According to Marriott CEO Tony Capuano, strengthening demand for leisure and business travel, as well as the ability to drive rates, resulted in Marriott International’s hotels achieving revenue per available room just 9% below 2019 levels worldwide in the first quarter. Occupancy reached 64% in March 2022 and the average daily rate was 5% above March 2019. […]
Travelers appear to be continuing their return to hotels and they are paying record rates for rooms. According to hospitality data provider STR, the national average daily rate for a room in March was $146.61, the highest for any month on record. STR did note, however, that when adjusted for inflation, the March ADR was about 2% below […]
http://midwesthotelsales2.teamsitesdata.com/wp-content/uploads/2018/07/CW_Logo_Color_340x156.png00Cindy.Hoeschenhttp://midwesthotelsales2.teamsitesdata.com/wp-content/uploads/2018/07/CW_Logo_Color_340x156.pngCindy.Hoeschen2022-04-27 11:23:082022-05-06 11:44:04U.S. Hotel Rates Hit Record High
According to a year-end recap published by Cushman & Wakefield, the U.S. hospitality industry closed out 2021 with substantial national gains in rate and occupancy from 2020 and provided confidence that the recovery will reaccelerate in 2022. Click here to view the full report.
Property owner and developer Charles James is planning to build a boutique hotel, called the Excelsior Bay Hotel, along the Lake Minnetonka waterfront in downtown Excelsior. Click here to view the full article published by The Minneapolis/St. Paul Business Journal.
http://midwesthotelsales2.teamsitesdata.com/wp-content/uploads/2018/07/CW_Logo_Color_340x156.png00Cindy.Hoeschenhttp://midwesthotelsales2.teamsitesdata.com/wp-content/uploads/2018/07/CW_Logo_Color_340x156.pngCindy.Hoeschen2022-03-28 13:59:442022-03-30 14:10:48New Hotel Being Considered for Lake Minnetonka Waterfront
The New York-based investment group of Monarch Alternative Capital has acquired the 136-room Hotel Ivy located in downtown Minneapolis. The reported sale price of $30.75 million represents an approximate 54% increase over the property’s previous sale price in 2013. Click here to view the full article featured in The Minneapolis/St. Paul Business Journal.
http://midwesthotelsales2.teamsitesdata.com/wp-content/uploads/2018/07/CW_Logo_Color_340x156.png00Cindy.Hoeschenhttp://midwesthotelsales2.teamsitesdata.com/wp-content/uploads/2018/07/CW_Logo_Color_340x156.pngCindy.Hoeschen2022-03-25 09:37:472022-04-06 09:45:19New York Investment Group Acquires Hotel Ivy in Minneapolis
The City of Minneapolis is hosting the NCAA 2022 Women’s Final Four April 1-3, 2022, with games being played at the Target Center. The Final Four is expected to draw up to 30,000 visitors to downtown Minneapolis over the weekend, which bodes well for the local hospitality industry. Click here to view the full article […]
http://midwesthotelsales2.teamsitesdata.com/wp-content/uploads/2018/07/CW_Logo_Color_340x156.png00Cindy.Hoeschenhttp://midwesthotelsales2.teamsitesdata.com/wp-content/uploads/2018/07/CW_Logo_Color_340x156.pngCindy.Hoeschen2022-02-22 08:07:452022-04-14 08:14:00NCAA Women's Final Four Drawing Visitors to Minneapolis
According to hotel industry analysts speaking on the “The Numbers: What To Expect in 2022 and Beyond” panel in January, hotels will have a better, if still bumpy, 2022. Click here to view a CoStar article recapping the event.
http://midwesthotelsales2.teamsitesdata.com/wp-content/uploads/2018/07/CW_Logo_Color_340x156.png00Cindy.Hoeschenhttp://midwesthotelsales2.teamsitesdata.com/wp-content/uploads/2018/07/CW_Logo_Color_340x156.pngCindy.Hoeschen2022-01-27 10:32:062022-02-11 10:39:06Forecasts Call for US Hotel Industry Recovery To Accelerate
http://midwesthotelsales2.teamsitesdata.com/wp-content/uploads/2018/07/CW_Logo_Color_340x156.png00Cindy.Hoeschenhttp://midwesthotelsales2.teamsitesdata.com/wp-content/uploads/2018/07/CW_Logo_Color_340x156.pngCindy.Hoeschen2022-01-10 10:44:532022-02-11 10:48:59Eagan's Sonesta ES Suites Hotel May Be Converted Into Apartments
Easing COVID Restrictions & Return to Office Lift Travel Demand
/in News /by Cindy.HoeschenAccording to Marriott CEO Tony Capuano, strengthening demand for leisure and business travel, as well as the ability to drive rates, resulted in Marriott International’s hotels achieving revenue per available room just 9% below 2019 levels worldwide in the first quarter. Occupancy reached 64% in March 2022 and the average daily rate was 5% above March 2019. […]
U.S. Hotel Rates Hit Record High
/in News /by Cindy.HoeschenTravelers appear to be continuing their return to hotels and they are paying record rates for rooms. According to hospitality data provider STR, the national average daily rate for a room in March was $146.61, the highest for any month on record. STR did note, however, that when adjusted for inflation, the March ADR was about 2% below […]
U.S. Lodging Industry Overview Year-End 2021
/in News /by Cindy.HoeschenAccording to a year-end recap published by Cushman & Wakefield, the U.S. hospitality industry closed out 2021 with substantial national gains in rate and occupancy from 2020 and provided confidence that the recovery will reaccelerate in 2022. Click here to view the full report.
New Hotel Being Considered for Lake Minnetonka Waterfront
/in News /by Cindy.HoeschenProperty owner and developer Charles James is planning to build a boutique hotel, called the Excelsior Bay Hotel, along the Lake Minnetonka waterfront in downtown Excelsior. Click here to view the full article published by The Minneapolis/St. Paul Business Journal.
New York Investment Group Acquires Hotel Ivy in Minneapolis
/in News /by Cindy.HoeschenThe New York-based investment group of Monarch Alternative Capital has acquired the 136-room Hotel Ivy located in downtown Minneapolis. The reported sale price of $30.75 million represents an approximate 54% increase over the property’s previous sale price in 2013. Click here to view the full article featured in The Minneapolis/St. Paul Business Journal.
NCAA Women’s Final Four Drawing Visitors to Minneapolis
/in News /by Cindy.HoeschenThe City of Minneapolis is hosting the NCAA 2022 Women’s Final Four April 1-3, 2022, with games being played at the Target Center. The Final Four is expected to draw up to 30,000 visitors to downtown Minneapolis over the weekend, which bodes well for the local hospitality industry. Click here to view the full article […]
Forecasts Call for US Hotel Industry Recovery To Accelerate
/in News /by Cindy.HoeschenAccording to hotel industry analysts speaking on the “The Numbers: What To Expect in 2022 and Beyond” panel in January, hotels will have a better, if still bumpy, 2022. Click here to view a CoStar article recapping the event.
Eagan’s Sonesta ES Suites Hotel May Be Converted Into Apartments
/in News /by Cindy.HoeschenMilwaukee developers are considering redeveloping the Sonesta Suites hotel in Eagan, MN, into a luxury apartment complex. Click here to learn more.