Excerpt from CoStar
Hotels in the Phoenix and Cleveland markets caught the hot hand in early April when they hosted the men’s and women’s Final Four.
Growing performance year over year might have been an easy layup for Phoenix and Cleveland hotels, but hotels in both cities also outperformed their 2023 counterparts.
The Division I NCAA college basketball season wrapped earlier this month. At the women's Final Four held at Rocket Mortgage FieldHouse in Cleveland, the South Carolina Gamecocks capped off an undefeated season with a victory over the Iowa Hawkeyes in the championship game. On the men's side, the Connecticut Huskies defeated the Purdue Boilermakers at State Farm Stadium in Glendale, Arizona, outside of Phoenix. UConn won its second consecutive men's basketball championship.
The first slate of Final Four matchups on the women’s side took place on Friday, April 5, with the championship game on Sunday, April 7. The men’s Final Four began on Saturday, April 6, with the championship game on Monday, April 8.
Hotel revenue per available room in the Cleveland market between April 5-8 was $195, a whopping 227% year-over-year increase, according to CoStar data. Average daily rate rose 105% year over year to $241 and occupancy was 81%, which was a 60% jump over last year.
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