Reservations
Lenders and investors have not checked in to smaller markets.
by Sara Drummond
It's a sign of the new normal that North Dakota has been the top mar- ket in hotel performance for the past two quarters, according to Marcus & Millichap. It scored 114.0 compared to the U.S. average of 104.2, when measuring year-to-date changes in supply, demand, average daily rate, and revenue per available room. North Dakota is also a hotbed of hotel development: 21 new hotels have opened in the past two years and 24 are under development, adding more than 3,000 rooms — at a time when the U.S. hotel development pipeline has decreased 6.4 percent from a year ago, according to STR.
22 September | October | 2012 Commercial Investment Real Estate