United States -  Chicago

Chicago's McCormick Place Convention Center and other meeting facilities throughout the city, hundreds of corporations and institutions, and many leisure attractions, such as Navy Pier, Soldier Field, and the Shedd Aquarium, represent the primary sources of demand in the greater Chicago market. Over the last two decades, Chicago tended to enjoy occupancy levels in the mid-to-upper 60.0% range, except during a national economic downturn. In 2023, occupancy reached the mid-60s, similar to levels recorded in the early 2000s but well below the peak occupancy period of 2013 through 2019. ADR, on the other hand, surpassed the $160 mark in 2023, and RevPAR reached the pre-pandemic peak. In 2024, occupancy improved modestly to near 65.0%, while ADR surpassed its previous peak (ending the year at just over $168), supported by special events such as the Democratic National Convention in August, as well as the return of citywide conventions and increased corporate travel. Thus far in 2025, the data reflect a continuation of this trend, with an increase in RevPAR primarily attributed to a strong first quarter. In addition to Chicago's popularity among international travelers, several domestic markets remain top feeder markets for the area, which allow hoteliers to maintain robust occupancy and ADR levels amid any concerns related to inbound international travel.

* Although the HVI cannot tell you what a particular hotel is worth, it does provide excellent “big picture” data, indicating which market areas are experiencing positive trends, and thus may present good investment opportunities. The HVI for the U.S. is a measure of the strength of the lodging industry as a whole and, specifically, the hospitality investment market. The HVI for the various identified markets can provide a basis to evaluate and compare different geographic regions. For more insight on the limitations and applicability of the HVI, please read the message on the HVI home page by clicking on the graphic at the top of this page.

Change In Value For Market:

Legend
Significant Value Increase: Greater than +10%
Moderate Value Increase: Between +3% and +10%
Stable Values: Between -3% and +3%
Moderate Value Decline: Between -3% and -10%
Significant Value Decline: More than -10%

For more information, please contact:

Brian Arevalo
Managing Director
Valuation, Market & Feasibility Consulting
[email protected]
  • +1 817 680-7666 (w)
Angela Lahti
Senior Manager
Valuation, Market & Feasibility Consulting
[email protected]
  • +1 813 361-3939 (m)