HENDERSONVILLE, Tennessee—The NFL Draft boosted daily hotel performance to a 532-day high for hotels in the downtown Cleveland area, according to data and analysis from STR.
Focusing specifically on 26 hotels in the four zip codes that comprise the immediate downtown area and nearby University Circle, the high point of the week was the opening night of the draft with average occupancy at 85.0%, average daily rate (ADR) at US$244.58 and revenue per available room (RevPAR) of US$207.94. That 29 April RevPAR level was more than 14 times higher than the comparable Thursday in 2020 and more than double the comparable Thursday from 2019. Additionally, RevPAR for the area hadn’t approached the US$200 mark since 14 November 2019, the night the Cleveland Browns hosted the Pittsburgh Steelers (US$220.90).
“An in-person event the size of the draft, which was one of the largest in North America since the beginning of the pandemic, is a beacon for hotels struggling through the earliest stages of recovery,” said Carter Wilson, STR’s senior VP of consulting. “Cleveland hotels enjoyed a pretty solid week after more than a year of RevPAR not touching $100. That reaffirms that as events come back with attendance, the corresponding hotel boost will be there in proximity. Additionally, Cleveland was able to showcase itself on the national stage, which further bolsters the city’s resume for hosting other major events down the road.”
For the full week, the downtown Cleveland area recorded a RevPAR of US$135.49, which if compared with full STR-defined markets, would have ranked fourth behind the Florida Keys, Maui Island and Miami.
Additional Performance Data
STR’s world-leading hotel performance sample comprises 68,000 properties and 9.1 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
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STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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