STR Summary for November 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%.
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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.