The Real Deal Miami

Hotels hold up

June 26, 2008 02:05PM

South Florida’s housing market may be a mess, but tourists still come
for the sun. In Miami-Dade, total occupancy grew 3 percent in May, even
though rates rose 7 percent to an average of $154 per night. Area
hoteliers said Memorial Day weekend made May a strong month. Broward
hotels saw a significant retreat in May: Occupancy dropped 5 percent
and rates dipped nearly 3 percent. In the Keys, occupancy rates rose
amid price cuts. Room rates in the Keys dropped 4 percent from a year
ago to $183 per night.