LODGING Staff

🏗️ In Dallas, Texas, CBRE revised its 2024 U.S. hotel performance forecast, now expecting a 1.2% increase in RevPAR, down from an earlier 2.0% projection. The company predicts 2% RevPAR growth in H2 2024 due to international tourism and elections, despite a slowdown in the first half at 0.5% year-over-year growth. The GDP is forecasted to grow by 2.3%, with an average inflation rate of 3.2%. CBRE suggests a potential RevPAR peak of $100.54, reaching 114.5% of 2019's pre-pandemic levels, assuming a 1.1% ADR growth and a 0.1% occupancy increase. Travel demand remains high, with TSA year-to-date throughput at nearly 549 million passengers, marking a 5.4% year-over-year rise. However, challenges include weakening consumer spending and alternative lodging options. CBRE also warns of a possible economic slowdown into 2025 and anticipates less than 1% annual growth in lodging supply over the next three years due to high financing and construction costs.

🏨 In Washington, from August 4-10, 2024, the U.S. hotel industry marked a year-over-year occupancy increase of 0.5% to 68.7%, ADR growth of 1.4% to $159.49, and RevPAR rise of 1.9% to $109.51, as reported by CoStar. Houston led with occupancy surging by 31.1% to 76.3% and RevPAR jumping by 47.2% to $93.89. Chicago experienced the biggest ADR boost of 13.8%, reaching $188.95. Conversely, Los Angeles and Dallas faced RevPAR drops of 12.2% to $161.66 and 11.3% to $66.30, respectively.