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SA Hotel RevPAR Expected to Rebound in 2021
After facing the lowest occupancy levels since the 1930s and historic declines in revenues and profits in the second quarter, the U.S. hotel industry is poised to begin a multiyear recovery, CBRE reported. For the San Antonio market in particular, that means a 49.9% RevPAR decline on an annual basis this year—a noticeable improvement over the 78.4% year-over-year decline in Q2.
Then CBRE forecasts a recovery beginning next year. RevPAR is expected to gain 34.6% by the end of 2021 and surpass 2019 levels in 2024.
“While the data may look bad for now, San Antonio is a resilient and stable market with historically consistent demand for hotels and very consistent occupancy levels,” said Jeff Binford, managing director of CBRE Hotels South-Central division. “As travel returns, we anticipate leisure travelers will lead the way, seeking drive-to locations. Business travelers are expected to follow suit, followed by group travelers.”
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- ◦Economy
