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Updated: July 19, 2019

Mixed forecasts for Greater Hartford’s hotel market

Photo | Contributed The Waterford Hotel Group manages the Marriott Hartford Downtown.

Greater Hartford’s hotel industry is projected to enjoy a healthy 2019 before its performance slips next year, according to national commercial broker-adviser CBRE.

The revenue Greater Hartford hotels generate per available room (known as  RevPAR) is expected to increase 4.1 percent by the end of the year, more than double the estimated national increase of 2 percent, the latest CBRE Hotels Americas Research said.

That would be a mark a significant jump in RevPAR for Greater Hartford’s hospitality industry, which pairs with the local industry’s recovery in recent years.

In fact, Hartford region hotels' average RevPAR climbed by about 30 percent from 2012 to 2018, according to market data firm STR. Occupancy rates, average daily rates (ADR) and overall revenues also gradually rose during that six-year period, STR data show.

In 2020, CBRE predicts Greater Hartford’s hotel market will experience significantly more modest gains. 

CBRE predicts RevPAR in the area will grow by just 0.5 percent in 2020, trailing the national growth rate of 1.8 percent. CBRE expects a 1.3 percent decline in predicted occupancy and a 0.4 percent fall in demand.

ADR is projected to increase by 0.9 percent in 2019 and 1 percent in 2020.

CBRE forecasts a 2 percent increase in hotel demand nationally this year, a 1.1 percent uptick in 2020 and a 0.1 increase in 2021.

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