STR Summary for May 2021
The hotel market in the month of May 2021 showed improvement compared to one year ago. Minnesota’s statewide RevPAR of $44.66 in May marked a year-over-year increase of more than 130% against the month of May 2020. Year-to-date RevPAR in Minnesota was up from 2020 RevPAR through May by 4.3%. National year-to-date RevPAR, by comparison, was up 12.6% through May.
Duluth continued to lead the state in May with $68.40 RevPAR. The Duluth market’s year-to-date RevPAR in 2021 measured 42.4% higher than the first five months of 2020, driven by a 30.7% increase in occupancy in 2021.
The Minneapolis market continues to see lowest occupancy rate in the state at 24.5%. The occupancy rate for the entire Minnesota market is at 46.7% which still trails behind the total United States by 12.6%. May found a few more markets at over 50% occupancy, specifically Minneapolis South Area, Duluth, Minnesota North Area, Mankato and Minnesota South Area.
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