Minnesota's hotel sector showed strong gains in the first half of 2011, according to a report by
Northmarq, a local commercial real estate firm.
As
noted in the
StarTribune, room rates and per-room revenue showed progress when compared to the depressed first half of 2010. Major deals abounded as well, including renovations and purchases.
It's likely that 2012 will continue the upward trend, the report predicted, and some new construction could come as a result.
The hotel bounceback is in line with gains across the commercial real estate sector in the state. In a Northmarq
report released in July, the firm found that all real estate segments are showing signs of rebound, although a full recovery should take another three to four years.