAR Growth

by CBRE | Aug 14, 2024

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Key Takeaways

CBRE is reducing its forecast for U.S. hotel performance this year, as lodging demand softens due to weaker-than-expected leisure travel and slowing corporate profit growth.

CBRE now projects a 1.2% increase in revenue per available room (RevPAR) growth for 2024, down from the 2.0% estimated in May 2024. Nevertheless, CBRE anticipates 2% year-over-year growth in RevPAR in the second half of 2024, up from 0.5% year-over-year growth in the first half, driven by international tourism and election-related events.

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