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Report: Seattle Hotels on the Rebound
In a recent report, CBRE expects Seattle hotels to exceed 2019 revenue per available room (RevPAR) in the second half of 2024, following a weaker-than-expected first quarter.
“Seattle hotel occupancy has steadily increased, supported by an uptick tourism and other leisure activities such as sporting events and concerts. While business travel is still muted, the cruise industry has buoyed hotels and tourism in Puget Sound,” said Alan Jutte, Vice President with CBRE’s Hotels Valuation & Advisory group.
This outlook is based on projected average daily rate (ADR) growth of 1.4% and a 1% increase in occupancy. RevPAR in Seattle is forecasted to increase 2.4% for 2024, down from the 2.9% estimated in February 2024. Hotel occupancy across the Puget Sound region is expected to reach 70.5% this year, nearly reaching the 74.1% occupancy in 2019. CBRE anticipates hotel occupancy will continue to make steady gains in the region, forecasting to reach 73.8% in 2026.
