Significant Changes and Transformative Projects Coming to Syracuse

Christian Cross | July 10, 2023

By Christian Cross The Syracuse area has experienced a fairly muted economy for decades. The city benefits from relatively stable demand generators in the higher-education, research, and healthcare sectors, which has allowed the city’s lodging market to fully recover from the effects of the COVID-19 pandemic. In 2022, all lodging metrics within the defined competitive set exceeded the highs of the pre-pandemic period of 2019. Significant average rate growth and a modest increase in occupancy resulted in healthy RevPAR increases. Factors that contributed to this recovery include growth at the State University of New York (SUNY) Upstate ...