While the contribution to revenues and profits is welcomed news to hotel owners and operators, the expanded offering of electric vehicle charging stations at hotels meets a growing need of hotel guests, as well as municipal requirements. Even if guests are not driving their electronic vehicles to a hotel, an increasing number of them are seeking hotels with positive ESG policies. The offering of EV charging stations is viewed as a commitment to reduce the carbon footprint of a hotel. 

To analyze trends in U.S. hotel parking revenue from 2019 through 2023, CBRE studied a sample of 1,178 hotels that participated in our annual “Trends in the Hotel Industry” survey. In 2023, these hotels averaged 283 rooms in size, an occupancy of 69.7% and an average daily rate of $237.48. Since the sample consists solely of properties that reported parking revenue, it is skewed toward full-service hotels (63.6% of the sample), and those located in urban areas (58.0%). This explains the relative high room counts and average daily rates for the sample.

Not the Last Resort 

When analyzing the growth in parking revenue across property types and location categories, we rely on revenue per-occupied-room (POR) to hold constant the impact of relative changes in occupancy. For example, the extended-stay hotel occupancy rate in 2023 was just a 1.0 percentage point below the 2019 occupancy level, while occupancy rates at convention hotels were still 8.4 percentage points behind 2019 averages.  

From 2019 to 2023, resort hotels have enjoyed the greatest increase in parking revenue POR. Most of this increase occurred from 2021 to 2023 when resort properties were extremely popular with travelers and hotel operators had the leverage to impose parking fees and/or increase prices. Convention hotels, on the other hand, achieved the least gain in parking revenue (14.2%), which is consistent with the lag in the recovery of group demand. 

Analyzing parking revenue growth POR by location category, we find hotels located in resort destination areas to have enjoyed the greatest increases for the above reasons. Airport hotels achieved the second-greatest percentage increase in parking revenue from 2019 to 2023, as these properties have taken advantage of their location by generating parking revenue from local citizens using the airport to fly out of town.

Full story:Parking and EV stations charge U.S. hotel performance  - HOTELSMag.com