CBRE Hotels, one of the hospitality industry’s leading full-service real estate groups, recently published its Summer 2013 report on the latest hospitality trends in Miami. The “Miami – Hotel Market Update” brings good news, with notable highlights including the following:
- Miami once again ranked among the strongest hotel markets in the nation, behind only New York and Oahu in terms of RevPAR;
- Miami saw an impressive 11.7% increase in Revenue Per Available Hotel Room (RevPAR) for the first six months of 2013;
- Average Daily Rate (ADR) increased by 9% compared to the same period in 2012.
- Occupancy rate in Miami increased from 79.2% in 2012 to 81.1% in 2013 (YTD).
The report notes several large-scale development and redevelopment projects underway on Miami Beach that are expected to continue to drive these figures up. These include the Miami Beach Convention Center redevelopment, with plans for an 800-room hotel, and Marriott’s Edition Hotel in the mid-beach area. In the downtown/Brickell area, notable projects include the Aloft Miami-Brickell, Homewood Suites and the Atton Hotel. The report also includes recent transactions over $10 million, with purchase prices of properties such as Grove Isle in Coconut Grove, Park Central, Royal Polo Hotel, and Miami Beach Resort listed.
Also noteworthy are hotel operators’ continued reports that the Miami market is becoming less affected by seasonality. Visitors from Europe and Latin America are filling rooms during what was traditionally the soft off-season, establishing Miami as a year-round destination.
Please click here to read the full CBRE Hotels report.