CBRE Report Forecasts Full Recovery for Hospitality Sector in 2023

Originally published on May 31, 2022, by Michael Tucker for the Mortgage Bankers Association.

CBRE, Dallas, raised its hotel performance forecast based on first-quarter strength, slow construction activity, higher inflation and continued optimism about employment and economic growth.

CBRE now forecasts a full average daily rate recovery this year and a full revenue per available room recovery in 2023.  

Despite headwinds from the Omicron variant, first-quarter RevPAR reached $72.20, up 61 percent from a year earlier. A 39 percent average daily rate jump and a 16 percent occupancy increase drove the RevPAR growth.

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