Albeit often not the winter weather, the lower cost of living, numerous leisure and recreational attractions, and the presence of Fortune 500 companies drives the appeal of the Twin Cities. While 2018 was a record year for the metro hospitality market, 2019 was less profitable for many of the roughly 370 hotels in the hub of the nation’s friendliest state.
The second-largest city in California is benefiting from record occupancy levels and new ADR peaks, despite the entrance of new supply.
Demand from a variety of sources has risen in Chicago, pushing occupancy to a ten-year high in 2015. More than 6,000 new rooms are expected in the market over the next three years, though average rates and hotel values should continue to grow.
Major events and tourism boosted occupancy and average rate in the Twin Cities in 2015. Hotels stand to benefit from increased visitation in the years to come, keeping average rates and property values on the rise.
Occupancy swung above 75% for Seattle’s hotel industry in 2014, a reflection of the city’s blossoming economy. High demand has also supported strong average rates and rising hotel values.
The North American hotel industry is still firing on all cylinders, with year-to-date occupancies at an all-time high. While some markets face challenges from new supply, prospects appear healthy in the near term.
Hoteliers at the CHRIS conference in Miami explored investment opportunities in the Caribbean, where several factors have led to a surge in hotel performance.
Cincinnati’s workforce is set to return to pre-recessionary proportions by 2014, making the city’s economic recovery among the fastest in the Midwest. Cincinnati’s hotel industry has realized slower growth, though demand and ADR are trending upward.
Fortune 500 companies, universities, and a thriving arts and culture scene drive commercial, meeting and group, and leisure demand to Minneapolis hotels, which have experienced a solid recovery over the past two years.
A multitude of major industries consistently generates demand for hotels in Dallas, where unemployment is falling and economic output is picking up. This article looks at developments and dynamics across Dallas’s hotel submarkets.