NexTurn
Sign in Get started
marks) ─ -->

Research Monthly report

Minnesota hotel market update, September 2026

Reed Gizinski · hotel broker, Ruzicka Hotel Team at Marcus & Millichap

  • Minnesota

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's hotel market for September 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

56.46%

ADR, trailing 12 months

$137.72

RevPAR, trailing 12 months

$77.76

+4.39% year over year

RevPAR, Aug '26 vs Aug '25

+1.70%

Upper midscale +3.13%

Performance

Across every Minnesota hotel, the trailing twelve months averaged 56.46% occupancy, a $137.72 ADR and $77.76 RevPAR, with RevPAR +4.39% on the year before.

RevPAR for Aug '26 was +1.70% against Aug '25. Upper midscale hotels did best at +3.13%; luxury and upper upscale hotels were at +0.00%.

ScaleT-12 OccT-12 ADRT-12 RevPARRevPAR, year over yearRevPAR, Aug '26 vs Aug '25
All hotels56.46%$137.72$77.76+4.39%+1.70%
Luxury & Upper Upscale59.26%$197.87$117.26+3.88%+0.00%
Upper Midscale61.59%$128.69$79.27+6.52%+3.13%
Midscale & Economy50.76%$93.71$47.57+1.65%+1.85%
ADR and RevPAR by scale, trailing 12 months
$0$50$100$150$200All hotelsLuxury & UpperUpscaleUpper MidscaleMidscale & EconomyAll hotels · ADR: $137.72Luxury & Upper Upscale · ADR: $197.87Upper Midscale · ADR: $128.69Midscale & Economy · ADR: $93.71All hotels · RevPAR: $77.76Luxury & Upper Upscale · RevPAR: $117.26Upper Midscale · RevPAR: $79.27Midscale & Economy · RevPAR: $47.57$137.72$197.87$128.69$93.71$77.76$117.26$79.27$47.57$0$50$100$150$200All hotelsLuxury &Upper UpscaleUpperMidscaleMidscale &EconomyAll hotels · ADR: $137.72Luxury & Upper Upscale · ADR: $197.87Upper Midscale · ADR: $128.69Midscale & Economy · ADR: $93.71All hotels · RevPAR: $77.76Luxury & Upper Upscale · RevPAR: $117.26Upper Midscale · RevPAR: $79.27Midscale & Economy · RevPAR: $47.57$137.72$197.87$128.69$93.71$77.76$117.26$79.27$47.57

Source: STR, one-month reporting lag

ADRRevPAR
All hotels$137.72$77.76
Luxury & Upper Upscale$197.87$117.26
Upper Midscale$128.69$79.27
Midscale & Economy$93.71$47.57
RevPAR change by scale
0%2%4%6%8%All hotelsLuxury & UpperUpscaleUpper MidscaleMidscale & EconomyAll hotels · Trailing 12 months: 4.39%Luxury & Upper Upscale · Trailing 12 months: 3.88%Upper Midscale · Trailing 12 months: 6.52%Midscale & Economy · Trailing 12 months: 1.65%All hotels · Aug '26 vs. Aug '25: 1.70%Luxury & Upper Upscale · Aug '26 vs. Aug '25: 0.00%Upper Midscale · Aug '26 vs. Aug '25: 3.13%Midscale & Economy · Aug '26 vs. Aug '25: 1.85%4.39%3.88%6.52%1.65%1.70%0.00%3.13%1.85%0%2%4%6%8%All hotelsLuxury &Upper UpscaleUpperMidscaleMidscale &EconomyAll hotels · Trailing 12 months: 4.39%Luxury & Upper Upscale · Trailing 12 months: 3.88%Upper Midscale · Trailing 12 months: 6.52%Midscale & Economy · Trailing 12 months: 1.65%All hotels · Aug '26 vs. Aug '25: 1.70%Luxury & Upper Upscale · Aug '26 vs. Aug '25: 0.00%Upper Midscale · Aug '26 vs. Aug '25: 3.13%Midscale & Economy · Aug '26 vs. Aug '25: 1.85%4.39%3.88%6.52%1.65%1.70%0.00%3.13%1.85%

Source: STR, one-month reporting lag

Trailing 12 monthsAug '26 vs. Aug '25
All hotels4.39%1.70%
Luxury & Upper Upscale3.88%0.00%
Upper Midscale6.52%3.13%
Midscale & Economy1.65%1.85%

Month by month, Minnesota RevPAR in 2026 against 2025, through August:

RevPAR by month, 2025 and 2026
$0$25$50$75$100$125JanFebMarAprMayJunJulAugSepOctNovDecJan · 2025: $49.6Feb · 2025: $57.0Mar · 2025: $61.8Apr · 2025: $68.4May · 2025: $77.5Jun · 2025: $95.8Jul · 2025: $102.4Aug · 2025: $98.6Sep · 2025: $90.9Oct · 2025: $86.9Nov · 2025: $59.8Dec · 2025: $53.4Jan · 2026: $57.5Feb · 2026: $60.3Mar · 2026: $65.6Apr · 2026: $71.8May · 2026: $76.5Jun · 2026: $103.9Jul · 2026: $106.6Aug · 2026: $100.4$0$50$100$150JanMarMayJulSepNovJan · 2025: $49.6Feb · 2025: $57.0Mar · 2025: $61.8Apr · 2025: $68.4May · 2025: $77.5Jun · 2025: $95.8Jul · 2025: $102.4Aug · 2025: $98.6Sep · 2025: $90.9Oct · 2025: $86.9Nov · 2025: $59.8Dec · 2025: $53.4Jan · 2026: $57.5Feb · 2026: $60.3Mar · 2026: $65.6Apr · 2026: $71.8May · 2026: $76.5Jun · 2026: $103.9Jul · 2026: $106.6Aug · 2026: $100.4

values read from the CoStar chart in the original email

Source: CoStar, as of September 30, 2026

20252026
Jan$49.6$57.5
Feb$57.0$60.3
Mar$61.8$65.6
Apr$68.4$71.8
May$77.5$76.5
Jun$95.8$103.9
Jul$102.4$106.6
Aug$98.6$100.4
Sep$90.9
Oct$86.9
Nov$59.8
Dec$53.4

All figures are from STR and run a month behind. For a specific market or scale, reach out.

Sales

HotelCityPriceNote
Hyatt Place Saint PaulSt. Paul-Price not public
AmericInn Ham LakeHam Lake$2,250,000

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

RateAs of September 30, 2026
Prime rate7.00%
10-year Treasury5.298% (52 Week High)
5-year Treasury5.089%

New developments

This month's new hotels and sales
St. PaulHam LakeSartellMonticelloMinneapolisAustinMinnesotaSt. PaulHam LakeSartellMonticelloMinneapolisAustinNDSDWISt. PaulHam LakeSartellMonticelloMinneapolisAustinMinnesotaSt. PaulHam LakeSartellMonticelloMinneapolisAustin

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

Another 34 hotels have been proposed. Call or email to learn more about any of them.

Tools

Thinking about what your hotel would sell for? Request a valuation.

Request a report on your market Or ask what your hotel is worth

More research