Reed Gizinski · hotel broker, Ruzicka Hotel Team at Marcus & Millichap
Minnesota
Minnesota hotels ran 56.49% occupancy at a $137.86 ADR over the last twelve months, RevPAR +4.05%. 4 hotels sold, 1 at auction, and 5 new hotels are in the works.
Minnesota's hotel market for October 2026: how hotels performed, what sold, where rates stand and what is being built. For a closer look at a specific market or hotel, ask for a report.
Occupancy, trailing 12 months
56.49%
ADR, trailing 12 months
$137.86
RevPAR, trailing 12 months
$77.88
+4.05% year over year
RevPAR, Sep '26 vs Sep '25
+4.37%
Upper midscale +3.69%
Performance
Across every Minnesota hotel, the trailing twelve months averaged 56.49% occupancy, a $137.86 ADR and $77.88 RevPAR, with RevPAR +4.05% on the year before.
RevPAR for Sep '26 was +4.37% against Sep '25. Upper midscale hotels did best at +3.69%; midscale and economy hotels were at +3.51%.
Scale
T-12 Occ
T-12 ADR
T-12 RevPAR
RevPAR, year over year
RevPAR, Sep '26 vs Sep '25
All hotels
56.49%
$137.86
$77.88
+4.05%
+4.37%
Luxury & Upper Upscale
58.44%
$202.02
$118.07
+4.05%
+3.52%
Upper Midscale
60.93%
$131.74
$80.27
+5.58%
+3.69%
Midscale & Economy
49.90%
$95.07
$47.44
+0.92%
+3.51%
ADR and RevPAR by scale, trailing 12 months
ADR
RevPAR
Source: STR, one-month reporting lag
ADR
RevPAR
All hotels
$137.86
$77.88
Luxury & Upper Upscale
$202.02
$118.07
Upper Midscale
$131.74
$80.27
Midscale & Economy
$95.07
$47.44
RevPAR change by scale
Trailing 12 months
Sep '26 vs. Sep '25
Source: STR, one-month reporting lag
Trailing 12 months
Sep '26 vs. Sep '25
All hotels
4.05%
4.37%
Luxury & Upper Upscale
4.05%
3.52%
Upper Midscale
5.58%
3.69%
Midscale & Economy
0.92%
3.51%
Month by month, Minnesota RevPAR in 2026 against 2025, through September:
RevPAR by month, 2025 and 2026
2025
2026
values read from the CoStar chart in the original email
Source: CoStar, as of November 2, 2026
2025
2026
Jan
$48.9
$56.8
Feb
$56.1
$59.6
Mar
$60.6
$63.6
Apr
$66.9
$70.2
May
$77.9
$77.0
Jun
$96.1
$103.2
Jul
$103.2
$106.4
Aug
$99.4
$100.8
Sep
$90.8
$95.0
Oct
$86.5
Nov
$60.1
Dec
$53.6
All figures are from STR and run a month behind. For a specific market or scale, reach out.
Sales
Hotel
City
Price
Note
Radisson RED Minneapolis
Minneapolis
$8,000,000
Microtel New Ulm
New Ulm
$2,950,000
The Royal Sonesta Minneapolis
Minneapolis
$5,000,000
Part of a 3-hotel portfolio
Rodeway Inn Saint Joseph
Saint Joseph
$1,000,000
Fairfield Inn & Suites Minneapolis Airport
Mendota Heights
$5,450,000
Auction ended at this price, not closed yet
Sale prices come from public records and may not include capital allocated to FF&E or goodwill. Want to know more about one of these sales? Get in touch.
Capital markets
Rate
As of November 2, 2026
Prime rate
7.00%
10-year Treasury
4.898%
5-year Treasury
4.707%
New developments
This month's new hotels and sales
The market
Places in this report
Boundaries, roads and water: U.S. Census Bureau (TIGER/Line).
New hotels in Minnesota:
Wyndham Garden, Sartell
Fairfield Inn & Suites, Monticello
The West Hotel, Minneapolis North Loop
Holiday Inn Express, Austin
AC Hotel & Element, Mankato: back on the list. It had stalled, but work has resumed (Mankato Free Press)
Another 34 hotels have been proposed. Call or email to learn more about any of them.
Tools
Full hotel underwriting and waterfall model.Download the Excel model free. Questions or changes you'd recommend are welcome.
A report on your hotel or market.Ask for one and we'll be in touch.