How big of a payoff do cities get when they host major sporting events? According to the latest news from Cushman & Wakefield, it can be significant.
Cushman & Wakefield analyzed data from STR Global showing the impact that this year’s college basketball Final Four championship held in Minneapolis had on that area’s Hospitality market. According to Cushman & Wakefield, hotels throughout the region saw solid boosts in Average Daily Revenue and Revenue Per Available Room in April, when the Final Four was held.
Cushman says that across the Twin Cities the demand for hotel rooms rose 4.6 percent in April when compared to the same month a year ago. The Average Daily Rate from those rooms was $134.86 during the month, 15.1 percent higher than a year earlier.
That’s impressive. But the Final Four’s impact is even stronger when you look just at the CBD of Minneapolis.
Cushman says that the Average Daily Rate in Minneapolis’ CBD was up more than 26 percent in April, hitting $192.56. Revenue Per Available Room in the city’s CBD hit $134.47, up 24.2 percent from April of 2018.
The Minneapolis North hotel market also saw a benefit from the Final Four, as did Bloomington, Minnesota. In Minneapolis North, hotel occupancy rates increased 4.6 percent in April while in Bloomington they rose 4 percent.
