Minneapolis hotel market
Hotel Market Recovery – Minneapolis-St. Paul
Tanya J. Pierson | April 12, 2022
By Tanya J. Pierson The recently depressed performance of the Twin Cities metro area is indicative of its reliance on corporate and group demand, which has not fully re-entered the market. As a comparison, the U.S. RevPAR dropped by 48% in 2020 during the COVID-19 pandemic, while RevPAR in Minneapolis-St. Paul fell by 64%, according to STR. In 2021, the greater Minneapolis-St. Paul market’s RevPAR rose to 55% of the pre-COVID performance, while the nation rebounded more quickly to 83% of the pre-COVID level. Within the corporate segment, demand declined significantly, as most of the region’s largest employers eliminated corporate trave...
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