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Market Report

Cleveland Hospitality Market Report

2024 Investment Forecast

Full Event Calendar Secures High Occupancy;
Investors Find Opportunities Near the Airport

The stars align in Cleveland as occupancy reaches a record high. Cleveland’s hospitality sector has made a strong recovery following pandemic-related disruptions. This year’s momentum will grow as Cleveland hosts several rotating events, like the NCAA’s Women’s Final Four tournament in April and the Pan-American Masters Games in July. The Rock & Roll Hall of Fame induction ceremony will also return to the city for the first time since 2021, resuming the tradition of hosting every other year. The metro will also fall on the solar eclipse path of totality, drawing viewers from local areas for the proceeding weekend to see the 22nd total solar eclipse to ever cross the lower 48 states. Local groups estimate crowds of up to 30,000 at the downtown NASA Glenn Visitor Center on the eclipse day, in addition to other festivals taking place. A steady visitation stream will allow Cleveland’s mean occupancy rate for 2024 to reach a record high and land within 30 basis points of Chicago’s rate, which is the highest in the Midwest.
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