image credit: Pexels

Rate to Lead U.S. Hotel RevPAR Recovery As Occupancy Lags – Business Travel Network

Excerpt from Business Travel Network

The U.S. hotel average daily rate will exceed 2019 levels by 2024, according to the latest CBRE Hotels Research forecast, which also projects revenue per available room to reach 99 percent of its pre-pandemic level in 2024 and 104 percent in 2025.

ADR growth is expected to lead the RevPAR recovery as the occupancy forecast slightly lags the other key indicators. CBRE projects U.S. hotel occupancy to be 65.7 percent in 2025, about 98 percent of its 2019 level. Since the end of May, occupancy has accounted for more than 70 percent of the RevPAR shortfall versus 2019, according to CBRE.

Read More on Hotel News Resource