The Tampa-St. Petersburg market benefits from beaches along the Gulf Coast, as well as corporate and institutional demand generators. The meetings and conventions sector is strong in this market, with events hosted at the Tampa Convention Center downtown and at area hotels. The Raymond James Stadium and other venues host major special events, as well. Over the last two decades, Tampa-St. Petersburg has evolved from a market that could typically achieve occupancies in the 60s into one that would surpass 70.0% on a regular basis. In 2023, occupancy remained in the low 70s, reflecting strong performance for this market, while ADR surpassed the $170 mark, and RevPAR reached an all-time high. Factors contributing this trend included ongoing development in the financial services and technology sectors, the popularity of the market as a meeting/event destination, and the entrance of high-quality new supply in the greater market. The 2024 data illustrate a modest increase in occupancy and a stable ADR, indicative of normalization after three years of accelerated rate growth. The near-term outlook remains positive, as the diversity of the local economy and a robust development pipeline, including the 2024 groundbreaking of a Downtown Tampa Pendry Hotel and Residences, should support the strength of this market going forward.
* 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.
The widespread impact of the coronavirus (COVID-19) has had an unprecedented impact on hotels and hotel values worldwide.
Consequently, the latest HVI analysis may no longer reflect the most current measure of lodging industry strength or the
hospitality investment market.
In each of our offices across the globe, we are working tirelessly to analyze the impact of recent events and provide timely
insights to help you navigate these uncharted waters. Because it is unclear how long the pandemic will last or how long related
restrictions will be in place, we are updating our analyses on a weekly basis using the most current data.
Additionally, examination of value trends in prior cycles can provide useful information. Historical patterns, together with
an understanding of the market’s current expectations for the eventual recovery of the industry and its performance, can provide
insights on the likely trajectory of decline and recovery for hotel values.
For the Latest Information and Analysis on the Impact of COVID-19Click Here
If you’d like to speak to someone personally to review details of our most current analysis, please don’t hesitate to contact
us directly.
ADR, Demand, Occupancy, RevPAR, and Supply Projections:
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| ADR Change
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| Market Demand Change
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| Hotel Occupancy Increase/Decrease
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| RevPAR Change
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0.0%
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0.0%
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0.0%
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| Market Supply Growth
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Change In Value For Market:
Legend
| Significant Value Increase:
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Greater than +10%
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| Moderate Value Increase:
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Between +3% and +10%
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| Stable Values:
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Between -3% and +3%
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| Moderate Value Decline:
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Between -3% and -10%
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| Significant Value Decline:
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More than -10%
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Tampa - St Petersburg RevPAR Change
Tampa - St Petersburg RevPAR
| Year |
RevPAR |
| 2008 |
$60.47
|
| 2009 |
$51.28
|
| 2010 |
$50.42
|
| 2011 |
$56.62
|
| 2012 |
$62.87
|
| 2013 |
$64.55
|
| 2014 |
$72.16
|
| 2015 |
$82.30
|
| 2016 |
$87.49
|
| 2017 |
$92.25
|
| 2018 |
$94.54
|
| 2019 |
$94.53
|
| 2020 |
$97.39
|
| 2021 |
$
|
| 2022 |
$
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| 2023 |
$
|
| 2024 |
$
|
| 2025 (f) |
$
|
| 2026 (f) |
$
|
| 2027 (f) |
$
|
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