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Report: Boston Hotel Supply and Demand to Increase Through 2020
Supply and demand will continue to increase in the Boston hotel industry, increasing 4.4% and 3.6%, respectively, according to a recent report from CBRE Hotels Research.
As outlined in the December 2019 edition of CBRE’s Hotel Horizons, Boston occupancy levels will dip slightly to 73.6% in 2020, but remain above 65.5% through 2021. At the same time, rooms revenue per available room is forecast to increase at less than 1% during the same timeframe to $149.69. Average daily rates are also projected to climb in Boston. Rates are projected to grow 1.3% in 2020 to $203.52.
“Particularly in the lower-priced services, Boston’s supply and demand continue to grow through 2020,” said Mark VanStekelenburg, managing director of CBRE Hotels. “While occupancy is forecasted to dip slightly, ADR and RevPar will increase in 2020.”
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