In 2023, $91.3 million in hotels were transacted in Detroit, a more than 75% decline from 2022. The market showed revenue growth with demand increasing from leisure, corporate transient and group customers, pushing revenue per available room, or RevPAR, higher by 7.5% over the year. Occupancy and average daily rate, or ADR, increased from 2022, and the ADR increase at 5% was well above the level of inflation. This likely allowed operators to drive profitability margins up.
Detroit Hotel Trading Volume Dropped Sharply in 2023
Price per Key Only 3% Below 2019 Average
By Jan Freitag
CoStar Analytics
February 28, 2024 | 8:11 P.M.
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IN THIS ARTICLE
- Properties
- Hawthorn Suites by Wyndham Dearborn Detroit
5777 Southfield Fwy, Detroit, MI
- Wyndham Garden Southgate Detroit South
17201 Northline Rd, Southgate, MI