CBRE LOWERS NEAR-TERM OUTLOOK FOR HOTELS AMID SOFTENED SUMMER DEMAND Hotel supply to grow 1 percent CAGR over 5 years, below industry's 1.6 percent average
LOWER-THAN-EXPECTED summer demand will affect U.S. hotel performance, resulting in a second quarter RevPAR shortfall, according to CBRE. It has revised its 2023 RevPAR outlook to $96.64, reflecting a 4.6 percent year-over-year increase but a $1.25 reduction from the May 2023 projection. This revision is based on a 70-basis-point decline in projected occupancy, in contrast to the previous forecast.
