Hotel Rates Expected to Continue Rising Globally in 2024
- CBRE U.S. Hotels State of the Union (October 2023) shows August RevPAR declined by -0.7%, with a -1.7% occupancy drop. Total revenue growth outpaced RevPAR growth in July by 2.5%. U.S. loan origination decreased, and hotel job openings continue to decline.
- Hotel rates are expected to rise globally in 2024, with potential increases of up to 17.5% in some cities, according to American Express Global Business Travel’s Hotel Monitor 2024.
- The Baird/STR Hotel Stock Index was down -2% in September. Year-to-date, the Hotel Brand sub-index increased by 23%, while the Hotel REIT sub-index decreased by -1.5%.
The DJIA rose 135 points while Nasdaq was up 79, the S&P 500 rose 23 points and the 10-year treasury yield plunged .14 to 4.66%, possibly a flight to safety amidst the Middle East turmoil. Lodging stocks were higher. AHT was the biggest winner, up 7% but H rose 6% and BHR was up 5% on the day. Hyatt Hotels stock jumped in after-hours last night and trading […]