Figures
New Zealand Hotels Figures – H2 2023
Strong ADRs result in all markets ahead of 2019 in RevPAR
February 28, 2024 6 Minute Read
Looking for a PDF of this content?
Summary
Demand levels recovered through 2023 to near 2019 levels with strong domestic demand supported by growth in Australian and US visitation. The recovery in Chinese travel continues to be slow and is not expected to fully recover until the 2024/25 NZ summer period. Occupancy levels are trending upward as new supply is absorbed and with ADR’s well above pre-COVID levels, RevPAR’s across all major markets have surpassed previous peak levels.
Key Points:
- International arrivals in 2023 were 24% below 2019.
- USA arrivals experienced the strongest recovery to be 92% of pre-pandemic levels.
- Hotel supply is 7.3% above 2019 and demand is 6.0% below resulting in occupancy rates some 12.4% below 2019.
- Strong rate growth has resulted in nationwide ADR’s being 19.7% above 2019 and RevPAR 4.8% above.
Related Hotel Market Insights
In this report, CBRE have analysed the impact of recent events across Australia and New Zealand to determine their impact on hotel demand. We have analysed mark...
Discover how economic conditions are impacting New Zealand’s hotel industry in H1 2024. Learn about occupancy rates, international arrivals, and market trends.
Services
Combining local insights and global data, CBRE helps clients invest in and own hotels, motels, serviced apartments, and student accommodation.