CBRE’s Q3 2026 U.S. hotel figures show revenue per available room (RevPAR) rose 7.0% year over year. Occupancy increased 1.8 percentage points to 67.7%, while average daily rate rose 4.3%. Hotel wage growth was 4.7%.
Bisnow’s November 3 reporting, citing CoStar, puts gross operating profit growth at 7.2% for luxury hotels, 4.9% for upper-upscale hotels and 1.2% across other tiers. These are growth rates, not profit margins. The national revenue gain does not imply the same gain in a hotel’s NOI.
Bisnow quotes NewGen Advisory’s Suraj Bhakta forecasting 2%–3% RevPAR growth in 2027. This is a RevPAR forecast, not a room-rate forecast. CBRE’s wage figure describes current growth, not a forecast for 2027.
Our read: if labor costs continue growing faster than revenue, margins could face pressure, depending on staffing, productivity and other expenses. Test flow-through and asset-specific expense assumptions rather than converting national RevPAR growth directly into value.
Key Takeaways
- Revenue growth is not the same as profit growth
- A 2027 RevPAR forecast and current wage growth describe different periods; test conditional expense scenarios
Bisnow, U.S. Hotel RevPAR Surges 7% In Q3, But Expect Easing From Here, Nov. 3, 2026 (CBRE, CoStar) · CBRE, U.S. Hotel Q3 2026, October 26, 2026: https://www.cbre.com/insights/figures/q3-2026-us-hotel-figures · https://www.bisnow.com/news/national/hotel/us-hotel-revpar-surges-7-percent-luxury-properties-lead-recovery
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