The HVI is the authoritative guide to U.S. hotel values, giving hotel stakeholders an educated edge in buying, selling, and holding opportunities. This online tool provides historical and projected values and RevPAR for the Minneapolis - St Paul market.
Rod Clough, President – Americas, interviewed Tanya Pierson, Senior Managing Director, Minneapolis and Justin Westad, Vice President, Minneapolis overseeing the Upper Midwest region, on March 23, 2021, to discuss the current market dynamics and the outlook for recovery.
The Twin Cities hotel market has suffered a greater loss than that of the nation given the combined impact of the COVID-19 pandemic and civil unrest. Many hotels suspended operations between April and June, with little activity taking place in urban cores. How far has the market fallen, and what will the next few years look like?
Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source provides the basis for our illustrated total development costs per room/per product type.
Albeit often not the winter weather, the lower cost of living, numerous leisure and recreational attractions, and the presence of Fortune 500 companies drives the appeal of the Twin Cities. While 2018 was a record year for the metro hospitality market, 2019 was less profitable for many of the roughly 370 hotels in the hub of the nation’s friendliest state.
The greater Dallas area continues to be a focal point of corporate relocation and expansion, and a building boom is evident in both the urban core and outlying suburbs, with hotel construction on the rise.
Hotel performance in the Queen City is experiencing record highs, leading to strong interest in hotel development. In this article, we examine what is driving demand growth and how the lodging market will react to an expected supply surge.