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HomeMy WebLinkAboutBozeman-Yellowstone Country-Hospitality-Submarket-2025-08-19Bozeman/Yellowstone Country PREPARED BY Daryl Schliem President / CEO Hospitality Submarket Report Montana USA HOSPITALITY SUBMARKET REPORT Overview 1 Performance 2 Construction 11 Under Construction Properties 14 Sales 15 Sales Past 12 Months 17 Supply & Demand Trends 19 Performance Trends 21 Sale Trends 23 Deliveries & Under Construction 25 Bozeman/Yellowstone Country Hospitality 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Overview Bozeman/Yellowstone Country Hospitality 12 Mo Occupancy 64.1% 12 Mo ADR $219.91 12 Mo RevPAR $140.85 12 Mo Supply 2.6M 12 Mo Demand 1.6M Bozeman/Yellowstone Country comprises 130 hotel properties, which contain around 8,100 rooms. Among the subtypes, there are 1,600 Luxury & Upper Upscale rooms, 3,800 Upscale & Upper Midscale rooms, and 2,700 Midscale & Economy rooms in Bozeman/Yellowstone Country. As of July, Bozeman/Yellowstone Country 12-month occupancy is 64.1%, 12-month ADR is $220, and 12- month RevPAR is $141. Year over year, 12-month occupancy in Bozeman/Yellowstone Country has changed by -3.9%, 12-month ADR has changed 2.7%, and 12-month RevPAR has changed by -1.3%. Approximately 590 rooms are under construction in Bozeman/Yellowstone Country, accounting for 7.2% of its existing inventory. Over the past 12 months, roughly 670 rooms have opened across 6 buildings. KEY INDICATORS Class Rooms 12 Mo Occ 12 Mo ADR 12 Mo RevPAR 12 Mo Delivered Under Construction Luxury & Upper Upscale 1,634 63.3%$436.78 $276.40 0 0 Upscale & Upper Midscale 3,799 66.7%$198.35 $132.21 356 586 Midscale & Economy 2,690 60.8%$129.62 $78.80 161 0 Total 8,123 64.1%$219.91 $140.85 517 586 Average Trend Current 3 Mo YTD 12 Mo Historical Average Forecast Average Occupancy 80.9%76.4%63.8%64.1%65.6%63.5% Occupancy Change -5.1%-4.7%-5.5%-3.9%3.2%0% ADR $277.21 $241.68 $217.12 $219.91 $196.16 $226.02 ADR Change -3.0%-2.7%1.0%2.7%11.9%1.3% RevPAR $224.33 $184.60 $138.50 $140.85 $128.58 $143.50 RevPAR Change -8.0%-7.3%-4.5%-1.3%15.5%1.3% 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 2 Performance Bozeman/Yellowstone Country Hospitality SUPPLY CHANGE DEMAND CHANGE 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 3 Performance Bozeman/Yellowstone Country Hospitality SUPPLY & DEMAND CHANGE OCCUPANCY 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 4 Performance Bozeman/Yellowstone Country Hospitality ADR OCCUPANCY & ADR CHANGE 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 5 Performance Bozeman/Yellowstone Country Hospitality REVPAR OCCUPANCY MONTHLY 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 6 Performance Bozeman/Yellowstone Country Hospitality ADR MONTHLY REVPAR MONTHLY 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 7 Performance Bozeman/Yellowstone Country Hospitality OCCUPANCY BY CLASS ADR BY CLASS 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 8 Performance Bozeman/Yellowstone Country Hospitality REVPAR BY CLASS REVPAR GROWTH COMPOSITION 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 9 Performance Bozeman/Yellowstone Country Hospitality OCCUPANCY, ADR & REVPAR 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 10 Performance Bozeman/Yellowstone Country Hospitality FULL-SERVICE HOTELS PROFITABILITY (ANNUAL) Market % of Revenues Per Key POR Per Key POR 2023 2022-2023 % Change Revenue Rooms Food Beverage Other F&B Other Departments Miscellaneous Income Total Revenue Operating Expenses Rooms Food & Beverage Other Departments Administrative & General Information & Telecommunication Systems Sales & Marketing Property Operations & Maintenance Utilities Gross Operating Profit Management Fees Rent Property Taxes Insurance EBITDA Total Labor Costs (1) For Annual P&L, the current year exchange rate is used for each year going back in time. This current year exchange rate is the average of all 12 monthly rates for that year. (2) Percentage of Revenues for departmental expenses (Rooms, Food & Beverage, and Other Departments) are based on their respective departmental revenues. All other expense percentages are based on Total Revenue. (3) Labor costs are already included in the operating expenses above. Amounts shown in Total Labor Costs are for additional detail only. 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 11 Construction Bozeman/Yellowstone Country Hospitality DELIVERIES & DEMOLITIONS ROOMS DELIVERED 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 12 Construction Bozeman/Yellowstone Country Hospitality ROOMS DELIVERED BY CLASS ROOMS UNDER CONSTRUCTION 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 13 Construction Bozeman/Yellowstone Country Hospitality TOTAL ROOMS UNDER CONSTRUCTION BY SCALE ROOMS UNDER CONSTRUCTION BY SCALE 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 14 Under Construction Properties Bozeman/Yellowstone Country Hospitality 5 586 7.2%117 Properties Rooms Percent of Inventory Average Rooms UNDER CONSTRUCTION PROPERTIES UNDER CONSTRUCTION Property Name/Address Class Rooms Stories Start Complete Brand/Developer 1 Hyatt Place Bozeman Yellowstone… 619 Alaska Frontage Rd Upscale 130 5 Jun 2024 Dec 2025 Hyatt Place Concord Hospitality Enterprises 2 Hampton by Hilton Belgrade Boze… SEQ Frontage Rd & Airway Upper Midscale 125 4 Mar 2025 Jun 2026 Hampton by Hilton ERES 3 Hampton Inn & Suites Bozeman D… 507 W Main St Upper Midscale 125 4 Feb 2025 Jun 2026 Hampton by Hilton Bennett Hospitality 4 Atwell Suites Belgrade - Bozeman… 311 W Madison Ave Upper Midscale 104 4 Jun 2024 Sep 2025 Atwell Suites Town Pump Hotel Group 5 Hyatt House Bozeman 3568 N 27th Ave Upscale 102 4 Sep 2024 Mar 2027 Hyatt House InnTrusted 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 15 Sales Bozeman/Yellowstone Country Hospitality In the past 12 months, nothing has traded in Bozeman/Yellowstone Country. This compares to the three-year annual sales volume average of $12.3 million. The market cap rate, or the estimated cap rate for the market, stands at 8.5% compared to the Montana average of 9.2%. SALES VOLUME & MARKET SALE PRICE PER ROOM 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 16 Sales Bozeman/Yellowstone Country Hospitality MARKET CAP RATE 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 17 Sales Past 12 Months Bozeman/Yellowstone Country Hospitality 4 --- Sale Comparables Average Price/Room Average Price Average Cap Rate SALE COMPARABLE LOCATIONS SALE COMPARABLES SUMMARY STATISTICS Sale Attributes Low Average Median High Sale Price ---- Price/Room ---- Cap Rate ---- Time Since Sale in Months 2.5 7.2 8.0 9.9 Property Attributes Low Average Median High Property Size in Rooms 13 32 22 49 Number of Floors 1 2 2 3 Total Meeting Space ---- Year Built 1950 1977 1972 2001 Class Economy Midscale Economy Upper Upscale 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 18 Sales Past 12 Months Bozeman/Yellowstone Country Hospitality RECENT SIGNIFICANT SALES Property Name/Address Class Yr Built Rooms Brand Sale Date Price Price/Room Property Information Sale Information 1 The Bozeman Inn 1235 N 7th Ave Economy 1972 49 -6/4/2025 -- 2 Mountain Vista Hotel 1545 Targhee Pass Hwy Upper Upscale 1986 44 -12/20/2024 -- 3 River Valley Inn 600 W 2nd Ave Economy 2001 22 -12/4/2024 -- 4 Sleepy Hollow Lodge 124 Electric St Economy 1950 13 -10/22/2024 -- 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 19 Appendix Bozeman/Yellowstone Country Hospitality OVERALL SUPPLY & DEMAND Year Available Rooms Change % Change Occupied Rooms Change % Change Supply Demand 2029 3,031,117 0 0%1,927,661 5,036 0.3% 2028 3,031,117 6,352 0.2%1,922,625 (2,157)-0.1% 2027 3,024,765 69,218 2.3%1,924,782 63,221 3.4% 2026 2,955,547 240,072 8.8%1,861,561 126,681 7.3% 2025 2,715,475 255,546 10.4%1,734,880 107,819 6.6% YTD 1,508,668 115,985 8.3%962,374 22,814 2.4% 2024 2,459,929 54,305 2.3%1,627,061 14,980 0.9% 2023 2,405,624 (5,470)-0.2%1,612,081 27,668 1.7% 2022 2,411,094 56,499 2.4%1,584,413 5,343 0.3% 2021 2,354,595 92,758 4.1%1,579,070 383,954 32.1% 2020 2,261,837 15,260 0.7%1,195,116 (259,788)-17.9% 2019 2,246,577 33,089 1.5%1,454,904 48,275 3.4% 2018 2,213,488 44,005 2.0%1,406,629 22,358 1.6% 2017 2,169,483 34,320 1.6%1,384,271 21,520 1.6% 2016 2,135,163 (1,488)-0.1%1,362,751 34,319 2.6% 2015 2,136,651 (1,531)-0.1%1,328,432 51,191 4.0% LUXURY & UPPER UPSCALE SUPPLY & DEMAND Year Available Rooms Change % Change Occupied Rooms Change % Change Supply Demand 2029 550,137 0 0% 2028 550,137 0 0% 2027 550,137 0 0% 2026 550,137 42,886 8.5% 2025 507,251 9,578 1.9% YTD 275,762 (21,021)-7.1%174,680 (8,608)-4.7% 2024 497,673 (20,924)-4.0%310,244 (8,465)-2.7% 2023 518,597 16,879 3.4%318,709 17,059 5.7% 2022 501,718 5,307 1.1%301,650 (13,291)-4.2% 2021 496,411 38,844 8.5%314,941 98,818 45.7% 2020 457,567 4,971 1.1%216,123 (49,058)-18.5% 2019 452,596 17,974 4.1%265,181 10,465 4.1% 2018 434,622 23,898 5.8%254,716 419 0.2% 2017 410,724 8,903 2.2%254,297 7,168 2.9% 2016 401,821 (4,890)-1.2%247,129 9,123 3.8% 2015 406,711 9,954 2.5%238,006 16,002 7.2% 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 20 Appendix Bozeman/Yellowstone Country Hospitality UPSCALE & UPPER MIDSCALE SUPPLY & DEMAND Year Available Rooms Change % Change Occupied Rooms Change % Change Supply Demand 2029 1,576,304 0 0%1,049,230 3,520 0.3% 2028 1,576,304 6,352 0.4%1,045,709 3,115 0.3% 2027 1,569,952 69,218 4.6%1,042,594 53,063 5.4% 2026 1,500,734 182,895 13.9%989,531 116,123 13.3% 2025 1,317,839 188,957 16.7%873,408 82,969 10.5% YTD 728,281 100,322 16.0%482,615 28,901 6.4% 2024 1,128,882 58,649 5.5%790,440 35,351 4.7% 2023 1,070,233 (24,395)-2.2%755,089 (6,301)-0.8% 2022 1,094,628 53,238 5.1%761,390 37,375 5.2% 2021 1,041,390 61,894 6.3%724,015 197,179 37.4% 2020 979,496 20,477 2.1%526,836 (132,601)-20.1% 2019 959,019 31,338 3.4%659,437 27,267 4.3% 2018 927,681 10,771 1.2%632,170 13,041 2.1% 2017 916,910 22,050 2.5%619,129 11,987 2.0% 2016 894,860 25,962 3.0%607,142 27,218 4.7% 2015 868,898 24,706 2.9%579,924 43,238 8.1% MIDSCALE & ECONOMY SUPPLY & DEMAND Year Available Rooms Change % Change Occupied Rooms Change % Change Supply Demand 2029 904,676 0 0%560,124 855 0.2% 2028 904,676 0 0%559,269 (2,944)-0.5% 2027 904,676 0 0%562,213 10,392 1.9% 2026 904,676 14,291 1.6%551,821 5,672 1.0% 2025 890,385 57,011 6.8%546,149 19,771 3.8% YTD 504,625 36,684 7.8%305,079 2,520 0.8% 2024 833,374 16,580 2.0%526,378 (11,905)-2.2% 2023 816,794 2,046 0.3%538,283 16,910 3.2% 2022 814,748 (2,046)-0.3%521,373 (18,741)-3.5% 2021 816,794 (7,980)-1.0%540,114 87,958 19.5% 2020 824,774 (10,188)-1.2%452,156 (78,130)-14.7% 2019 834,962 (16,223)-1.9%530,286 10,543 2.0% 2018 851,185 9,336 1.1%519,743 8,898 1.7% 2017 841,849 3,367 0.4%510,845 2,365 0.5% 2016 838,482 (22,560)-2.6%508,480 (2,022)-0.4% 2015 861,042 (36,191)-4.0%510,502 (8,049)-1.6% 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 21 Appendix Bozeman/Yellowstone Country Hospitality OVERALL PERFORMANCE Year Percent % Change Per Room % Change Per Room % Change Occupancy ADR RevPAR 2029 63.6%0.3%$231.34 1.7%$147.12 1.9% 2028 63.4%-0.3%$227.57 2.0%$144.34 1.7% 2027 63.6%1.0%$223.04 1.8%$141.93 2.9% 2026 63.0%-1.4%$219.02 -0.9%$137.95 -2.3% 2025 63.9%-3.4%$220.97 1.0%$141.17 -2.4% YTD 63.8%-5.4%$217.12 1.0%$138.50 -4.5% 2024 66.1%-1.3%$218.71 3.1%$144.66 1.8% 2023 67.0%2.0%$212.05 7.8%$142.10 9.9% 2022 65.7%-2.0%$196.77 17.8%$129.30 15.4% 2021 67.1%26.9%$167.01 35.8%$112 72.4% 2020 52.8%-18.4%$122.94 -7.4%$64.96 -24.5% 2019 64.8%1.9%$132.78 3.4%$85.99 5.4% 2018 63.5%-0.4%$128.37 0.8%$81.58 0.4% 2017 63.8%0%$127.37 2.7%$81.27 2.7% 2016 63.8%2.7%$123.98 5.8%$79.13 8.7% 2015 62.2%4.1%$117.13 5.2%$72.82 9.5% LUXURY & UPPER UPSCALE PERFORMANCE Year Percent % Change Per Room % Change Per Room % Change Occupancy ADR RevPAR 2029 2028 2027 2026 2025 YTD 63.3%2.6%$457.11 18.7%$289.55 21.8% 2024 62.3%1.4%$394.78 6.6%$246.10 8.1% 2023 61.5%2.2%$370.28 11.7%$227.56 14.2% 2022 60.1%-5.2%$331.51 36.2%$199.31 29.0% 2021 63.4%34.3%$243.49 32.6%$154.48 78.1% 2020 47.2%-19.4%$183.63 -0.4%$86.74 -19.7% 2019 58.6%0%$184.36 8.7%$108.02 8.7% 2018 58.6%-5.3%$169.63 4.6%$99.41 -1.0% 2017 61.9%0.7%$162.21 -0.9%$100.43 -0.2% 2016 61.5%5.1%$163.67 4.3%$100.66 9.6% 2015 58.5%4.6%$156.93 7.5%$91.84 12.4% 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 22 Appendix Bozeman/Yellowstone Country Hospitality UPSCALE & UPPER MIDSCALE PERFORMANCE Year Percent % Change Per Room % Change Per Room % Change Occupancy ADR RevPAR 2029 66.6%0.3%$213.95 1.7%$142.41 2.0% 2028 66.3%-0.1%$210.39 2.1%$139.57 2.0% 2027 66.4%0.7%$206.10 2.8%$136.87 3.5% 2026 65.9%-0.5%$200.48 0.6%$132.19 0% 2025 66.3%-5.3%$199.39 -2.8%$132.14 -8.0% YTD 66.3%-8.3%$190.31 -5.5%$126.11 -13.4% 2024 70.0%-0.8%$205.05 1.1%$143.58 0.4% 2023 70.6%1.4%$202.78 4.4%$143.07 5.9% 2022 69.6%0%$194.18 14.9%$135.06 14.9% 2021 69.5%29.3%$169.07 30.3%$117.54 68.5% 2020 53.8%-21.8%$129.73 -6.5%$69.78 -26.9% 2019 68.8%0.9%$138.78 3.3%$95.43 4.2% 2018 68.1%0.9%$134.38 1.3%$91.57 2.3% 2017 67.5%-0.5%$132.61 3.6%$89.54 3.1% 2016 67.8%1.7%$128.01 5.5%$86.85 7.2% 2015 66.7%5.0%$121.35 3.5%$80.99 8.7% MIDSCALE & ECONOMY PERFORMANCE Year Percent % Change Per Room % Change Per Room % Change Occupancy ADR RevPAR 2029 61.9%0.2%$143.92 1.6%$89.10 1.8% 2028 61.8%-0.5%$141.63 2.1%$87.55 1.6% 2027 62.1%1.9%$138.67 3.0%$86.18 4.9% 2026 61.0%-0.6%$134.65 4.1%$82.13 3.5% 2025 61.3%-2.9%$129.32 -4.5%$79.32 -7.3% YTD 60.5%-6.5%$122.11 -7.6%$73.82 -13.6% 2024 63.2%-4.2%$135.45 3.1%$85.55 -1.2% 2023 65.9%3.0%$131.36 7.2%$86.57 10.4% 2022 64.0%-3.2%$122.59 2.4%$78.45 -0.9% 2021 66.1%20.6%$119.67 39.1%$79.13 67.8% 2020 54.8%-13.7%$86.02 -13.6%$47.16 -25.4% 2019 63.5%4.0%$99.52 -1.3%$63.20 2.6% 2018 61.1%0.6%$100.85 -2.7%$61.58 -2.1% 2017 60.7%0.1%$103.67 3.8%$62.91 3.9% 2016 60.6%2.3%$99.88 6.5%$60.57 8.9% 2015 59.3%2.6%$93.78 3.8%$55.60 6.5% 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 23 Appendix Bozeman/Yellowstone Country Hospitality OVERALL SALES Year Deals Volume Turnover Avg Price Avg Price/Room Avg Cap Rate Price/Room Price Index Cap Rate Completed Transactions (1)Market Pricing Trends (2) 2029 ------$206,508 412 8.6% 2028 ------$204,670 408 8.5% 2027 ------$201,635 402 8.6% 2026 ------$195,252 390 8.7% 2025 ------$196,623 392 8.6% YTD 1 $0 0%---$197,341 394 8.5% 2024 5 $9M 0.9%$9,000,000 $125,000 9.8%$189,845 379 8.5% 2023 6 $27M 1.5%$27,000,000 $245,455 8.1%$167,324 334 8.2% 2022 6 $0 0%--11.4%$143,235 286 8.0% 2021 7 $12.7M 2.5%$3,175,000 $72,989 -$125,724 251 8.1% 2020 6 $12.3M 1.3%$6,150,000 $143,023 8.0%$116,451 232 9.0% 2019 3 $0 0%---$119,389 238 9.2% 2018 5 $14.1M 2.4%$3,536,666 $91,269 14.6%$119,026 238 9.1% 2017 2 $0 0%---$114,355 228 9.0% 2016 3 $18.5M 1.8%$18,500,000 $160,870 7.3%$105,548 211 9.1% 2015 8 $4.3M 1.0%$4,300,000 $66,154 9.2%$101,633 203 8.8% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. The price index is not smoothed. LUXURY & UPPER UPSCALE SALES Year Deals Volume Turnover Avg Price Avg Price/Room Avg Cap Rate Price/Room Price Index Cap Rate Completed Transactions (1)Market Pricing Trends (2) 2029 ------$250,253 444 7.8% 2028 ------$248,025 440 7.8% 2027 ------$244,347 434 7.8% 2026 ------$236,612 420 8.0% 2025 ------$238,274 423 7.9% YTD ------$239,144 425 7.8% 2024 1 $0 0%---$229,306 407 7.8% 2023 3 $27M 6.7%$27,000,000 $245,455 8.1%$199,050 353 7.6% 2022 1 $0 0%---$171,792 305 7.4% 2021 ------$150,382 267 7.6% 2020 ------$137,317 244 8.5% 2019 ------$139,170 247 8.8% 2018 ------$138,640 246 8.7% 2017 ------$134,651 239 8.6% 2016 1 $0 0%---$125,212 222 8.7% 2015 1 $0 0%---$115,784 206 8.6% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. The price index is not smoothed. 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 24 Appendix Bozeman/Yellowstone Country Hospitality UPSCALE & UPPER MIDSCALE SALES Year Deals Volume Turnover Avg Price Avg Price/Room Avg Cap Rate Price/Room Price Index Cap Rate Completed Transactions (1)Market Pricing Trends (2) 2029 ------$247,786 414 8.4% 2028 ------$245,581 411 8.3% 2027 ------$241,939 405 8.4% 2026 ------$234,280 392 8.5% 2025 ------$235,925 395 8.4% YTD ------$236,787 396 8.3% 2024 1 $0 0%---$227,969 381 8.3% 2023 1 $0 0%---$202,041 338 7.9% 2022 3 $0 0%--11.3%$171,866 287 7.7% 2021 2 $4.4M 1.3%$4,400,000 $115,789 -$150,041 251 7.8% 2020 3 $10M 2.5%$10,000,000 $138,889 8.0%$138,978 232 8.7% 2019 1 $0 0%---$142,312 238 8.9% 2018 2 $2.1M 0.6%$2,087,600 $130,475 -$141,831 237 8.8% 2017 ------$135,601 227 8.7% 2016 2 $18.5M 4.6%$18,500,000 $160,870 7.3%$124,066 207 8.9% 2015 1 $4.3M 2.6%$4,300,000 $66,154 9.2%$121,582 203 8.5% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. The price index is not smoothed. MIDSCALE & ECONOMY SALES Year Deals Volume Turnover Avg Price Avg Price/Room Avg Cap Rate Price/Room Price Index Cap Rate Completed Transactions (1)Market Pricing Trends (2) 2029 ------$109,817 368 9.4% 2028 ------$108,840 365 9.4% 2027 ------$107,226 359 9.4% 2026 ------$103,831 348 9.6% 2025 ------$104,561 350 9.4% YTD 1 $0 0%---$104,943 351 9.3% 2024 3 $9M 2.8%$9,000,000 $125,000 9.8%$101,115 339 9.3% 2023 2 $0 0%---$89,082 298 9.0% 2022 2 $0 0%--11.6%$77,255 259 8.8% 2021 5 $8.3M 5.5%$2,766,667 $61,029 -$69,440 233 8.8% 2020 3 $2.3M 0.6%$2,300,000 $164,286 -$65,512 219 9.8% 2019 2 $0 0%---$68,438 229 10.0% 2018 3 $12.1M 5.5%$4,019,687 $86,756 14.6%$68,377 229 9.8% 2017 2 $0 0%---$65,938 221 9.8% 2016 ------$62,147 208 9.8% 2015 6 $0 0%---$59,156 198 9.5% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. The price index is not smoothed. 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 25 Appendix Bozeman/Yellowstone Country Hospitality DELIVERIES & UNDER CONSTRUCTION Year Bldgs Rooms % Change Bldgs Rooms Bldgs Rooms Bldgs Rooms Inventory Deliveries Net Deliveries Under Construction YTD 128 8,123 4.1%3 320 3 320 5 586 2024 125 7,801 6.0%4 437 4 437 6 656 2023 121 7,360 1.7%1 117 1 117 7 757 2022 121 7,238 2.4%3 181 3 181 3 327 2021 119 7,067 4.0%2 240 2 240 3 292 2020 117 6,797 2.3%3 216 2 174 3 383 2019 116 6,641 2.1%1 15 0 (4)2 226 2018 115 6,502 1.3%2 201 2 201 1 136 2017 114 6,421 2.7%2 128 1 68 -- 2016 112 6,252 -0.7%1 17 0 (47)-- 2015 112 6,297 0.4%1 104 0 44 -- 8/19/2025© 2025 CoStar Group - Licensed to Bozeman Area Chamber of Commerce - 1365594 Page 26