Introduction to 2024 Hospitality Trends
Detailed Review of 2023 Performance
RevPAR Growth in 2023
Factors Affecting ADR and Occupancy
Forecast for 2024 in the Hospitality Industry
Predicted RevPAR and ADR Trends
Urban vs. Airport Hotel Performance
According to the latest CBRE data, the Hospitality Insight 2024 Hotels Outlook reveals positive trends in the hospitality market. In 2023, RevPAR experienced a notable increase of 3.2% year over year. This growth was driven by a 2.7% year-over-year rise in the Average Daily Rate (ADR) and a 0.5% year-over-year increase in occupancy. Read on for valuable hospitality insights.
CBRE expects RevPAR growth of just 3.0% in 2024, supported by a 40-basis-point increase in occupancy and a 2.3% increase in ADR. 
Urban hotels are projected to exhibit strong performance in 2024, whereas airport hotels are poised to capitalize on the surge in inbound international travelers.
- If international travel rebounds to its 2019 levels, the industry could potentially reap the rewards of approximately 4.7 million additional overseas visitors. This influx could elevate the overall occupancy rate by 1.2%, reaching a historic high.
Did you know: America had the largest pipeline of any country in Q4.
Among the top five cities with the largest pipeline totals, three are situated in the United States:
- Dallas, TX: 193 projects and 22,291 rooms.
- Atlanta, GA: 151 projects and 18,730 rooms.
- Nashville, TN: 123 projects and 16,148 rooms.
The hospitality industry has exciting opportunities ahead, and BASE4 is proud to be a part of it.
BASE4 | Hotel Experts
BASE4 is the right architecture and engineering firm for all your design needs. We perform all services in-house, including architecture, structural engineering, MEP engineering, interior design, 3D BIM visualization, and construction administration. Our team is here to guide you in the development of these incredible hotels.
We are committed to providing all services in-house, ensuring seamless collaboration and unparalleled results.
Thank you,
Blair Hildahl
BASE4 Principal
608.304.5228
BlairH@base-4.com
