San Diego Hotel Market Will Rebound in 2022

There is a light at the end of the long and dark tunnel for the hotel market. A new report from CBRE forecasts full recovery of national hotel occupancy by 2022 and of average daily rate by 2023. While this illustrates a long recovery cycle, it also is an indicator that the hotel market will rebound in the near-term. San Diego is well positioned to outpace the US market in rebounding, with full recovery predicted in 2022.

“Overall, the economy was in really good shape before the recession hit. Occupancy was at an all-time high, so the fundamentals are still there once people can start traveling again,” Brandon Feighner, managing director of CBRE Hotels’ Advisory, tells GlobeSt.com. “We think that San Diego is better positioned than most given the abundance of leisure travel and attractions. Two-thirds of leisure travel in California is from Californians. We are starting to see that early return as things are starting to open up.”