Marcus & Millichap (NYSE:MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has published its Midyear 2024 Atlanta Hospitality Market Report.    

“Atlanta’s hospitality market continues to show resilience, benefiting from stable demand drivers and moderate growth in both room supply and pricing,” stated John Leonard, First Vice President, Regional Manager.

Marcus & Millichap’s Atlanta Hospitality Market Report, Midyear 2024 provides investors with vital insight and analysis on the current state of the hospitality market, including:

• The metro’s hotel occupancy rate is expected to decline slightly by 130 basis points in 2024, bringing the annual rate to 64.0 percent, as the market adjusts to a rise in new room deliveries.

• Average daily rates (ADR) are projected to decrease by 1.2 percent, settling at $125.96. Despite this decline, rates remain 19 percent above 2019 levels, signaling overall market strength.

• Revenue per available room (RevPAR) is forecast to decline by 0.8 percent, landing at $80.60, yet maintaining a long-term upward trajectory compared to pre-pandemic performance.

• Atlanta’s hotel pipeline remains active, with 2,700 rooms expected to be delivered in 2024, marking a moderate increase in supply. The majority of these new rooms are concentrated in the upscale and upper midscale segments.

• Steady corporate travel and event-driven demand continue to support the hospitality sector, while investor interest in Atlanta remains high due to its diverse and stable economy.

“Atlanta’s growing hotel supply, paired with its enduring appeal for business and leisure travelers, ensures the market remains a key destination for hospitality investment,” added Leonard.

Access Marcus & Millichap’s Midyear 2024 Atlanta Hospitality Market Report here.