NATIONAL REPORT—Parking revenues have increased by 23.1 percent from 2019 to 2023, based on a sample of U.S. properties in CBRE’s Trends in the Hotel Industry database, which is more than four times greater than the growth rate for total hotel revenues during that period. Not only is parking a growing source of revenue, but it is relatively profitable as well. In 2023, parking department profit margins for the CBRE sample were 61.3 percent of total department revenue, while the average profit margin for all other-operated departments was 58.7 percent at those hotels.
While the contribution to revenues and profits is welcome news to hotel owners and operators, the expanded offering of EV 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 percent 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 percent of the sample), and those located in urban areas (58.0 percent). This explains the relative high room counts and ADRs for the sample…