December 20, 2019
Revenue growth will continue to slowly increase in Hartford’s hotel market, according to a recent report from CBRE Hotels Research.
The report predicts that Hartford occupancy levels will dip 0.6% to 61.5% in 2020. Concurrently, rooms revenue per available room (RevPAR) is forecast to increase at 1.2% to $73.28 during the same time. CBRE is projecting a 0.3% supply increase and 0.3% demand decrease in Hartford for 2020. Average daily rates (ADR) are projected to climb in Hartford; rates are projected to grow 1.8% in 2020 to $119.09.
“Hartford’s RevPar, ADR and supply are forecasted to continue to increase through 2020, while occupancy and demand will decrease in 2020,” said Mark VanStekelenburg, managing director of CBRE Hotels.
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