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CBRE: Seattle Hotel Outlook Improving
CBRE is raising its forecast for Seattle hotel performance, on the heels of second quarter gains and the expectations of slightly positive GDP growth in 2023. Based on the firm’s Seattle research, the forecast for 2022 is a 58.3% gain in revenue per available room, up from the previous projection of 41.2%.
CBRE has also raised its forecast for Seattle hotel occupancy, jumping from a May prediction of a 15% rise this year to 60% occupancy to the current forecast of a 23.1% rise to 64.2%.
“While still not back to 2019 levels, Seattle’s hotel sector had a good summer, thanks in part to a very strong cruise season. Additionally, meeting and group demand is picking up, while concerts and professional sporting events are drawing people to the city,” said Alan Jutte, VP with CBRE Hotels Advisory.
The firm’s outlook for 2023 calls for continued rising demand, albeit at a slower pace than 2022, with occupancy expected to increase to 68.9%.
- ◦Economy
