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Business travel volume may be on the comeback trail but still remains below 2019 levels, and hoteliers in the meantime have successfully maintained high average daily rates to counteract lower occupancy levels, analysts said this week during Atlanta’s Hunter Hotel Investment Conference.  
CBRE Hotels Research has raised its forecast for 2022 average daily rate (ADR), Occupancy and Revenue per available room (RevPAR) to reflect the stronger-than-expected fundamental performance in the fourth quarter. Other factors contributing to the improvement include below-average supply growth, strong domestic leisure trends, the resumption of inbound international travel and a predicted return to office later this year. CBRE made the changes despite heightened uncertainty and increasingly limited visibility due to geopolitical risks and inflationary pressure.
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Average daily rate (ADR) gains and a 35.1% year-over-year increase in hotel occupancy in Q3 showed demand for U.S. hotel stays endured in the face of the Delta variant. Continued improvement in domestic travel and the rollback of many international travel restrictions have led CBRE to revise its forecast significantly upward in the near- and medium-term.