U.S. Hotel Performance Impacted by Moderate Summer Demand; Growth Forecast to Improve in Q4

 

 Rachael Rothman

Dallas, TX – Despite facing challenges from subdued summer demand and a sluggish third quarter, U.S. hotel performance is expected to reaccelerate in the fourth quarter and extend into 2025, according to CBRE’s latest forecast.

 

CBRE now forecasts a 0.5% increase in revenue per available room (RevPAR) growth for 2024, down from the previously estimated 1.2% in August.

 

This revision reflects a 40 basis point (bps) decrease in expected occupancy compared to the prior forecast, with occupancy anticipated to decline by 30 bps year-over-year.

 

The average daily rate (ADR) is expected to increase by 0.7%, a reduction of 40 bps from earlier projections. RevPAR growth is expected to reaccelerate beginning in Q4 2024, supported by recent interest rate cuts, easing inflation, and rising stock market trends.

Michael Nhu

“U.S. hotels performance was softer-than-expected during the summer months, partly due to Americans traveling overseas in record numbers. At the same time, the slow recovery in inbound international travel has created an imbalance in U.S. leisure demand,” said Rachael Rothman, Head of Hotel Research & Data Analytics for CBRE. “Despite this, continued improvements in group and business travel served as relative bright spots in the third quarter.”

In Q3 2024, hotel demand declined 0.1% year-over-year, coupled with a 0.6% increase in supply, resulting in an approximately 0.8% decline in occupancy. Modest ADR growth of 0.6% fell short of CBRE's previous expectation of 1.6%, leading to a 0.2% decrease in RevPAR for the quarter.

 

“The breakdown in the historical correlation between hotel demand and GDP growth continued into the third quarter, but we expect a normalization of this relationship due to interest rate cuts, lower CPI growth, and improving GDP indicators,” said Michael Nhu, Head of Global Hotels Forecasting for CBRE. “These trends are forecasted to strengthen the fundamentals of the U.S. hotel market, leading to reaccelerated RevPAR growth heading into 2025.”

 

 

The November 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.

 

 

 

 CONTACTS:

 

 

Cole Mortland

+1 619 985 8171

cole.mortland@cbre.com

 

Chris Daly

President

DG Public Relations

(703) 864-5553

chris@dalygray.com

www.dalygray.com

www.cbre.com.

The Keyes Company, Florida’s largest independent real estate firm, Unveils Rebrand Ahead of 100-Year Milestone

 

Madeline Mordarski

MIAMI, FL  – The Keyes Company, Florida’s largest independent real estate firm, today unveiled a brand refresh in anticipation of its 100-year anniversary in February 2026. The rebrand includes a fresh tagline, logo, color palette, and partnerships, alongside significant investments in technology designed to enhance customer experience.

Keyes tapped the renowned branding agency Tiny Wins, whose clients include Tony Robbins, Visa, and CBRE, to guide the rebranding process. More than 30 focus groups and workshops with Keyes managers and associates provided crucial insights, reaffirming Keyes’ long-standing commitment to Florida’s communities.

Christina Pappas

“Our focus groups revealed that Keyes is often seen as ‘the best-kept secret’ in Florida real estate—a firm that radiates warmth and community, where real estate is truly at the heart of life,” said Madeline Mordarski, Chief Marketing Officer at Keyes. “This rebrand honors that legacy while uniting our team under one, strong identity that reflects who we are across Florida as we approach a century of service.”

Keyes President Christina Pappas echoed this sentiment, stating, “We are proud to introduce this new chapter of Keyes, blending modern tools with the care and compassion that have been our hallmark for nearly 100 years. In a real estate industry undergoing significant consolidation and standardization, we’re committed to staying true to our roots, emphasizing what is timeless: personal, hands-on service and operating on the belief that connection and community is at the heart of real estate.”

 

Mike Pappas

“Real estate is about people, not just transactions,” said Keyes CEO Mike Pappas. “That truth is at the heart of Keyes’ enduring legacy. We first opened our doors on Biscayne Boulevard in 1926, and have grown with Florida over the past century, always focused on providing the best for our neighbors. This rebranding underscores our commitment to staying rooted in community and connection as we prepare for the next century of service.”

 

CONTACT:

 

Eric Kalis and Daniel Benjamin,

 BoardroomPR

ekalis@boardroompr.com or

 dbenjamin@boardroompr.com

954-370-8999

  

JLL Capital Markets brokers sale of the Quirch Foods' 178,000 SF cold storage warehouse at 7600 82nd Place in Miami, FL

 

Taylor Osborne.

 MIAMI, FL –  JLL Capital Markets handled the sale of the 178,428-square-foot cold storage facility located at 7600 NW 82^nd Place in Miami, Florida. JLL represented the seller in the sale to BGO. The price was not disclosed.

 Luis Castillo

Situated on 15 acres, the facility offers a 30-foot clear height, 29 loading docks, 236 parking spaces and 116,000 square feet of freezer space. The property is fully leased to Quirch Foods, an international food distribution company and one of America's Largest Private Companies (#132 Forbes).

Cody Brais

The facility offers seamless access to Florida’s Turnpike, US-27 and State Road 826 (the Palmetto Expressway) and is located near the Miami International Airport and the Port of Miami.

 

The JLL Investment Sales and Advisory team was led by Managing Director Luis Castillo, Senior Director Cody Brais and Associate Taylor Osborne.

"With an aging supply, high entry barriers and increased space requirements, the cold storage sector is experiencing remarkable growth," said Castillo.

“The specialized nature and high costs of developing state-of-the-art cold storage make existing facilities like this one highly sought after, resulting in a competitive, landlord-friendly market.”

SOLD: the 178,428-square-foot cold storage facility located
at 7600 NW 82^nd Place in Miami, FL

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.

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

 

CONTACT

 Grace Lewis

PR, Capital Markets

2401 Cedar Springs Rd.

Dallas, Texas 75201

M +1 903 520 3478

JLL.com

 

$19 million refinancing secured by JLL Capital Markets for Cable Business Park in the Inland Empire market at Upland, CA

 

Jalynn Borders

LOS ANGELES, CA –  JLL Capital Markets has secured a $19.2 million refinancing of Cable Business Park, an 11-building industrial park spanning 283,164 square feet in Upland, California. JLL represented Cable Commercial Center, LLC to secure the fixed-rate, five-year loan through Principal Asset Management ^SM

.  

Alex Olson 

Built in 2004, the park is fully leased to 41 diverse tenants who have collectively contributed to the site’s remarkable 99% average occupancy rate since 2016. The property offers a wide variety of suite sizes ranging from 1,500 to 39,000 square feet, featuring 18–24-foot clear heights, ample parking and dock-high/ground level loading.

The property also features 10 airplane hangars with direct access to the adjacent Cable Airport, the largest privately owned public-use airport in the United States which adds unique value to the property by accommodating executive and tenant travel needs.

Cable Business Park, an 11-building industrial park
spanning 283,164 square feet in Upland, CA

Situated in the Inland Empire West submarket, Cable Business Park benefits from its strategic location near major transportation corridors, including the I-10, I-15 and I-210 freeways. The industrial park is well-positioned to take advantage of Southern California's integral distribution channels, connecting businesses to critical infrastructure and dense population centers throughout the region.

The JLL Debt Advisory team was led by Director Alex Olson and Associate Jalynn Borders.

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

 

CONTACT

 

Grace Lewis

PR, Capital Markets

2401 Cedar Springs Rd.

Dallas, Texas 75201

M +1 903 520 3478

JLL.com