Minneapolis sets hotel revenue record in June
MINNEAPOLIS (FOX 9) - Minneapolis set a new record for hotel revenue in June 2024, according to initial data provided by Meet Minneapolis.
June was headlined by the U.S. Olympic Gymnastics Team Trials at Target Center. June also included the annual Twin Cities Pride events, a weeklong Minnesota Lynx home stand and a pair of sold-out Morgan Wallen concerts at U.S. Bank Stadium.
"Based on initial hotel data from Smith Travel Research (STR), we believe Minneapolis set a new record for hotel room revenue with more than $42.3 million in June," Meet Minneapolis stated in its data release. "More importantly, we estimate that this translates to approximately $2.75 million in incremental taxes for Minneapolis. Those taxes help support the city’s hospitality assets and programs."
The previous single month record for hotel room revenue in Minneapolis was October 2018 at more than $41.5 million.
The numbers: Minneapolis hotels in June 2024
More than $11.6 million in total guest room revenue on June 23 to 29 — the highest weekly total of 2024 and the highest since June 18 to 24, 2023 ($12.0 million). The same week in 2023 had $6.7 million in hotel room revenue.
The 53,631 hotel rooms occupied from Sunday-Saturday, June 23-29, were the third-most since 2020. The only weeks with higher totals were:
- March 3 through 9, 2024 (59,590) for the American Physical Society March Meeting at the Minneapolis Convention Center and the Big Ten Women’s Basketball Tournament.
- August 27 through Sept. 2, 2023 ($56,248) for the Gay Softball World Series and the Minnesota State Fair.
Hotel occupancy in June 2024 was 67.3% – the highest monthly occupancy rate since October 2019 (75.4%)
- June 2023: 61.6%
- June 2022: 60.4%
- June 2021: 29.7%
- June 2020: 13%
- June 2019: 81.7%:
Minneapolis has more hotel rooms now than at any other point in time. Currently, there are 10,268 hotel rooms in Minneapolis, which is up more than 17% since the Super Bowl in 2018.