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CBRE forecasts RevPAR growth to improve in H2

Hotel Business

The company’s latest forecast projects a 2% increase in RevPAR growth for 2024, down from the 3% estimated in February. CBRE forecasts GDP growth of 2.3% increase in occupancy. ” CBRE expects muted supply growth in the medium term due to elevated financing and construction costs. .”

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8 practical tips to increase your hotel’s occupancy rates

STAAH

With a little creativity and lots of data and insights, low occupancy periods can be more efficiently managed Low occupancy is largely driven by seasonality with off-peak times being marked by fewer bookings and even lower forward bookings. To conclude Optimising revenue during low occupancy doesn’t have to be difficult.

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LE: U.S. construction pipeline rises in all project stages

Hotel Business

In the latest United States Construction Pipeline Trend Report from Lodging Econometrics (LE), analysts report that construction pipeline projects in the U.S. At the close of the first quarter, projects currently under construction stand at 1,051 projects/140,365 rooms, each showing 9% growth YOY. construction pipeline at Q1.

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Report: Boutique hotel occupancy outpaces all U.S. hotels

Hotel Business

Boutique hotels continue to report solid occupancies and healthy ADRs, and collectively achieved increases in all performance indicators through June, according to the Boutique Hotels: Mid-Year 2023 report from The Highland Group. At mid-year 2023, boutique hotel occupancy levels indexed ahead of all U.S. This compares to all U.S.

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Exclusive: Ascott to open Sydney lyf, Oakwood Epping

Hotel Management

The 160-key lyf property, on Sussex Street in Sydney, is the third Australian property for the co-living brand and follows the opening of lyf Collingwood in May 2022, with a Bondi Junction property, currently under construction, due to open next year. Ascott is aiming for a mid-2025 opening.

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CBRE reduces forecast for 2024

Hotel Business

CBRE is reducing its forecast for U.S. CBRE forecasts GDP growth of 2.3% and a 10-basis point increase in occupancy. CBRE forecasts compound annual growth in supply of under 1% over the next three years, as elevated financing and construction costs temper construction activity. The company now projects a 1.2%

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CBRE expects 2024 RevPAR growth

Hotel Business

CBRE is forecasting RevPAR will continue to grow steadily in 2024, driven by improving group business, inbound international travel and traditional transient business demand. The company forecasts a 3% increase in RevPAR growth in 2024, with occupancy improving by 45 basis-point (bps) and ADR increasing by 2.3%.