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Market Report

Cincinnati Hospitality Market Report

2023 Investment Forecast

Central Location and Sporting Events Support Visitorship;
Active Investors Seek Northern Kentucky Assets

Domestic travel to the metro prevents notable shift in occupancy. Last year, Cincinnati’s hotel sector achieved an annual occupancy rate of 60 percent for the first time since 2019, an improvement that translated to the addition of nearly 5,000 leisure and hospitality positions. This year, macroeconomic headwinds will present slight challenges to Cincinnati’s hotel sector; however, the metro is positioned to welcome a steady inflow of domestic visitors. The market’s professional sports scene is partially to credit, as it should draw fans from across Ohio and neighboring states to Cincinnati. The metro’s proximity to other major markets could also benefit area hotels, as more households are expected to take shorter, more local trips amid an overall softening in consumers’ discretionary spending power. This dynamic should allow economy flags and hotels along major transportation routes to register some of the highest occupancy rates among chain scales this year, supporting a moderate gain in the metro’s overall ADR.
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