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Market Report

Cincinnati Hospitality Market Report

2024 Investment Forecast

Art-Related Gatherings and Growing Tournaments
Draw Visitors, Aligning with Greater Development

Summer travel season may see boost from up-and-coming festivals. With few projects underway, Cincinnati’s economy and midscale segments are on track to note increasing occupancy this year as traveler preferences lean further toward budget options. Upper midscale and upscale hotels, however, are each slated to receive over 400 new rooms in 2024, bringing the market’s completion slate to a record high, and compressing overall occupancy. Still, the metro could see an increase in regional summer visitors as the local art and music scenes grow. Between 2019 and 2023, it was reported that Cincinnati’s arts and culture industry had a total economic impact of $1.6 billion. As festivals like BLINK become regular events, the metro is likely to see more art-related tourism from neighboring cities. Additionally, concert-related travel for solo performers or for events like the Bunbury Music Festival may increase, benefiting properties downtown near these venues.
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