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Market Report

St. Louis Hospitality Market Report

2024 Investment Forecast

Occupancy Realigns With the Pre-Pandemic Norm,
But Slow Convention Activity Hinders Growth

Annual events generate hotel stays in St. Louis, despite headwinds. Occupancy in St. Louis is expected to crest 60 percent this year for the first time since 2019. The increase in overnight stays will lead to an uptick in RevPAR, pushing the metric up by a near double-digit percentage. St. Louis’ new Major League Soccer team and other events like the third annual Enjoy Illinois 300 NASCAR Cup Series will contribute to rising hotel demand as they become more established. The race in Metro East is projected to draw more than 83,000 fans. Still, occupancy has not returned to the level observed in the five years preceding 2020, which averaged around 64 percent. This can, in part, be attributed to a lag in convention activity. America’s Center Convention Complex located downtown is booked for 28 events this year, which is fewer than half the number of events scheduled for 2023. A $240 million expansion of the building is expected to complete this year, however, which will eliminate complications caused by construction and potentially draw more meetings to the center in coming years.
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