CBRE: U.S. HOTELS’ REVPAR GROWTH TO IMPROVE IN THE SECOND HALF OF 2024

U.S. HOTELS ARE likely to report improved RevPAR growth in the second half of the year, following a weak first quarter, according to CBRE. International
tourism and other economic factors are expected to provide a boost to performance.

A 2 percent increase in RevPAR growth is forecasted for 2024, down from the 3 percent estimated in February. RevPAR is now expected to grow by 3 percent for the
remainder of the year, driven by international tourists, holiday travel, and limited supply growth.

It is projecting GDP growth of 2.3 percent and average inflation of 3.2 percent in 2024.

The performance of the lodging industry is closely tied to the strength of the economy, as there is typically a strong correlation between GDP and RevPAR growth,
CBRE said in a statement.