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STR Summary for August 2023

9/20/2023

 
In August, Minnesota’s occupancy rate landed at 68.3%, 2.3% higher than the overall U.S. occupancy rate of 66.0%. Bloomington hotels reported the highest occupancy rate in the state at 77.1%. Following Bloomington was Duluth, which last month had an occupancy rate of 72.7%.
 
In August, Minnesota’s statewide RevPAR increased by 2.5% over July 2022 with a rate of $94.60. Now in Q4, we expect to see monthly RevPAR rates continue to land well above 2022 numbers.

STR Summary for July 2023

8/25/2023

 
​In July, Minnesota’s occupancy rate landed at 66.5%, just 2.6% under the overall U.S. occupancy rate of 69.1%. Bloomington hotels reported the highest occupancy rate in the state at 74.5%. Following Bloomington was Duluth, which last month had an occupancy rate of 73.2%.
 
In July, Minnesota’s statewide RevPAR increased by 1.7% over the same month in 2022 with a rate of $91.38. As we approach the end of Q3 into Q4, we hope to see monthly RevPAR rates continue to land above 2022 numbers.

STR Summary for June 2023

7/20/2023

 
​In June, Minnesota’s occupancy rate landed at 67.4%, just 2.3% under the overall U.S. occupancy rate of 69.7%.  In June, Bloomington hotels reported an occupancy rate of 75.6%, and Minneapolis - South reported an occupancy rate of 70.9%.
 
In June, Minnesota’s statewide RevPAR increased by 7.2% over the same month in 2022 with a rate of $93.75. This is a very positive sign as we look toward a revival of travel across the state throughout the busier summer months. 

STR Summary for May 2023

6/22/2023

 

In May, Minnesota’s occupancy rate landed 6.7% higher in 2023 (56.9%) as compared to May 2022 (50.2%). While a year-over-year improvement, Minnesota's overall occupancy trailed the national occupancy average (64.8%) by 7.9%. In May, the Bloomington market once again took the top spot with an occupancy rate of 64.3%, and the Minneapolis - South Area was second with an occupancy rate of 59.7%.
​
The May report showed Minnesota’s statewide May 2023 RevPAR of $70.75 compared to June 2022's RevPAR of $119.43. Minneapolis occupancy came in at 54.0% in May 2023, a 10.4% increase from May 2022. This is a very positive sign as we look toward the busier summer months with increased corporate, entertainment, and leisure travel.

STR Summary for April 2023

5/22/2023

 
​In April, Minnesota’s occupancy rate landed 4.9% higher in 2023 (52.8%) as compared to April 2022 (47.9%). While a year-over-year improvement, Minnesota's overall occupancy trailed the national occupancy average (64.4%) by 11.6%. In April, the Bloomington market once again took the top spot with an occupancy rate of 61.5%, and the Minneapolis - North Area was second with an occupancy rate of 57.4%.
 
The April report showed Minnesota’s statewide April 2023 RevPAR of $63.81 coming in with a year-over-year increase of 11.4%. Minneapolis occupancy came in at 52.9% in April 2023, a 22.2% increase from April 2022. This is a very positive sign as we look toward the busier summer months with increased corporate, entertainment, and leisure travel. 

STR Summary for March 2023

4/27/2023

 
​In March, Minnesota’s occupancy rate landed 3.1% higher in 2023 (51.5%) as compared to March 2022 (48.4%). While a year-over-year improvement, Minnesota's overall occupancy trailed the national occupancy average (65.3%) by 13.8%. In March, the Bloomington market once again took the top spot with an occupancy rate of 64.7%, Rochester was second with an occupancy rate of 56.8%. Minneapolis occupancy came in at 44.8%.
 
The March report showed Minnesota’s statewide March 2023 RevPAR of $62.05 coming in with a year-over-year increase of 15%. Continuing the trend over the past several months, the Minneapolis market experienced significant 10.1% 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. 

STR Summary for February 2023

3/21/2023

 
​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. 

STR Summary for January 2023

2/20/2023

 
​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. 

STR Summary for December 2022

1/20/2023

 

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%,
 
The December report showed Minnesota’s statewide December 2022 RevPAR of $49.89 came in with a year-over-year increase of 10.2%. The year-to-date RevPAR was up from 2021 RevPAR through December by 33.6%. Continuing the trend over the past several months, the Minneapolis market experienced significant improvement vs. 2021. This is a very positive sign as we begin into the winter months with reduced corporate and leisure travel. 

STR Summary for November 2022

12/21/2022

 
In November, the Minnesota market experienced a drop of 11.1% in occupancy rates reflecting the seasonality for this time of year. For comparison, the entire United States occupancy rated dropped by 7.8%. This month, the Bloomington market took the top spot with an occupancy rate of 58.3%, Interestingly, Duluth and Minneapolis were in a virtual tie for low occupancy with rates of 46.9% and 47.1% respectively, though the St. Cloud corridor experienced the lowest occupancy rate at 43.9%. At a 49.2% occupancy rate, the Minnesota market trailed the entire United States total by 10.2%.
​

Once again, the November report showed similar improvement to last month with Minnesota’s statewide November 2022 RevPAR of $57.42 for a year-over-year increase of 21%. The year-to-date RevPAR was up from 2021 RevPAR through November by 35.5%. Continuing the trend over the past several months, the Minneapolis market experienced significant improvement vs. 2021. This is a very positive sign as we move into the slower winter months with reduced corporate and leisure travel.
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