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CBRE is optimistic about its midyear global outlook.
While there are significant variations in performance across regions and countries, CBRE predicts that the growth of room revenue per avlable room RevPAR in the United States for 2024 will improve to 1.2, down from an earlier estimate of a 2 increase. Despite this adjustment, the forecast anticipates a stronger growth rate in the second half of 2024 compared to the first quarter - with a projected 2 increase versus just 0.5 growth during H1.
The enhanced second-half performance is attributed to several factors including demand from US election-related events; easier comparisons agnst previous years; an influx of inbound international travelers; expected interest rate cuts; and a slight upturn in group and business travel activities. Urban and rport hotels are forecasted to outperform their counterparts, while resort locations are anticipated to underperform as the leisure post-pandemic travel trs normalize.
CBRE remns bullish on Northern Latin America Colombia, Costa Rica, and Mexico, expecting occupancy levels in Costa Rica this year to surpass 2019 records of 67. In Colombia, with its improving economy; lower inflation rates; interest rate cuts by the central bank; and government initiatives med at boosting the hospitality sector, it could potentially attract over 6 million tourists for the year. Tourism in Mexico is anticipated to stay robust, attracting foreign investors while solidifying its position as one of the leading global tourism destinations.
Europe's hotel and tourism sectors are poised for continued growth albeit at a more subdued pace compared to recent years. CBRE anticipates healthy gns across key European cities due to an increase in inbound international visitors and corporate travel activities. Luxury and resort destinations are expected to perform better than other segments as high-income travelers prioritize personalized experiences, with the slowdown of macroeconomic headwinds being partially offset by these trs.
Following a period of strong growth in the first half of 2024, CBRE's outlook for the Middle East's hotel industry remns positive. The first six months witnessed improved operational performance across most major cities within the Gulf Cooperation Council GCC. Moreover, tourism-related initiatives were announced in Saudi Arabia while regulatory reforms in the United Arab Emirates are set to enhance the hospitality sector.
Across Asia Pacific regions, except for the Maldives, all markets reported year-over-year increases in RevPAR during H1 2024. Despite challenges related to staff shortages and rline disruptions, there has been significant growth in r travel within the region so far this year.
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CBRE Mid Year Global Hotel Outlook US Room Revenue Growth Forecast Northern Latin America Tourism Predictions Europes Sustained Hotel Industry Growth Middle East Hospitality Industry Trends Asia Pacific RevPAR Increase Insights