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Market Report

Seattle-Tacoma Hospitality Market Report

2024 Investment Forecast

Cruise Terminal and Airport Welcome Elevated Activity,
Driving Hotel Demand Around South Seattle

Travel hubs’ success fuels occupancy leap. In 2023, the Port of Seattle welcomed an all-time high of 910,000 cruise-goers, cementing it as a primary driver of the metro’s ongoing travel recovery. Seattle-Tacoma International Airport, meanwhile, noted passenger counts that were nearly on par with 2019’s record-setting numbers — contributing to surrounding areas achieving their highest volume of nightly bookings yet. These two trends are continuing to build momentum, aided by the airport’s Concourse C expansion, helping propel marketwide occupancy up by one of the three fastest paces among major metros this year. The rise should be most noticeable in the Kent-Renton area, where a 17 percent drop in stock over the last four years has enhanced the local product mix. Additionally, the volume of annual bookings here is anticipated to return to 1 million room nights for the first time in a half-decade, as Boeing, Discount Tire and ThyssenKrupp generate business travel by way of setting up new manufacturing and distribution facilities. Bellevue is similarly positioned to benefit from travel related to new company expansions, after The Pokémon Company inked a local office sublease in January, which was the metro’s largest in over four years. 
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