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www.asianhospitality.com
September 2025 | Issue 240
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otel companies grew brand
portfolios and loyalty programs
over the past decade, according
to CBRE. RevPAR grew as well, though
inflation cut into profits.
The number of brands increased at 7
percent compound annual growth rate
during the last 10 years, while loyalty
program memberships rose 15 percent,
according to CBRE’s “Hotel Brand
Performance 2025.” Brand families
including Choice, Hilton, Hyatt,
IHG Hotels & Resorts, Marriott, and
Wyndham doubled their portfolios to
an average of 24 brands each between
2014 and 2024.
CBRE found that adding brands has
not consistently driven higher RevPAR
growth since 2019, as the fastest-
growing brand family by number
of brands, with a 15 percent CAGR,
recorded the lowest median RevPAR
CAGR at 0.3 percent.
Brand proliferation may increase
loyalty membership but can correlate
negatively with RevPAR within the
same family, the report said. Some
additions, such as glamping or all-
inclusive resorts, expand redemption
options for loyalty points valued
at more than $12 billion. Others,
including middle-tier conversion and
extended-stay brands, grew more than
40 percent in the past five years and
may cannibalize existing properties.
RevPAR growth and
inflation
RevPAR grew at a 1.8 percent CAGR
from 2019 to 2024, 20 basis points
above 2014–2019, while inflation rose
from 1.6 percent to 4.2 percent, eroding
real gains. Since 2019, nominal RevPAR
increased 9.3 percent but fell 10.9
percent in real terms as alternative
lodging supply and hotel inventory
growth outpaced demand, reducing
pricing power across segments.
Around 52 percent of
brands posted RevPAR
gains above the sample
CAGR average of 1.6
percent from 2014 to
2019. However, since
2019, 28 percent have
exceeded the 1.8 percent
average.
The gap between the
strongest and weakest
brands has widened
across chain scales, with
the luxury segment’s
RevPAR spread rising to
nearly seven percentage
points in 2019 to 2024
from five points in 2014 to 2019. The
strongest luxury brand’s cumulative
RevPAR premium rose to 41 percent
from 29 percent over the same periods,
indicating greater performance
variability within segments, CBRE said.
Upper-midscale hotels have
increased at a 5.8 percent CAGR since
2015, supporting demand stability. They
recorded the highest RevPAR CAGR
of any chain scale at 2.2 percent from
2014 to 2019 and 2.3 percent from 2019
to 2024. Midscale and economy chains
recorded the slowest RevPAR growth
from 2019 to 2024, with declines of 3.2
percent and 1.9 percent, respectively.
Study: Brands, loyalty programs
see decade of growth
RevPAR grew 1.8 percent CAGR in 2019–2024 from 2014–2019
Major hotel companies grew brand portfolios at a 7 percent CAGR and loyalty
program memberships at 15 percent over the past decade, according to CBRE.