STR Summary for February 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.