Research Monthly report
North Dakota hotel market update, January 2026
- North Dakota
North Dakota hotels ran 55.82% occupancy at a $108.23 ADR over the last twelve months, RevPAR -1.1%.
North Dakota's hotel market for January 2026 and the 2025 year-end: 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
55.82%
ADR, trailing 12 months
$108.23
RevPAR, trailing 12 months
$60.41
-1.1% year over year
RevPAR, Dec '25 vs Dec '24
-1.1%
Eastern third -0.4%
Performance
In my market updates for other states, I focus on the asymmetric RevPAR growth across hotel scales. While that divide still exists in North Dakota - with Economy and Upper Midscale hotels underperforming and Midscale, Upper Upscale, and Luxury segments accounting for nearly all of the growth - the more important dynamic to me is the performance delta between the eastern third of the state and the Bakken region.
Across every North Dakota hotel, the trailing twelve months averaged 55.82% occupancy, a $108.23 ADR and $60.41 RevPAR, with RevPAR -1.1% on the year before.
RevPAR for Dec '25 was -1.1% against Dec '24. The Eastern Third did best at -0.4%; the Bakken was at -0.5%.
| Area | T-12 Occ | T-12 ADR | T-12 RevPAR | RevPAR, year over year | RevPAR, Dec '25 vs Dec '24 |
|---|---|---|---|---|---|
| All hotels | 55.82% | $108.23 | $60.41 | -1.1% | -1.1% |
| Eastern Third | 56.45% | $113.78 | $64.23 | -2.4% | -0.4% |
| Bakken | 53.16% | $99.06 | $52.67 | +1.97% | -0.5% |
Month by month, North Dakota RevPAR in 2025 against 2024, through December:
All figures are from STR and run a month behind. For a specific market or scale, reach out.
Sales
No hotel sales were reported in North Dakota this month.
Capital markets
| Rate | As of January 30, 2026 |
|---|---|
| Prime rate | 6.75% |
| 10-year Treasury | 4.24% |
| 5-year Treasury | 3.81% |
New developments
Another 6 hotels have been proposed. Call or email to learn more about any of them.
Other developments that bring travelers:
- 3 Billion Dollar AI Data Center, Fargo/Harwood, ND: Construction of a large data center campus on a 320-acre site between Fargo and Harwood, expected to be completed by 2027 and attracting significant tech infrastructure activity.
- Bison World Tourism Development, Jamestown, ND: A large tourism-focused project intended to attract visitors year-round and diversify tourism beyond oil-driven activity.
- River Run Energy Center (NextEra & Basin Electric), North Dakota (specific location not yet disclosed): Collaborative energy project expected to bring new jobs and regional investment.
- New Natural Gas Pipeline (Intensity Infrastructure Partners proposal), McKenzie County to Rainbow, ND: Proposed pipeline infrastructure investment with economic and construction demand implications.
- Theodore Roosevelt Presidential Library, Medora, ND: Cultural and museum project in the Badlands expected to support tourism and year-round visitation once completed (~2026).
- North Dakota State Hospital (groundbreaking), Jamestown, ND: New $300 M facility under construction through 2027 with workforce and regional activity implications.
- Cerilon Gas-to-Liquids (GTL) Plant, Trenton, ND: Proposed large-scale gas-to-liquids facility converting Bakken natural gas into low-carbon liquid fuels and wax products.
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.
Thinking about what your hotel would sell for? Request a valuation.