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CBRE: Convention planners will seek low-cost, warm-weather destinations for 4Q2021 into 2022
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14 October 2021

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Coldwell Banker Richard Ellis Group

World's largest commercial real estate services company CBRE Group this week reduced its US hotel performance projections for 4Q2021 because concerns about the Delta variant of COVID-19 are resulting in previously unanticipated slower demand for business travel, especially for global gateway cities (think: Boston, NYC, DC), northern markets (ditto) and hotels specializing in groups.

A CBRE spokesperson said:

“Unfortunately, for business-centric hotels, the rebound in business travel expected in September of 2021 is now delayed and will likely have a ripple effect into 2022’s corporate travel budgets.”

For all of 2021, CBRE now forecasts a US average occupancy rate of 54% and ADR of $112.85 for a RevPAR of $60.91, down 19.3% from the 2019 figure of $86.16.

Also CBRE expects convention business to pick up first at destinations with low operating costs, cheap air connections and fewer health restrictions - criteria that suggest planners will be looking at warm-weather destinations with low operating costs including, inter alia: Dallas, New Orleans, San Antonio, Las Vegas and Orlando.

For 2022, CBRE now forecasts occupancy to be up 8%, ADR up 7.1%, for a projected RevPAR increase of 15.6% vs. 2021.


David Boggs President/CEO ACRO Global|Publisher Tourism Marketer
David H. Boggs
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ACRO Global
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