STR Summary for December 2022

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.