STR Summary for February 2021

​Hotel performance in the new year continued a gradual upward trend in Minnesota, with February 2021 occupancy recorded at 34.4%. The state’s February RevPAR of $29.09 represented a 46.4% year-over-year decrease compared to the same month in 2020, which was the last month before the impact of the COVID-19 pandemic was widely felt in Minnesota. 

The top performing markets in the state during the month of February 2021 were Rochester and Duluth, each with RevPAR at nearly $40. The national average, by comparison, was $44.57 RevPAR in February 2021, although this figure was nearly 45% lower than national RevPAR in February 2020. 

The Minneapolis-St. Paul market continued to lag the rest of the state’s performance. Although the Minneapolis CBD remained the lowest performer with 18.7% occupancy, no submarket in the Twin Cities recorded RevPAR higher than $30 in the month of February. Year-to-date 2021 RevPAR in the Twin Cities through the month of February was 60.8% lower than the first two months of 2020.