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
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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