11th December 2023 CBRE / Hotels
NZ’s best-performing hotel market sees both room demand and revenue increase significantly on pre-Covid.
Increasing operating expenses, particularly for labour and utilities, are also weighing on sentiment.
Auckland’s hotels are expected to return to pre-Covid levels of RevPAR in 3-5 five years.
Centres without MIQ like Queenstown have struggled but Delta has hurt all markets.
Hotel occupancy rates highest in 10 years but flattening as revenue growth slows outside of