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Wednesday, 24 April 2024 / Published in Base4

2024 Hotels Outlook and Market Trends

Reading Time: 3 minutes

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.

A modern Hotel Indigo building designed by BASE4, showcasing a sleek entrance canopy with geometric lighting structures, a multi-story brick and gray facade, and a neatly landscaped front area.

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.

I Have a Project I Want to Discuss!

 

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.

Graphical representation of the projected year-over-year RevPAR growth by location type for 2024, with urban locations leading at 3.8%, followed by airport, suburban, town, interstate, and resort locations. Source attributed to CBRE data.

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.

 

Let’s talk about your next project!

 

Thank you,

Blair Hildahl
BASE4 Principal
608.304.5228
BlairH@base-4.com

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