justin westad
HVS Market Pulse Update – Minneapolis – St. Paul
Tanya Pierson | March 25, 2021
By Tanya J. Pierson, Justin Westad, Rod Clough Rod Clough, President – Americas, interviewed Tanya Pierson, Senior Managing Director, Minneapolis and Justin Westad, Vice President, Minneapolis overseeing the Upper Midwest region, on March 23, 2021, to discuss the current Minneapolis market dynamics and the outlook for recovery. Tanya and Justin outline what the market looks like today, the factors contributing to current performance levels, and what will help drive improvements in future performance. They provide their forecast of occupancy and average rate for Minneapolis-St. Paul, as well. This seven-minute video provides important ins...
HVS Market Pulse – Milwaukee, Wisconsin
Justin Westad | March 9, 2021
By Justin Westad, Amy Schmidt Prior to the COVID-19 pandemic, Downtown Milwaukee was experiencing revitalization and growth over a period of nearly ten years. The year 2020 was expected to be one of Milwaukee’s record years, with the Democratic National Convention scheduled for July. Given the reduction in attendance of this major one-time event and other citywide events that were forced to reschedule, RevPAR declined by 66%. Data provided by STR and Visit Milwaukee indicate that occupancy in Downtown Milwaukee dropped from 71.4% in 2019 to 32.5% in 2020. Meanwhile, average daily rate (ADR) declined from $144.10 in 2019 to $106.57 in ...
HVS Market Pulse: Minneapolis - After the Super Bowl
Tanya J. Pierson | February 28, 2019
By Tanya J. Pierson and Justin Westad Surrounded by the beauty of lakes and the Mississippi River, Minneapolis is home to many Fortune 500 companies and more than 11,000 hotel rooms. High quality of life, diversity of employers, and leisure attractions continue to entice demand and an ensuing level of hotel development to the area. While the Super Bowl confetti has settled and the cold weather has returned, Minneapolis remains a strong city, with a broad base of corporate, group, and leisure visitors. Unemployment remains in a downward spiral at 2%, compared to the national average of 3.5% as of November 2018, and the economy continues ...
HVS Market Pulse: Minneapolis – St. Paul, MN
Tanya J. Pierson | April 12, 2017
By Tanya J. Pierson, Justin Westad, Justin Kaminski Some 3.6 million residents, 16 Fortune 500 companies, and attractions like the Guthrie Theater and Mall of America drive the economy in the Minneapolis-St. Paul MSA, which includes the Minneapolis, St. Paul, and Bloomington hotel markets. The following HVS Market Pulse article presents a brief look at hotel supply, performance, and demand dynamics in Minneapolis, St. Paul, and Bloomington. Hotel Market Dynamics in the Minneapolis-St. Paul MSA Hotels are a major economic force in the Twin Cities. More than 57% of the total accommodations tax collected in the state comes from the Minneap...
