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Research: Nashville lodging demand flat in 2024; short-term rentals gain ground
Summary
Commission research staff presented 2024 lodging metrics showing essentially flat hotel demand, falling RevPAR, an increase in supply and growth in short-term rental revenue; staff forecast modest growth for 2025 driven by conventions and major concerts.
Bruce McGregor, research staff, presented 2024 lodging results for Davidson County and said hotel demand was “essentially flat” last year, with a countywide decrease in demand of 0.3 percent and an average daily rate (ADR) decline of about 2 percent to roughly $201.
McGregor told the commission RevPAR fell about 5 percent because of the rate drop and a 2.7 percent increase in room supply; he said eight new hotels added roughly 1,300 rooms last year. He added that despite those changes, room revenues still exceeded $2 billion in 2024.
A major theme of McGregor’s presentation was the rising…
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