Omaha Hospitality Market Report
Omaha’s hospitality market is made up of 160 hotels, which totals 16,000 rooms. The market’s Select Service segment takes up the most inventory at 9,100 rooms, followed by the Full Service and Limited Service segments. Omaha also noted significant growth in its hospitality sector as 260 rooms were delivered over the past three years. These deliveries increased the market’s inventory by 0.8%, compared to national hotel inventory growing by 1.1%. There are currently 215 rooms on the way, further boosting the market’s positive hotel performance.
Tourism is Nebraska’s third-largest economic driver, following agriculture and manufacturing. With its strong tourism sector, visitor spending reached $4.6 billion in 2023, a 6% increase over 2022. To keep up with the market’s thriving tourism levels, the Omaha Economic Development Corporation (OEDC) announced plans to open a new visitor’s center in North Omaha. The state also awarded $89.2 million to the OEDC to create a business park near Eppley Airfield, which should aid the increasing tourism levels.
Omaha Hospitality Market Snapshot
- Occupancy: 59.6%
- ADR: $95.94
- RevPAR: $41.83
- Sales Volume: $59.1M
- Under Construction: 215 rooms
- Sale Price/Room: $97,815
New Developments
Mutual of Omaha Headquarters Tower
Construction began in January 2023 on a 677-foot, 44-story skyscraper at 14th and Douglas Street in downtown Omaha. Upon completion in 2026, it will be the tallest building in Omaha, featuring 800,000 square feet of office space and 2,200 parking stalls.
Omaha Streetcar Project
A streetcar system is under development to connect downtown and midtown Omaha. The route will span approximately three miles, running from Cass Street to Farnam Street on South 10th Street, then west to 42nd Street, and back to 10th Street on Harney Street. The project aims to spur growth and economic development in these areas.
The Crossroads
The former Crossroads Mall is undergoing redevelopment into a mixed-use complex. Phase 1 includes plans for a 92,000-square-foot entertainment complex, a 40,000-square-foot outdoor plaza surrounded by retail and office space, and a residential building with ground-floor retail. Ground breaking is expected in spring 2025.
Transformation 2025 Initiative
The Empowerment Network’s “Transformation 2025” plan focuses on significant economic and community development goals for North Omaha, including:
- Establishing 250 new or expanded businesses.
- Creating 5,000 new or improved housing units.
- Connecting 5,000 unemployed individuals to sustainable, living-wage jobs and careers.
The initiatives under Transformation 2025 are spread throughout North Omaha. These developments reflect a concentrated effort to revitalize North Omaha, enhancing its economic landscape and community infrastructure.
New Omaha Hospitality Supply
Moxy Omaha Downtown
This Marriott property is located in the Old Market neighborhood. The six-story hotel opened in October 2023 and features 113 modern, pet-friendly guest rooms, a lobby bar, 24-hour fitness center, and valet parking.
Fairfield Inn & Suites Omaha Southwest at MH Landing
The 85-room Marriott property opened in May 2024, and it offers rooms and suites with amenities like free breakfast, Wi-Fi, a fitness center, pool, and EV charging stations. It also boasts a convenient location near Interstate 80.
Hampton Inn & Suites Omaha UN Medical Center Area
Set to open on March 2, 2025, this Hilton hotel is across the street from the University of Nebraska Medical Center. Its features include modern accommodations, free breakfast, an indoor pool, fitness and business centers, and EV charging stations.
Tranquility Commons
This property is part of a $54 million development in northwest Omaha. The urban project includes plans for new hotels, restaurants, and retail spaces.
