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Market Report

Detroit Hospitality Market Report

2024 Investment Forecast

Detroit Proves its Ability to Draw Major Events as
Dates Shift and Buildings are Revamped

NFL Draft and redevelopment fuel record room demand. The largest draw for visitors this year by far will be the 2024 NFL Draft, which will boost occupancy in April and create an estimated $60 million economic impact. The Michigan Central Station redevelopment by Ford is also expected to open this year, and is likely to attract business travelers to the area as the station creates space for a wide range of companies and startups. In early 2024, Ford also began seeking a change in the site’s zoning to permit a hotel to occupy the building’s top floors, hinting at the property’s ability to generate overnight stays. Other events that have drawn, or will draw, in-bound travelers include the two Detroit Lions playoff games in January, which were the first ever held at Ford Field, plus the redevelopment of Hudson’s Site. The project is expected to complete this year, and Detroit’s newest skyscraper will include 1.5 million square feet of office, retail, residential and event space, as well as a five-star hotel. These projects and events will help elevate hotel occupancy above 60 percent for the first time since 2019.
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