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June 29, 2020 Comments Off on CBRE: San Antonio Hotels Will Rebound by 2023 Views: 389 San Antonio, Texas News

CBRE: San Antonio Hotels Will Rebound by 2023

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By year-end 2020, San Antonio area hotels are forecast to decline to 42.9% occupancy, representing a 35.3% decline from 2019 levels, says CBRE. Average Daily Room Rates (ADR) are estimated to fall to $83.50, down 26.1% from 2019 levels. Resulting RevPAR is expected to fall 52.2% to $35.84. 

Looking forward, occupancies are expected to increase to the mid-60% levels by 2022, almost back to 2019’s relatively high 66.4%. ADR and RevPAR won’t surpass 2019 levels until 2023.  

“San Antonio has long been a resilient, stable market,” said Jeff Binford, managing director of CBRE Hotels South Central Division. “Historically, demand for hotels closely follows new supply, resulting in very consistent occupancies. Since the downturn due to the pandemic, the leisure segment is the first to recover, particularly in drive-to markets. San Antonio becomes that perfect destination for most Texas travelers.”

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