CBRE: U.S. RevPAR to rise 1.2 percent in 2024, 2 percent in H2

U.S. REVPAR IS expected to grow by 1.2 percent this year, down from the previously forecasted 2 percent, according to CBRE. Despite lower full-year
projections, second-half growth is set to improve, with a 2 percent increase compared to 0.5 percent in the first half.

CBRE’s 2024 Global Midyear Hotels Outlook attributes these second-half growth projections to election-related events in the U.S., easier year-over-year comparisons,
rising inbound international visitors, anticipated interest rate cuts, and a slight uptick in group and business travel.

In the first half of 2024, RevPAR in 57 of the 65 U.S. markets tracked by CBRE returned to pre-pandemic levels. Most of the eight markets still lagging are in
Northern California and the Upper Midwest. Major East Coast markets, including New York, Boston, Washington D.C., Atlanta and Miami, have surpassed 2019 levels.