CBRE's 2024 U.S. Hotel Industry Outlook
Skift Take
CBRE anticipates continued growth in the U.S. hotel industry in 2024, with a 3% RevPAR increase driven by recovery in international travel and strong segments performance, amidst challenges of increasing operational costs and pressure on profit margins.
The DJIA ended Friday down 305 points while Nasdaq was up 27, the S&P 500 fell 7 points and the 10-year treasury yield was down .05 to 4.22%. Lodging stocks were mixed. PK and MAR traded up to new highs while SOND rose 9% on the day.
Citigroup upped their rating on Park Hotels to Buy from Neutral. They upped their price target to $20 from $14.
After RevPAR rose to a record high in 2023, CBRE expects the U.S. to see another year of improvement in 2024. RevPAR growth is forecast to reach about 3% year-over-year, driven by the ongoing recovery in inbound international travel; the strong performance in the meetings and group events segments; and continued demand from leisure travelers. The trend of higher-end hotel outperformance will continue in 2024, with luxury and upper-upscale RevPAR expected to increase by 3.8% and 3.7% year-over-year, respectively. Urban locatio
