Hotel Sales Rebound at Bargain Prices

In downtown Minneapolis, the sale of hotel properties picked up speed during the second half of 2021.  Although sales activity increased, many of the hotel properties that traded were at discounted prices.

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North Central Group Developing New Hotels in Deer District & Downtown Madison

North Central Group is building the Moxy Madison Downtown at 825 E. Washington Avenue in Milwaukee and is partnering with the Milwaukee Bucks to build the Trade Milwaukee next to Fiserv Forum. Both hotels are scheduled to open in 2023.

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Average Large Event Activity Bodes Well for Minneapolis Hospitality Industry

With an average number of large events on the books for 2022, rising average daily room rates and increasing occupancy levels, The Minneapolis hospitality industry is cautiously optimistic for the year ahead.

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Positive Event Activity in Minneapolis

With an average number of large events scheduled for 2022 along with rising average daily room rates and increasing occupancy levels, the Minneapolis hospitality industry is cautiously optimistic for the year ahead.

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Minneapolis DoubleTree Suites by Hilton Sells

The DoubleTree Suites by Hilton in Downtown Minneapolis recently sold to MCR Hotels, a New Orleans real estate company.  MCR reportedly acquired the Minneapolis DoubleTree Suites for $29.75 million, a 22% decrease from the last time the hotel traded.

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Thanksgiving Week a Feast for US Hotels

According to data from STR, CoStar’s hospitality analytics firm, the U.S. hotel industry overall had its best Thanksgiving week on record.  In fact, the U.S. hotel industry occupancy topped 53%, which was 2.3 percentage points higher than the holiday week in 2019 and nearly a point higher than 2018; average daily rate was 14% higher than it was in the holiday weeks of 2019 and 2018; and RevPAR beat the 2019 level by 20% and the 2018 level by 16%.  This bodes well for a strong holiday season and end of year, barring any major setback from COVID-19 variants.

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