What are hotel predictions for 2023?


What are hotel predictions for 2023? CBRE's revised forecast projects 2023 RevPAR will be up 4.6 percent year over year to $96.64, which is down $1.25 from its previous forecast, issued in May. CBRE's softened RevPAR projections are partially attributed to decreased occupancy expectations and a decline in demand, according to the company.


What is the average hotel rate in 2023?

Average daily rate (ADR): US$153.60 (+1.8%)


What are the travel trends for 2023?

These trends are reshaping the travel industry and providing exciting opportunities for both travelers and the travel industry alike.
  • Here are some of the top travel trends for 2023 that you should know about:
  • Eco-tourism.
  • Experiential travel.
  • Digital nomadism.
  • Wellness travel.
  • Multi-generational travel.


What will hotels be like in the future?

Future hotels will be customizable 34.4% want to use their own devices for access throughout the hotel. 25.4% said they were interested in room controls that auto-adjust temperature, lighting and even digital art, based on their preferences.


Are hotel prices expected to go down?

We are going to continue to see room rates grow just below the level of inflation,” Freitag predicts—an expectation he and other experts say could continue even if the economy does enter a recession. Still, hotel rates are undeniably elevated right now.


Do hotel prices go up if you keep searching?

Hotel prices are dynamic, fluctuating based on supply and demand — that means the price you see when you're searching for hotels one day might change the very next, even if the dates of your stay remain the same.


What is the hotel outlook for 2024?

For 2024, the RevPAR growth projection was also lowered 0.5ppts on a 0.5ppt downgrade in occupancy. Average daily rate (ADR) was upgraded 0.1ppts for 2023 but kept flat for 2024. “We brought down our growth projections with the industry in a period of normalization,” said Amanda Hite, STR President.


Are hotels profitable in 2023?

We are lowering our 2023 RevPAR growth forecast from 6.0% to 4.6% owing to a weaker-than-expected Q2 2023. Early indicators of property distress are increasing. Profit declines are contributing to an uptick in delinquencies, from 5.4% to 5.9%. This could be a precursor to increases in special servicing down the road.


What is the outlook for the hotel industry in 2023?

Strong Hotel Performance Amid Economic Headwinds. The hospitality industry is off to a promising start entering H2 2023, with typical seasonal trends developing and revenue per available room (RevPAR) continuing to grow.


Why are hotel prices so high 2023?

Supply and demand imbalances aside, hotels are facing other challenges this year thanks in large part to persistently high inflation. “Hotels are faced with rising energy costs to heat and cool along with the rising cost of goods and services,” Hayley Berg, lead economist at Hopper, tells Money.


Will hotel prices go down in 2023?

If you thought 2022 was an expensive year to travel, get ready to spend even more in 2023. New data from travel site Hopper shows that U.S. hotel prices averaged $212 per night in January — that's 54% higher than the same month in 2022. Planning on taking a trip soon?


What is the hotel occupancy trend in 2023?

TROY, Michigan—With average U.S. hotel occupancy on track to reach 63.8 percent in 2023, just shy of the pre-pandemic level of 65.9 percent, business and leisure travelers are packing into hotels throughout North America for a second consecutive year.