Boston & New England CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Report: Hartford Hotel Market to Remain Healthy in 2020
Revenue growth will continue to slowly increase in Hartford’s hotel market, according to a recent report from CBRE Hotels Research.
The report predicts that Hartford occupancy levels will dip 0.6% to 61.5% in 2020. Concurrently, rooms revenue per available room (RevPAR) is forecast to increase at 1.2% to $73.28 during the same time. CBRE is projecting a 0.3% supply increase and 0.3% demand decrease in Hartford for 2020. Average daily rates (ADR) are projected to climb in Hartford; rates are projected to grow 1.8% in 2020 to $119.09.
“Hartford’s RevPar, ADR and supply are forecasted to continue to increase through 2020, while occupancy and demand will decrease in 2020,” said Mark VanStekelenburg, managing director of CBRE Hotels.
For comments, questions or concerns, please contact David Cohen
