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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.
    Thanks to our STR Report Sponsor:
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  • Membership
    • What Members Say
    • Join Forms >
      • Operator Form
      • Allied Business Form
      • Tourism Partner Form
    • Login to Renew
  • Engagement
    • Programs and Events
    • Education and Training >
      • ServSafe
      • Sex Trafficking Prevention
    • Volunteer
    • Allied Members >
      • Allied Network
      • Become a Partner
      • Advertise with Us
    • Calendar
  • Advocacy
    • At the Legislature >
      • 2023 Legislative Agenda
      • 2023 Days at the Capitol
      • Capitol Updates
    • Advocacy Action Center >
      • Contact Your Elected Officals
      • Advocacy Group
    • Issue Briefs
    • HOPAC
  • Resources
    • Hospitality Law Review
    • Reports and Guidance >
      • Economic Snapshots
      • Monthly STR Summaries
      • Jobs Reports
    • Vendor Directory
    • BusinessCenter
  • HMEF
    • About the Foundation
    • Our High School Programs >
      • Pro Start
      • HTMP
    • HMEF Resources >
      • For Educators >
        • DEED Grants Through HMEF
        • ProStart Educators
        • HTMP Educators
      • For Students >
        • Next Generation Leader
        • Scholarships
      • For Industry Professionals
    • HMEF Events >
      • Hospitality Career Student Expo
      • Stars of the Future
      • ProStart Invitational
    • Support HMEF
  • About
    • About the Association >
      • 20-21 Accomplishments Report >
        • Key Accomplishments
        • Key Actions Timeline
      • Awards >
        • Hall of Fame Inductees
        • Of The Year Awards
    • NewsCenter
    • Contact Us