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.
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Merrill, Tomahawk and Antigo, WI hotel market report, Q3 2026
Merrill, Tomahawk and Antigo: 49.5% occupancy, a record $110.63 ADR and RevPAR +5.7% to $54.77, with zero rooms in the pipeline.
- Merrill
- Tomahawk
- Antigo
- Lincoln County
- Langlade County
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Twin Cities, MN hotel market report, Q2 2026
Twin Cities midscale-upscale hotels: 60.1% occupancy, a $123.60 ADR, RevPAR +3.0% to $74.23, nothing under construction and a 3.6% pipeline.
- Minneapolis
- St. Paul
- Twin Cities metro
- Hennepin County
- Ramsey County
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Minneapolis northwest metro, MN hotel market report, Q2 2026
Maple Grove, Plymouth and Brooklyn Park: 61.2% occupancy, a $130.07 ADR and RevPAR +6.4% to $79.62, at 10-year highs, with no new hotels coming.
- Maple Grove
- Plymouth
- Brooklyn Park
- Brooklyn Center
- Osseo
- Hennepin County
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South Milwaukee Corridor, WI hotel market report, Q2 2026
From Oak Creek to Kenosha, RevPAR +9.9% to $65.77 on 64.2% occupancy (+7.0%) and a $102.37 ADR, all above ten-year ranges.
- Oak Creek
- Franklin
- Caledonia
- Mount Pleasant
- Racine
- Sturtevant
- Somers
- Pleasant Prairie
- Kenosha
- Bristol
- Racine County
- Kenosha County
- Milwaukee County
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Fargo, ND hotel market report, Q2 2026
Rate at a decade high, fewer rooms filled: 57.6% occupancy (-4.8%), $118.70 ADR (+0.7%), $68.34 RevPAR (-4.1%), nothing under construction.
- Fargo
- West Fargo
- Moorhead
- Cass County
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Bloomington, MN hotel market report, Q2 2026
66.3% occupancy (+1.7 pts), $130.69 ADR and $86.70 RevPAR (+2.2%) across 47 hotels and 9,201 rooms, with no pipeline and a 10.4% cap rate.
- Bloomington
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Minneapolis CBD, MN hotel market report, Q2 2026
Downtown Minneapolis: a $179 ADR, 54.9% occupancy and $98.45 RevPAR (-1.7%); a 288-room pipeline, 2.7% of supply, and a distressed cycle.
- Minneapolis
- Hennepin County
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Rochester, MN hotel market report, Q2 2026
Record RevPAR of $80.18 (+8.5%) on 61.5% occupancy (+6.0%) and a $130.41 ADR. Mayo's $5B expansion drives demand; 663 rooms in the pipeline.
- Rochester
- Olmsted County
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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
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Clear Lake, IA hotel market report, Q2 2026
ADR at a 10-year high of $97.00 (+1.8%), RevPAR $50.36 (+2.5%) and 51.9% occupancy across 510 rooms; the 45-key Oaks Hotel and Surf District ahead.
- Clear Lake
- Cerro Gordo County
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Owatonna, MN hotel market report, Q1 2026
Occupancy 45.1% (-5.6%) as 320 new and reopened rooms are absorbed; ADR $114.27 holds above its 10-year range. RevPAR $51.57 (-5.6%), no pipeline.
- Owatonna
- Steele County
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Pierre and Fort Pierre, SD hotel market report, Q1 2026
RevPAR at a ten-year high of $65.23 (+3.2%) on a $121.19 ADR (+7.6%), occupancy 53.8% (-4.3%), and 163 rooms in final planning.
- Pierre
- Fort Pierre
- Hughes County
- Stanley County
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Grand Forks, ND hotel market report, Q1 2026
Record 62.0% occupancy (+2.0 pts), $114.04 ADR (-2.1%), $70.72 RevPAR near its high, nothing under construction and a 12.65% cap rate.
- Grand Forks
- East Grand Forks
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Appleton, WI hotel market report, Q1 2026
Appleton RevPAR +3.11% to $66.88 on 57.37% occupancy and a record $116.59 ADR, with no rooms under construction and one 90-room hotel planned.
- Appleton
- Outagamie County
- Fox Cities
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Greenville, MS hotel market report, Q1 2026
Occupancy up +6.3% to 46.0%, ADR $93.29 (-3.2%), RevPAR $42.88 (+2.9%); no new hotels coming, and a $1.2 billion power plant under way.
- Greenville
- Washington County
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Williston, ND hotel market report, Q1 2026
Rate at an all-time high, nothing being built: 52.5% occupancy (-5.8%), $98.93 ADR (+10.4%), $51.90 RevPAR (+4.0%), a 14.1% cap rate.
- Williston
- Williams County
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Sioux Falls, SD hotel market report, Q1 2026
Rate above its ten-year range: 59.7% occupancy, $124.14 ADR (+1.2%), $74.15 RevPAR (-5.0%), and 443 rooms in the pipeline.
- Sioux Falls
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Mauston / New Lisbon, WI hotel market report, Q2 2026
51.1% occupancy (+4.1%), $94.53 ADR (-1.9%) and $48.29 RevPAR (+2.1%) across 5 hotels and 283 rooms, with no new supply. Tomah and Black River Falls compared
- Mauston
- New Lisbon
- Juneau County
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Green Bay, WI hotel market report, Q1 2026
Green Bay RevPAR +7.9% to $74.91 on a $137.01 ADR (+5.6%) and 54.7% occupancy, with one 90-room hotel under construction.
- Green Bay
- Ashwaubenon
- De Pere
- Brown County
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Duluth, MN hotel market report, Q2 2026
57.5% occupancy, a $169.20 ADR and $97.36 RevPAR, each slightly down; a lean 251-room pipeline and the $1.8B Blatnik Bridge ahead.
- Duluth
- St. Louis County
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Bolingbrook, IL hotel market report, Q1 2026
Steady 62.6% occupancy (+0.9%) as ADR eases to $122.55 (-3.8%) and RevPAR to $76.75 (-2.9%); nothing under construction until 2030.
- Bolingbrook
- Will County
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Middleton, WI hotel market report, Q1 2026
Middleton leads its peers with a $126.69 ADR (+3.14%) and $77.43 RevPAR (+3.20%) on 61.1% occupancy; nothing is under construction.
- Middleton
- Dane County
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Milwaukee, WI hotel market report, Q1 2026
Milwaukee occupancy +2.4 pts to 59.4% as ADR eased -2.96% to $145.85; RevPAR $86.61 (-0.4%). 150 rooms under construction.
- Milwaukee
- Milwaukee County
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Mankato, MN hotel market report, Q1 2026
ADR $124.86 (+2.37%) and RevPAR $71.69 sit above 10-year highs at 57.4% occupancy; the 278-room AC Hotel and Element add +22.9% supply in Dec 2026.
- Mankato
- North Mankato
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Madison, WI hotel market report, Q1 2026
Madison RevPAR +4.74% to a ten-year-high $88.90 on 61.6% occupancy and a $144.22 ADR; 82 rooms under construction, 933 in the pipeline.
- Madison
- Middleton
- Fitchburg
- Monona
- Dane County
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