Charlotte Hospitality Market Report

Record air traffic fuels hospitality growth as urban core gains momentum. Charlotte’s improving room demand in 2024 was largely driven by the city’s growing status as a business travel hub. Charlotte Douglas Airport (CLT) experienced a record number of passengers that year, up 10 percent from 2023. This surge in air traffic helped the area achieve the highest level of occupancy among all Charlotte submarkets. The metro’s business-friendly climate will keep supporting growth in hotel bookings, as North Carolina offers the lowest corporate income tax of the 44 states that impose one, currently at 2.25 percent. With a planned phaseout to 0 percent by 2030, the urban core should continue to experience higher levels of business activity, evidenced by a 90-basis-point reduction in office vacancy last year.