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CBRE Raises Forecast for Hotel Sector in NYC and Nationally
CBRE is raising its forecasts of hotel performance for 2022 and beyond, based on first-quarter strength, continued slowing of construction activity, higher inflation and continued optimism about employment and economic growth.
Nationally, CBRE forecasts 29.7% growth in ADR, a 41.8% increase in demand and a 75.06% increase in RevPAR this year. In New York City, CBRE projects annual occupancy to be 77.2% in 2023 and 82% by 2024.
“New York remains one of the premier travel and business destinations in the world and continues to attract both international and domestic leisure demand as well as corporate executives, while waiting for the return of meaningful group demand,” said Dan Hanrahan, an SVP of CBRE Hotels Advisory covering the Northeast division. “As a result, the hotel sector has begun to rebound and is poised to return to its pre-pandemic levels in both occupancy and ADR by 2024.”
- ◦Economy
