STR Summary for February 2022
The entire Minnesota market saw an increase of 4.7% in occupancy rates for February compared to the previous month. The Bloomington market led the state with an occupancy rate of 50.5%. The Minneapolis market had the lowest occupancy rate in the state at 28.3%. At a 43.3% occupancy rate, the entire Minnesota market trailed behind the total United States by 13.6%.
The February lodging market continued to show improvement compared to one year ago. Minnesota’s statewide February 2022 RevPAR of $45.66 marked a year-over-year increase of 56.5% against February 2021, and year-to-date RevPAR in Minnesota was up from 2021 RevPAR through February by 58.5%. Bloomington led the state in February with $58.41 RevPAR.
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Each month's post summarizes the STR data for the previous month.