By the end of the first week of June, 2021, the Hotel Occupancy Rate was 71.1% for Norfolk/Portsmouth, Virginia. That’s 2.5 percentage points higher than Hampton Roads and almost 11.8 percentage points higher than the Commonwealth, and 9.2 percentage points higher than the Country.
“As one of the most connected cities in the country, Norfolk understands the power of travel and the critical role tourism plays in making our city vibrant and supporting jobs and businesses,” said Norfolk Mayor Kenneth Cooper Alexander .
Throughout the pandemic, the hotel industry in Hampton Roads led the nation with the highest occupancy rate among the top 25 markets in the nation. In the Hampton Roads region, hotel revenue is predicted to grow by 43.6% compared with the previous year, according to Old Dominion University economist Vinod Agarwal.
Here are the numbers –
Norfolk/Portsmouth, VA 71.1%
Norfolk/Virginia Beach, VA MSA 68.6%
United States 61.9%
When asked what this means for the city, Norfolk’s Director of Economic Development, Jared Chalk, said “These hotel numbers validate the efforts of VisitNorfolk and others local partners who are working to make Norfolk a tourist destination. With an uptick in federal government spending and our stable business environment, we will continue to see additional demand in the hotel industry. Whether it be downtown, Military Circle or Ocean View, the demand is there, and we believe that hotel developers will seize on the opportunity.”
Another recent example of Norfolk’s hotel and tourism market can be seen with the announcement of Breeze Airways. They recently announced that they will invest $5.2 million to establish an operations center in Norfolk, creating 116 new jobs.
So, if you’re looking for a quick get-away or a great place to start your business, come see us!