Andrew Cohan, Vice President of HVS Miami, a hospitality driven mixed-use real estate consulting and valuation firm, recently co-authored his firm’s Autumn 2013 Florida Newsletter entitled “Miami’s Leap to Global Gateway Status.” The report provides a detailed and interesting look at how Miami hotel values went from national average to almost four times the national average in the last decade and how this leap to top tier status came about.
Highlights from the newsletter include:
- The HVS-STR Hotel Valuation Index (HVI) shows that in 2001 Miami was ranked 5th of the five major metro market areas in Florida, but by 2012 has clearly broken away from the pack.
- Between 2002 and 2011 the Miami HVI moved from just above the national average to approaching quadruple the national average.
- In Miami Beach and Greater Miami’s hotel market and luxury residential real estate market, there has been not just a recovery but a transformation of the destination into a global gateway city.
- An in-depth look at how factors such as business activity, diverse human capital, infrastructure, revitalization of neighborhoods, art, architecture and culture are transforming Miami into a global gateway city.
To read the full HVS Miami report, please click here.