Norfolk-Virginia Beach, VA - 2024 Q3

The MarketCompass Lodging Report for Norfolk-Virginia Beach, VA, analyzes the area's hotel market, categorizing properties into six classes. It examines economic drivers like manufacturing and defense spending, noting strong job growth but also out-migration concerns. The overall market performance is below average, ranking in the 39th percentile nationally. The report includes detailed metrics for occupancy, average daily rate (ADR), and revenue per available room (RevPAR), plus brand representation and investment risk. It also features performance comparisons by class, highlighting strengths and challenges for each. The analysis uses data through September 2024. Click here to view a shortened preview of the report.