Hotel Industry Update: A Slower Recovery Ahead
By Jamie Lane, Sr. Director, Economics & Forecasting at CBRE and Bram Gallagher, Economist at CBRE Hotels' Americas Research
Jamie Lane
Bram Gallagher
After 10 consecutive weeks of occupancy gains, the hotel industry was in a better position than we expected six weeks prior. For the week ending on June 27, U.S. hotels reached more than 46% occupancy, more than double the low point of 22% in April.
Our forecasts show that RevPAR will decline 52% this year, and occupancies will average just 41%. We expect a strong hotel revenue recovery in 2021 and 2022, and that RevPAR could recover to pre-crisis levels by mid-2023.
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Hotel Industry Update: A Slower Recovery Ahead
Jamie Lane
Jamie Lane is the senior research director of Econometric Advisors and CBRE Hotels Research, leading economics, forecasting and data intelligence. Based in Atlanta, Jamie has more than 10 years of experience in economics and consulting. He manages CBRE’s team of economists and oversees forecasting and analysis for all property types.
More from Jamie LaneBram Gallagher
Bram Gallagher is an Economist for CBRE Hotels' Americas Research. He maintains performance forecasting models for 60 major U.S. hotel markets, performs consulting work for a destination marketing organization, creates tools for hotel developers, and examines the effects natural disasters have on hotel occupancy.
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