CLEVELAND, Ohio — The tourism industry in Cleveland appears to be making a full-scale comeback after some rocky post-COVID years.
New data shows hotel rates in downtown had visitors digging deeper into their pockets.
Last year, overnight stays swelled to roughly $200 a night.
RELATED: Cleveland hotel and tourism returns to pre-pandemic levels, major events rivaling 2016 marquee year
While that may be pricey for some people, experts say it's welcome news from an economic perspective.
The price indicates people are willing to pay up.
It also boils down to supply and demand, as well as inflation.
With so many major events on the books last year and people needing places to stay—it drove up prices.
"We feel that Cleveland has a good upward trajectory in terms of occupancy and rates," Eric Conrad, General Manager of the Fidelity Hotel, said.
Conrad is helping usher in a new era at the just-opened Fidelity Hotel on East 6th Street and Vincent Avenue downtown.
"We believe hospitality deserve to be back in this area, and we're very excited to bring this to locals and visitors alike," Conrad said.
The 97-room independent boutique hotel has been in the works since pre-COVID.
The 104-year-old former office Baker Building underwent a total transformation.
It's now a high-end hotel featuring a bar, restaurant, event space and a vintage chic aesthetic with a hyperlocal twist—showcasing local artists' work.
"Overall kind of a luxury feel of our property. We wanted to match that with the service of the property as well," Conrad said.
Emily Lauer, Destination Cleveland Vice President of PR, says occupancy rates have climbed in the city to more than 63%, up 2% from 2023.
"2024 was probably the year that we saw the most stability in the market," Lauer said.
Lauer says it's a win-win for the city.
People are finally comfortable planning trips and are enticed by the prices and everything the city offers.
"When you compare that though to New York, LA, Chicago, Houston, the really large markets across the country, Cleveland is still an affordable destination," Lauer said.
Lauer says the forecast shows we should maintain or have some incremental growth in 2025.
Major events drove up costs, and she says the formula is simple.
"Trends show year after year, when there are big events in Cleveland that helps drive demand for our hotels downtown and/or out into the suburbs. Because if a hotel is booked around an event downtown with an official room block, it drives not only the prices of other downtown hotels but as those hotels fill out into the suburbs as well," Lauer said.
In the meantime, Conrad says that while 2024 was a record year for events and stays, he was eager to show off everything that Fidelity Hotel had to offer.
He says it goes perfectly with the upcoming NCAA Men's Basketball March Madness, Patty's Day festivities, conferences, concerts and the Cavs and Guardians winning records.
"We think Cleveland has the ability to provide a level of service and hospitality that's gonna be unmatched certainly in the midwest region," Conrad said.
Room rates at Fidelity Hotel currently sit at around $150 per night.
Prices remain lower in the suburbs at some other hotel chains.
Experts say pto repare for these prices to fluctuate over time.
The bigger the events in town, the higher the rates will be for guests.
In addition, Conrad says the hospitality industry plans to host another hiring fair this year—to fill the staffing gaps.
It is planned for early March.
This comes after last year's hiring fair at the Huntington Convention Center.
The American Hotel and Lodging Association data shows hotels will add 14,000 employees.
Fidelity Hotel actively hires and welcomes guests.
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