As a speaker at the Cornell Hotel Society South Florida Chapter’s “Fourth Annual South Florida Lodging Outlook” seminar at the Conrad hotel in Miami last week, I had the pleasure, along with Max Comess of HFF Hotel Group, of delivering the good news: The outlook for the 2013 Miami hotel market is promising.
Market data based on occupancy, ADR and RevPar indicates that we are past the recovery stage and into a new phase of growth. Greater Miami’s hotel RevPar increased 3.2% in August 2012 compared to the same period in 2011, a record for August RevPar driven by increased hotel room rate.
A number of factors, including strong submarkets, significant hospitality investments by international companies such as Genting Group, and a record number of international tourists visiting the area are also fueling the growth. The planned redevelopment of the Miami Beach Convention Center, one of the biggest investments ever to be made in our market, is just one more reason to get excited about 2013.
Additional Information
- To view our full presentation, please click on the link below:
Top 10 Reasons to Get Excited About 2013
- For The Miami Herald’s coverage of last week’s seminar, click here.
- See also Eric Stoessel’s article Hotel Transactions Set to Surge.