In February, Minnesota’s occupancy rate landed 2.7% higher in 2023 (46%) as compared to February 2022 (43.3%). While a year-over-year improvement, Minnesota's overall occupancy trailed the national occupancy average (60%) by 14%. In February, the Bloomington market once again took the top spot with an occupancy rate of 56.7%, Rochester was second with an occupancy rate of 51.1%. Minneapolis occupancy came in at 33.6%.
The Febraury report showed Minnesota’s statewide February 2023 RevPAR of $53.14 came in with a year-over-year increase of around 14%. Continuing the trend over the past several months, the Minneapolis market experienced significant 5% occupancy improvement vs. 2022. This is a very positive sign as we look toward the busier spring and summer months with increased corporate and leisure travel. In January, Minnesota’s occupancy rate landed 4.9% higher in 2023 (43.5%) as compared to January 2022 (38.6). While a year-over-year improvement, Minnesota's overall occupancy trailed the national occupancy average (52.8%) by over 9%. In January, the Bloomington market once again took the top spot with an occupancy rate of 52.4%, Rochester was second with an occupancy rate of 49.7%. Minneapolis occupancy came in at 31.9%.
The January report showed Minnesota’s statewide January 2023 RevPAR of $49.34 came in with a year-over-year increase of nearly 25%. Continuing the trend over the past several months, the Minneapolis market experienced significant improvement vs. 2022. This is a very positive sign as we look toward the busier spring and summer months with increased corporate and leisure travel. In December, Minnesota’s occupancy rate landed 2% higher in 2022 as compared to 2021 with a rate of 43.6%. While a year-over-year improvement, this was 5.6% lower than November’s occupancy rate and 10 points lower than the entire United States total. In December, the Bloomington market once again took the top spot with an occupancy rate of 56.2%, Duluth wasn’t far behind with an occupancy rate of 49.0%, while Minneapolis experienced an occupancy rate of 31.2%,
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March 2023
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