An improving economy attracted a near-record number of business and leisure travelers to Minnesota and the Twin Cities in 2015. Significant benchmarks – occupancy, revenue per available room (RevPAR) and average daily rate (ADR) – all experienced gains in the second half and are expected to continue growing.
Cushman & Wakefield/NorthMarq’s Ronn Thomas adds his thoughts on activity continuing into 2016, “Despite readily increasing supply in the suburban and core submarkets, investor interest in Twin Cities hotel assets is very strong. Most properties are performing very well with occupancy, RevPar and ADR numbers at or near record levels. This robust performance should continue through 2016.”
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Ronn Thomas is a Senior Director in the Hospitality Group.