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CBRE ups Newark hotel industry forecast

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CBRE is forecasting a 75 percent occupancy for Newark hotels this year.
CBRE is forecasting a 75 percent occupancy for Newark hotels this year. - ()

CBRE Hotels’ Americas Research has raised its 2018 forecast for Newark hotels after the local market’s better-than-expected first quarter.

Newark hotels enjoyed an almost 10 percent improvement in revenue per available room, mostly through boosted occupancies. As a result, the city’s America Research forecast for 2018 has been raised to 3.6 percent growth, up from a projected decline of 0.2 percent.

The weather contributed to the first-quarter performance, with numerous late-winter storms benefitting Newark’s hotel industry, according to the report.

For the year, CBRE is forecasting a 75 percent occupancy rate. That would be a 1.4 percent increase from the previous year.

The report suggests occupancy rates will drop slightly in 2019, to 74.8 percent.

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Elana Knopp

Elana Knopp


Elana Knopp covers all things real estate for NJBIZ. You can contact her at eknopp@njbiz.com.

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