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CBRE HOTELS RESEARCH has once again revised its forecast for the second half of 2022. The revision is mainly due to strong gains in the second quarter and expectations of positive growth next year. RevPAR for the second half of the year will rise to 14.7 percent year-over-year, up from the previous projection of 13.1 percent in May, according to CBRE. The reasons for the spike are a 3.5 percentage point increase in ADR and a 2.2 percentage point reduction in CBRE's demand forecast. Second quarter RevPAR reached $98.84, up 38 percent year over-year, and an all-time quarterly high at 106 percent of 2019's level. RevPAR growth was driven mainly by ADR, up 25.5 percent, followed by occupancy, up 9.9 percent.

PRICES FOR TRAVEL goods and services decreased by 1.4 percent in June for the second consecutive month, outpacing the overall economy's 0.1 percent decline, according to the latest Consumer Price Index data from the U.S. Travel Association. The Travel Price Index indicated that lower hotel, airline, and gas prices were the primary contributors to the sector's significant price reduction. In contrast, the broader economy experienced its first monthly price decline since 2020, USTA said in a statement. "Now is the time for the travel industry to boost volume," said Geoff Freeman, USTA's president and CEO. "We've already seen travelers take advantage, with eight of the 10 busiest days in TSA's history occurring in 2024. It's essential that the industry is equipped with the right funding, resources and technology - coupled with sustained government focus - to meet an increase in demand."

A STABLE ECONOMIC backdrop is expected to fuel a 10.7 percent year-over-year increase in the U.S. short-term rental industry in 2024, surpassing the 6.7 percent rise seen in 2023, according to AirDNA's 2024 outlook report. Moreover, AirDNA foresees balanced growth for the industry in 2024, marked by a projected 10.9 percent increase in supply expansion guided by rising demand for more sustainable market practices. "Approaching 2024, the industry anticipates balanced growth with a projected 10.9 percent increase in supply expansion," said Jamie Lane, senior vice president of Analytics at AirDNA. "Contrary to exaggerated reports of an STR 'collapse,' heightened market competition emphasizes the need for hosts and property managers to meticulously monitor data trends. This strategic approach is crucial for surpassing competitors and sustaining revenue, taking advantage of a strong economy and the growing preference of travelers for STR lodging."

Alex Cisneros is Red Roof's new senior vice president for revenue generation. Prior to joining Red Roof, he was vice president of revenue generation and distribution for Wyndham Destinations. Cisneros also worked in operations for New Jersey TRANSIT, Delta Services Group and AT&T where he consulted on demand planning, pricing analysis, operations research, customer experience, and consumer analytics. A native of Ecuador, Alex holds a bachelor's degree in economics from Rutgers University and a master's degree in management and hospitality from Fairleigh Dickinson University.