Done Deals: May 16, 2024

Thursday, May 16, 2024

JLL expands its Texas Industrial Investment Sales and Advisory team in Austin and San Antonio

Witt Westbrook

AUSTIN, TX –  JLL Capital Markets announced Witt Westbrook and Kyle Mueller have joined its Industrial Investment Sales and Advisory team as Senior Directors focusing on the Central Texas region and broader Texas markets.

Westbrook joins the Austin office and Mueller sits in the San Antonio office and both Senior Directors will report directly to Senior Managing Directors Doug Opalka and Robert Wooten.

Westbrook brings five years of industry experience, most recently serving as Managing Director at Transwestern. Mueller has been with JLL for over eight years and moved over from the Industrial leasing team to join Capital Markets.

Kyle Mueller

JLL’s Industrial group co-lead and Senior Managing Director Trent Agnew sits in the firm’s Houston office and will provide oversight and leadership alongside Wooten and Opalka for this expansion of “Team Texas” in Austin and San Antonio.

“We are incredibly excited to bring on Witt and Kyle to strengthen our team in Central Texas and be a key component of JLL’s Texas Industrial capital markets team,” said Agnew.

“Both bring forth a combination of capital markets and leasing expertise that give them a unique perspective on the market and will allow us to serve our client’s needs at the highest level.

Trent Agnew

"Their passion for all things industrial and team-oriented attitude will be great additions for JLL as we look to double down on the growth in the Texas markets that we expect to occur in the coming years. “

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

Doug Opalka

For more news, videos and research resources, please visit JLL’s newsroom.

Contact:

Alli Stent

PR, Hotels & Hospitality

Capital Markets

Chicago | JLL

M +1 330 329 6750

CBRE Expects RevPAR Growth to Improve in H2 2024, Driven by Holiday and International Travel

Rachael Rothman

Dallas, TX, May 16, 2024 – CBRE expects revenue per available room (RevPAR) growth to improve in the second half of 2024, following a weaker-than-expected first quarter.

CBRE’s latest forecast projects a 2.0% increase in RevPAR growth for 2024, down from the 3.0% estimated in February 2024. RevPAR is now expected to grow by 3% for the remainder of the year, driven by international tourists, holiday travel and limited supply growth.

CBRE forecasts GDP growth of 2.3% and average inflation of 3.2% 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.

“We anticipate modest growth over the next few quarters, supported by a continued uptick in visitors from overseas and election-related events, such as political party conventions,” said Rachael Rothman, CBRE’s Head of Hotel Research & Data Analytics.

CBRE remains optimistic that RevPAR will achieve a nominal record of $101.20 this year, representing 115% of pre-pandemic levels in 2019. This outlook is based on projected average daily rate (ADR) growth of 1.7% and a 0.2% increase in occupancy.

Michael Nhu

“Slower RevPAR growth reflects softer demand, stickier inflation and high interest rates,” said Michael Nhu, Senior Economist and CBRE’s Head of Global Hotels Forecasting.

“People have already spent a significant portion of their pandemic-era savings, and on top of that, the lingering inflationary pressures are putting a strain on discretionary spending, especially for more price-sensitive consumers."

CBRE expects muted supply growth in the medium term due to elevated financing and construction costs. For 2024, CBRE expects supply growth of just under 1%, with hotel supply projected to have a compound annual growth rate (CAGR) of 0.9% over the next three years.

The May 2024 edition of Hotel Horizons for the U.S. lodging industry, 65 major markets, the six hotel chain scales and six location types can be purchased by visiting: https://pip.cbrehotels.com/hotelhorizons. CBRE’s baseline forecasts do not contemplate an international war or a pervasive recession. CBRE also produces forecasts based on upside and downside scenarios.