Marcus & Millichap published its Midyear 2024 Austin Hospitality Market Report.
“Austin’s hotel market continues to show resilience despite recent supply pressures, maintaining one of the highest occupancy rates in Texas,” stated Marcus & Millichaps Allan Mille.
Marcus & Millichap’s Austin Hospitality Midyear 2024 report provides investors with insight and analysis on the current state of the Austin hospitality market, including:
- Austin led major Texas markets with a 67.4% occupancy rate, surpassing the 2000-2019 average, despite new hotel openings.
- A 4% rise in the average daily rate (ADR) lifted luxury hotel pricing, with the metro’s ADR reaching $173.83, among the highest in the South.
- Near-term challenges include the closure and redevelopment of the Austin Convention Center, expected to impact the events sector through 2029.
- Investor interest remains strong for hotels built after 2000, with acquisitions driving the average price per room up 18% to $209,000.
- The Austin-Bergstrom International Airport area recorded peak passenger volume, sparking interest in nearby midscale accommodations.
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