Hotel and commercial real estate market research Research
Monthly reports, market reports and articles on the hotel and commercial real estate markets of Minnesota, Wisconsin, Iowa and the Dakotas, from Reed Gizinski, a hotel broker with the Ruzicka Hotel Team at Marcus & Millichap.
-
South Dakota hotel market update, September 2026
South Dakota hotels ran 56.03% occupancy at a $126.04 ADR over the last twelve months, RevPAR +2.97%. 1 hotel sold.
- South Dakota
-
North Dakota hotel market update, September 2026
North Dakota hotels ran 55.85% occupancy at a $112.59 ADR over the last twelve months, RevPAR +4.76%.
- North Dakota
-
Iowa hotel market update, September 2026
Iowa hotels ran 54.18% occupancy at a $113.08 ADR over the last twelve months, RevPAR +7.04%. 3 hotels sold and 6 new hotels are in the works.
- Iowa
-
Minnesota hotel market update, September 2026
Minnesota hotels ran 56.46% occupancy at a $137.72 ADR over the last twelve months, RevPAR +4.39%. 2 hotels sold and 4 new hotels are in the works.
- Minnesota
-
Wisconsin hotel market update, September 2026
Wisconsin hotels ran 56.13% occupancy at a $130.53 ADR over the last twelve months, RevPAR +3.65%. 3 hotels sold and 13 new hotels are in the works.
- Wisconsin
-
Wisconsin hotel market update, August 2026
Wisconsin hotels ran 55.66% occupancy at a $130.70 ADR over the last twelve months, RevPAR +4.06%. 3 hotels sold and 12 new hotels are in the works.
- Wisconsin
-
Iowa hotel market update, August 2026
Iowa hotels ran 53.63% occupancy at a $112.14 ADR over the last twelve months, RevPAR +4.65%. 2 hotels sold and 5 new hotels are in the works.
- Iowa
-
North Dakota hotel market update, August 2026
North Dakota hotels ran 55.70% occupancy at a $111.86 ADR over the last twelve months, RevPAR +2.85%.
- North Dakota
-
Minnesota hotel market update, August 2026
Minnesota hotels ran 56.69% occupancy at a $136.99 ADR over the last twelve months, RevPAR +3.83%. 1 hotel sold and 5 new hotels are in the works.
- Minnesota
-
South Dakota hotel market update, August 2026
South Dakota hotels ran 55.99% occupancy at a $125.67 ADR over the last twelve months, RevPAR +2.73%.
- South Dakota
-
South Dakota hotel market update, July 2026
South Dakota hotels ran 56.10% occupancy at a $124.81 ADR over the last twelve months, RevPAR +2.35%.
- South Dakota
-
Iowa hotel market update, July 2026
Iowa hotels ran 53.48% occupancy at a $110.61 ADR over the last twelve months, RevPAR +4.23%. 1 hotel sold and 5 new hotels are in the works.
- Iowa
-
North Dakota hotel market update, July 2026
North Dakota hotels ran 55.03% occupancy at a $111.54 ADR over the last twelve months, RevPAR +0.51%. 1 hotel sold.
- North Dakota
-
Wisconsin hotel market update, July 2026
Wisconsin hotels ran 56.13% occupancy at a $130.79 ADR over the last twelve months, RevPAR +3.49%. 5 hotels sold and 11 new hotels are in the works.
- Wisconsin
-
Minnesota hotel market update, July 2026
Minnesota hotels ran 57.41% occupancy at a $135.97 ADR over the last twelve months, RevPAR +3.96%. 3 hotels sold and 7 new hotels are in the works.
- Minnesota
-
South Dakota hotel market update, June 2026
South Dakota hotels ran 55.96% occupancy at a $124.19 ADR over the last twelve months, RevPAR +1.83%. 1 hotel sold.
- South Dakota
-
Iowa hotel market update, June 2026
Iowa hotels ran 54.84% occupancy at a $106.96 ADR over the last twelve months, RevPAR +6.27%. 2 hotels sold and 4 new hotels are in the works.
- Iowa
-
North Dakota hotel market update, June 2026
North Dakota hotels ran 55.09% occupancy at a $109.58 ADR over the last twelve months, RevPAR -1.25%. 1 hotel sold.
- North Dakota
-
Wisconsin hotel market update, June 2026
Wisconsin hotels ran 55.76% occupancy at a $130.05 ADR over the last twelve months, RevPAR +3.28%. 5 hotels sold and 11 new hotels are in the works.
- Wisconsin
-
Minnesota hotel market update, June 2026
Minnesota hotels ran 56.97% occupancy at a $134.93 ADR over the last twelve months, RevPAR +3.08%. 3 hotels sold and 7 new hotels are in the works.
- Minnesota
-
Iowa hotel market update, May 2026
Iowa hotels ran 53.46% occupancy at a $109.35 ADR over the last twelve months, RevPAR +2.64%. 3 hotels sold and 5 new hotels are in the works.
- Iowa
-
Minnesota hotel market update, May 2026
Minnesota hotels ran 57.09% occupancy at a $134.29 ADR over the last twelve months, RevPAR +3.07%. 4 hotels sold and 9 new hotels are in the works.
- Minnesota
-
Wisconsin hotel market update, May 2026
Wisconsin hotels ran 55.68% occupancy at a $129.74 ADR over the last twelve months, RevPAR +3.51%. 2 hotels sold and 11 new hotels are in the works.
- Wisconsin
-
South Dakota hotel market update, May 2026
South Dakota hotels ran 55.93% occupancy at a $123.16 ADR over the last twelve months, RevPAR +0.87%. 1 hotel sold.
- South Dakota
-
North Dakota hotel market update, May 2026
North Dakota hotels ran 55.29% occupancy at a $109.30 ADR over the last twelve months, RevPAR -1.65%. 1 new hotels are in the works.
- North Dakota
-
Upper Midwest hotel sale data, January to May 2026
105 hotel sales in MN, WI, IA, ND and SD from January to May 2026, +25%; volume $359M, +58%. Average price per key up 57% while the median fell 12.5%.
- Minnesota
- Wisconsin
- Iowa
- North Dakota
- South Dakota
-
Iowa hotel market update, April 2026
Iowa hotels ran 52.62% occupancy at a $109.84 ADR over the last twelve months, RevPAR +1.11%. 1 hotel sold and 5 new hotels are in the works.
- Iowa
-
Minnesota hotel market update, April 2026
Minnesota hotels ran 56.53% occupancy at a $134.29 ADR over the last twelve months, RevPAR +2.06%. 9 hotels sold and 8 new hotels are in the works.
- Minnesota
-
South Dakota hotel market update, April 2026
South Dakota hotels ran 55.56% occupancy at a $122.90 ADR over the last twelve months, RevPAR +0.00%. 2 hotels sold.
- South Dakota
-
North Dakota hotel market update, April 2026
North Dakota hotels ran 55.38% occupancy at a $108.66 ADR over the last twelve months, RevPAR -1.69%. 2 hotels sold.
- North Dakota
-
Wisconsin hotel market update, April 2026
Wisconsin hotels ran 55.56% occupancy at a $130.01 ADR over the last twelve months, RevPAR +3.30%. 4 hotels sold and 13 new hotels are in the works.
- Wisconsin
-
Minnesota hotel market update, March 2026
Minnesota hotels ran 57.13% occupancy at a $134.13 ADR over the last twelve months, RevPAR +2.26%. 5 hotels sold and 8 new hotels are in the works.
- Minnesota
-
Wisconsin hotel market update, March 2026
Wisconsin hotels ran 56.05% occupancy at a $128.36 ADR over the last twelve months, RevPAR +4.43%. 2 hotels sold and 12 new hotels are in the works.
- Wisconsin
-
South Dakota hotel market update, March 2026
South Dakota hotels ran 55.40% occupancy at a $122.50 ADR over the last twelve months, RevPAR -0.52%.
- South Dakota
-
North Dakota hotel market update, March 2026
North Dakota hotels ran 55.41% occupancy at a $108.75 ADR over the last twelve months, RevPAR -1.26%. 2 hotels sold.
- North Dakota
-
Iowa hotel market update, March 2026
Iowa hotels ran 52.22% occupancy at a $109.41 ADR over the last twelve months, RevPAR +0.44%. 1 hotel sold and 6 new hotels are in the works.
- Iowa
-
South Dakota hotel market update, February 2026
South Dakota hotels ran 56.21% occupancy at a $121.38 ADR over the last twelve months, RevPAR -0.15%.
- South Dakota
-
Iowa hotel market update, February 2026
Iowa hotels ran 52.34% occupancy at a $110.01 ADR over the last twelve months, RevPAR -0.52%. 1 hotel sold and 6 new hotels are in the works.
- Iowa
-
Minnesota hotel market update, February 2026
Minnesota hotels ran 56.67% occupancy at a $134.67 ADR over the last twelve months, RevPAR +1.51%. 1 hotel sold and 9 new hotels are in the works.
- Minnesota
-
North Dakota hotel market update, February 2026
North Dakota hotels ran 55.27% occupancy at a $108.17 ADR over the last twelve months, RevPAR -1.11%.
- North Dakota
-
Wisconsin hotel market update, February 2026
Wisconsin hotels ran 54.95% occupancy at a $130.31 ADR over the last twelve months, RevPAR +3.71%. 3 hotels sold and 14 new hotels are in the works.
- Wisconsin
-
Wisconsin hotel market update, January 2026
Wisconsin hotels ran 54.67% occupancy at a $130.38 ADR over the last twelve months, RevPAR +4.1%. 2 hotels sold and 13 new hotels are in the works.
- Wisconsin
-
North Dakota hotel market update, January 2026
North Dakota hotels ran 55.82% occupancy at a $108.23 ADR over the last twelve months, RevPAR -1.1%.
- North Dakota
-
Iowa hotel market update, January 2026
Iowa hotels ran 52.19% occupancy at a $110.10 ADR over the last twelve months, RevPAR -1.26%. 1 hotel sold and 8 new hotels are in the works.
- Iowa
-
South Dakota hotel market update, January 2026
South Dakota hotels ran 56.38% occupancy at a $121.24 ADR over the last twelve months, RevPAR -0.17%.
- South Dakota
-
Minnesota hotel market update, January 2026
Minnesota hotels ran 56.82% occupancy at a $132.43 ADR over the last twelve months, RevPAR +0.9%. 3 hotels sold and 7 new hotels are in the works.
- Minnesota
-
Wisconsin hotel market update, December 2025
Wisconsin hotels ran 54.5% occupancy at a $130.04 ADR over the last twelve months, RevPAR +3.4%. 6 hotels sold and 15 new hotels are in the works.
- Wisconsin
-
Minnesota hotel market update, December 2025
Minnesota hotels ran 56.4% occupancy at a $133.06 ADR over the last twelve months, RevPAR +1.7%. 7 hotels sold and 7 new hotels are in the works.
- Minnesota
-
South Dakota hotel market update, December 2025
South Dakota hotels ran 56.4% occupancy at a $121.07 ADR over the last twelve months, RevPAR -.01%. 1 hotel sold.
- South Dakota
-
North Dakota hotel market update, December 2025
North Dakota hotels ran 55.6% occupancy at a $108 ADR over the last twelve months, RevPAR -1.2%.
- North Dakota
-
Iowa hotel market update, December 2025
Iowa hotels ran 51.8% occupancy at a $109.48 ADR over the last twelve months, RevPAR -1.4%. 1 hotel sold and 8 new hotels are in the works.
- Iowa
-
Minnesota hotel market update, November 2025
Hotel performance across Minnesota and the Minneapolis metro continues to show modest improvement driven primarily by occupancy gains, with statewide RevPAR up 2.2% year-over-year and Minneapolis RevPAR up 0.6%, despite ADR softening slightly in the metro. 4 hotels sold and 7 new hotels are in the works.
- Minnesota
-
Wisconsin hotel market update, November 2025
Hotel performance across Wisconsin continues to improve at a measured pace, driven largely by steady occupancy gains across the South, Madison, and Milwaukee markets. 1 hotel sold and 15 new hotels are in the works.
- Wisconsin
-
Iowa hotel market update, November 2025
Hotel fundamentals across Iowa remain stable but subdued, with 12-month occupancy at 50.5%, ADR at $105, and RevPAR at $53 - each essentially flat year-over-year (occupancy -0.9%, ADR +0.1%, RevPAR -0.7%) as demand growth has softened. 6 hotels sold and 8 new hotels are in the works.
- Iowa
-
North Dakota hotel market update, November 2025
North Dakota's hotel market remains soft, with 12-month occupancy at 55.5% and RevPAR down 1.6% year-over-year, driven by a 4.6% decline in occupancy, even as ADR grew 3.2%. 2 hotels sold.
- North Dakota
-
South Dakota hotel market update, November 2025
South Dakota's hotel market remains stable but subdued, with 12- month occupancy at 55.7%, ADR at $122, and RevPAR at $68 as year-over-year RevPAR performance holds flat. 1 hotel sold.
- South Dakota
No reports for yet — request a hotel market report and it will be the first.