Tucson, AZ - 2024 Q3

Tucson's economy shows robust job growth, driven by the University of Arizona and the defense sector, yet faces hospitality sector labor challenges. The lodging market is underperforming nationally, with varying risk levels across hotel classes. Luxury and Upper Upscale classes show some strengths in supply and recovery, but struggle with RevPAR. Conversely, the Upscale, Upper Midscale, and Economy classes also face performance challenges. While housing remains strong, some price softening is expected. Occupancy, ADR, and RevPAR data are analyzed across all classes, with trends shown from 1990 to September 2024. Click here to view a shortened preview of the report.