Group travel, international visitors to bolster US hotels in 2024

CBRE predicts economic headwinds nationwide but also noted that urban hotels in markets like Los Angeles and New York City could see boosts

The U.S. industry could potentially benefit from roughly 4.7 million more overseas visitors projected for 2024, if international travel returns to 2019 levels, the CBRE report stated.

Key takeaways

• The company predicted that Los Angeles’ hotel industry, in particular, will see more visitors from Asia, and a boost from the end of the Hollywood entertainment strikes;
• Additionally, fewer Americans are expected to travel internationally, which is posed to benefit the domestic market;
• Increased group travel and overseas visitors will benefit markets including San Diego; Washington, D.C.; Boston; and New York, which recently imposed greater restrictions on short-term rentals that could positively impact hotels;
• According to the outlook, urban hotels are expected to outperform in 2024, while airport hotels will benefit from the increase in inbound international travelers. Resort properties are expected to see the slowest growth.

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