The hospitality industry has undergone a seismic transformation since 2020. This period of change is set to continue through 2022 and 2023, with shifts in demographics and technology. Developers: Read on for good news updates in the hotel sector!
According to CBRE’s latest 2022 Hotel Horizons forecasts, US major market revenue per available room will increase a very strong 32.8% during 2022. Among CBRE’s 65 tracked markets, the 25 largest markets will see even greater growth (33.7%). Both of these projections are nearly double the national lodging market RevPAR forecast of 17.5%.1
The hotel chain will have the biggest summer we’ve ever seen in our 103-year history this summer.
~ Hilton CEO Chris Nassetta
Hotel’s high demands were kept up by the leisure consumer’s more than $2.5 trillion in incremental savings and strong corporate balance sheets paired with “very good” profitability.2
Marriott’s revenue per available room, which measures hotel performance, was up about 25% in 2022 compared to 2019 during Memorial Day weekend.
In Marriott’s luxury portfolio, which includes hotels like JW Marriott, Ritz-Carlton, and St. Regis, those hotels saw nearly a 30% increase in rates in the first quarter of 2022 compared to 2019.3
We have designed hundreds of hotels across every major brand and in all 50 states.
Great things are coming for the hospitality industry, and BASE4 is pleased to be part of it. We have the expertise, technology, and processes to guide clients through every stage of their project, anywhere they are. We help developers, general contractors, and factories find better ways to build through innovative technology, forward-thinking design, and offsite manufacturing.
You need design partners who understand how to create an efficient and high-quality living space with affordable construction options and experiences all over the country. We provide Engineering/ID all in-house and help developers build cheaper and faster. We are here to talk about the best way to build with a product-centered approach.
Here’s a highlight of some of our hotel projects:
*Photographs provided by Hotel Owners