Future hotels will be customizable34.4% 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.
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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.
Outlook overviewIndeed, the World Travel & Tourism Council (WTTC) forecasts that the global travel and tourism sector will reach US$9.5 trillion in 2023 — just 5% below 2019 pre-pandemic levels.
In 2023, the global hospitality market reached nearly 4.7 trillion U.S. dollars and was forecast to grow to 5.8 trillion U.S. dollars in 2027 at a compound annual growth rate (CAGR) of 5.5 percent.
Environmental sustainability remains at the heart of hotel concerns also in 2023. Many are adopting eco-friendly practices, such as the use of recycled materials, responsible water management and renewable energy. OTAs have also made environmental sustainability their priority.
As hotels incorporate more digital technologies across departments, smart rooms will become an increasingly popular hotel trend. Keyless door locks, voice control technology, and remote room controls are all features we can expect to see as hotels place a greater emphasis on technology in the coming years.
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.
49% of Americans Plan To Travel More in 2023This is impressive considering 45% of respondents traveled once or twice in 2022, with 42% traveling three or more times in 2022. All types of trips remain popular for the coming year, though visiting with friends and family leads the list.
A resounding 87% of survey respondents expect to travel at least as much as they did in the prior year, with 49% selecting that they expect to travel more. This is especially true among younger respondents, with 59% of those between the ages of 18 to 26 planning to travel more in 2023.