Top hotel sales of 2020: Pandemic stalled hotel sales
There’s no question that the service industry took a hit this year. International and domestic travel was halted for several months and later discouraged in an effort to curb the spread of the coronavirus. This limited the need for lodging. The week ending Dec. 12 saw an occupancy rate of nearly 38% — a decrease of over 37% compared with the same week last year. And the average daily rate has fallen by nearly 32%, to $85.88 that same week, according to data from STR. The Minneapolis-St. Paul market itself hit another mark the week ending Dec. 12. It was ranked among the lowest markets for...
Source: finance-commerce.com