Record-Setting First Half for Chicago Hotels
Downtown hotels have posted record highs for room rates and occupancy through June. RevPAR was $146.30 through the end of June, an increase of 12.9% over last year and breaking 2008’s first-half record of $136.81. Occupancy came in at 72.4% for the period, eclipsing 2013’s record of 71.5% and a 3.9% increase over last year, Crain’s reports. The numbers are a great sign for the city’s hotel market as the number of rooms on the market has risen since last year and will only continue to grow. By the end of 2014, an additional 2,500 rooms are expected to be on the market followed by another 1,700 in 2016. The growth will continue into 2017 as Marriott breaks ground today on a new Marriott Marquis adjacent to McCormick Place. Chicago has benefited from large-scale events in the first half of 2015, including the NFL Draft, a series of Grateful Dead shows and several business conventions. [Crain’s]
