Despite bankruptcy problems, the city of Detroit has a relatively strong hotel market. Fueled by the bounce back of the automotive industry and a renewed push for conventions and meetings, Detroit experienced three consecutive years of occupancy and RevPAR growth. And while figures still look strong, a shift in occupancy may signal that the market has peaked.
According to this article from DetroitNews.com, Detroit-area hotels have experienced a 4.9 percent decline in visits in October following a 4.8 percent fall in September. August was also flat in terms of occupancy.
Even with the recent slow down, STR reports that, through October, Detroit experienced a year-to-date occupancy rate of 63.7 percent, an increase of 1.1 percent over the previous year. Also RevPAR for 2013 is up 6.8 percent.
More on the trend in Detroit occupancy rates can be found at DetroitNews.com.
