After some positive signs in the market and overall economy, hospitality industry experts are raising their already strong outlook for the year for the Phoenix market. abc15
PHOENIX — Hospitality industry experts were already expecting good things from Phoenix-area hotels in 2023, but after some positive signs in the market and overall economy, their outlook for the year has been raised.
CBRE Group Inc. announced Thursday that it now expects Phoenix hotels to see an average revenue per available room in 2023 of $122.30, an 8.5% increase from 2022 and a $2.45 increase from the previous forecast that was published in November. The hospitality industry watchers at CBRE raised their outlook on the Phoenix market after hotel performance in Phoenix and nationwide saw gains in the fourth quarter of 2022 and with the expectation of a slightly positive GDP growth in 2023, the research firm wrote in its March 8 note.
"The hotel market for the Phoenix metro continues to remain strong with increased demand supported by both leisure and corporate growth," Adrienne Andrews, a senior vice president at CBRE, said in a statement."In 2022, despite the first quarter occupancy and demand being impacted by omicron, the year ended with revenues that exceeded peak 2019 by over 18%."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Phoenix officer shoots suspect near bus station: 'He was violently attacking the officer'RIGHT NOW: An update on a Phoenix Police shooting near a bus station this morning that left a suspect injured.
Read more »
Kevin Durant: Tickets for Phoenix Suns star's home debut surge in priceResale ticket prices for Wednesday night's game against the Oklahoma City Thunder are up about $240 since the Suns acquired the NBA superstar from the Brooklyn Nets.
Read more »
Rattlesnakes becoming active again as it warms up in PhoenixWarmer weather in the Valley means rattlesnakes are coming out a little earlier than usual. 'Leave them alone, and they'll leave you alone. It's very easy.'
Read more »
Video: Fight breaks out between 2 men on Southwest Airlines flight from Dallas to PhoenixVideo taken by a passenger shows punches being thrown and a man being caught in a headlock on a flight Monday.
Read more »
Here’s what you need to know about the ‘Majestic Mariposas’ exhibit in PhoenixThe ‘Majestic Mariposas’ exhibit at the Desert Botanical Garden in Phoenix promises an up-close experience with native southwestern butterflies! This popular exhibit is available until May 14.
Read more »