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Articles by Lindsay Dyer
Major market supply and demand growth slowing
According to the May 2024 edition of Hotel Horizons, occupancy growth for the 65 major markets is projected to increase by 0.5 percent in 2024, resulting in an average occupancy rate of 68.9 percent. However, 32 of these markets are slated to see a decline in occupancy. The outlook for nationwide occupancy is slightly worse, as CBRE is forecasting national occupancy to increase by 0.2 percent in 2024 for an annual rate of 65.4 percent, which is only 97 percent of 2019 levels.
CBRE U.S. Hotels State of the Union May 2023 Edition
Key Takeaways: Economy Despite layoff headlines, employment continues to grow. Unemployment declined in April to 3.4%, as the economy posted a 1.9% increase in employment. Hotel wage growth decelerated by 300 bps since January. In April, hotel wage growth was below retail wage growth for the first time since the pandemic. Personal savings and consumer confidence dropped in April. Consumer confidence dropped slightly, while personal savings dipped to 4.1% from 4.5%.
Lindsay Dyer
CBRE is forecasting the 2023 aggregate revenue per available room for the nation’s 65 major markets to return to 2019 levels.
U.S. major-market RevPAR poised for rebound in 2023
For the first time since the onset of the COVID pandemic, CBRE is forecasting the 2023 aggregate revenue per available room for the nation’s 65 major markets to return to 2019 levels. In 2022, RevPAR recovered nationally but continued to lag in the major markets. According to the February 2023 edition of Hotel Horizons, 88 percent of the 65 Horizons markets are expected to have reached or surpassed their 2019 RevPAR levels by year-end 2023.
U.S. Hotel Owners Eyeing Interest Coverage - By Bill Grice and Robert Mandelbaum
According to CBRE’s February 2023 Investment Performance forecast, total revenues for the average U.S. hotel returned to 2019 levels in 2022, but the recovery of hotel profits will be delayed until later this year. Hotel franchise and management companies have benefited the most from the ongoing revenue recovery because the fees they receive are frequently earned as a percent of revenue.
Commercial Real Estate Lending Slowdown Continues in Q1 2023 Original
CBRE Lending Momentum Index Declines 33% From Previous Quarter Stress in the banking system and financial market volatility continued to slow commercial real estate lending activity in the first quarter of 2023, according to the latest research from CBRE. The CBRE Lending Momentum Index, which tracks the pace of CBRE-originated commercial loan closings in the U.S., declined by 33% from the fourth quarter of 2022 and 53.5% when compared with the strong loan volume of a year earlier.
The Former Woodpackers Hostel and Barleycorn Hotel in Collingwood, Australia Has Been Listed for Sale
Collingwood, Australia sale to tap demand for budget accommodation The former Woodpackers Hostel and Barleycorn Hotel in Collingwood has been listed for sale by private vendors. Located at 177 Johnston Street, the hostel has a modern fit out with a reception, four principal dormitory rooms, 10 private and shared rooms and two full commercial kitchens. CBRE Hotel’s Scott Callow is managing the sale via an Expression of Interest campaign closing May 25, 2023.
U.S. Major Market RevPAR Rebounds in 2023
For the first time since the onset of the COVID pandemic, CBRE is forecasting the 2023 aggregate revenue per available room (RevPAR) for the nation’s 65 major markets to return to 2019 levels. In 2022, RevPAR recovered nationally but continued to lag in the major markets. According to the February 2023 edition of Hotel Horizons®, 88% of the 65 Horizons® markets are expected to have reached or surpassed their 2019 RevPAR levels by year-end 2023.
Hostel Sold As Cairns Prepares for Improved Backpacker Market
Freedom Hostel Cairns has been sold and rebranded amid a wave of backpacker and hostel deals. CBRE’s Danny Betros and Hayley Manvell brokered the Cairns deal on behalf of the Melbourne based vendors Shield Abbott Pty Ltd, part of the Jreissati Group which owns Bensons Property Group and the renowned Levantine Hill Winery. Shield Abbott purchased the asset in 2007. Following the sale, the property has been rebranded as The Village Cairns.
Daintree Ecolodge, Red Mill House Bed & Breakfast and Daintree Village Hotel in Queensland, Australia Listed for Sale
A trio of accommodation and hospitality assets in the World-Heritage listed Daintree Rainforest region is to be listed for sale this month as part of a strategy shift by the Morris family’s Northern Escape Collection. The renowned Daintree Ecolodge, Red Mill House Bed & Breakfast and Daintree Village Hotel are being offered individually or in one line through CBRE Hotels’ Wayne Bunz and Hayley Manvell.
HVS Hodges Ward Elliott Launches Debt Advisory Business
1 minute read HVS May, 4 2023 HVS Hodges Ward Elliott (HVSHWE) has announced that Tim Barbrook has joined as head of Debt Advisory, launching the firm’s hotel & leisure debt advisory capabilities across the UK and Europe. The division will provide clients with access to the most efficient capital, advise on structure and provide transaction execution support.
U.S. Major Market RevPAR Rebounds in 2023 - By Lindsay Dyer
For the first time since the onset of the COVID pandemic, CBRE is forecasting the 2023 aggregate revenue per available room (RevPAR) for the nation’s 65 major markets to return to 2019 levels. In 2022, RevPAR recovered nationally but continued to lag in the major markets. According to the February 2023 edition of Hotel Horizons®, 88% of the 65 Horizons® markets are expected to have reached or surpassed their 2019 RevPAR levels by year-end 2023.
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