The Real Deal Miami

South Florida lux hotels feel pinch

August 11, 2009 09:59AM

The region’s coolest hotels are feeling the recessionary chill. The Delano, a keystone of South Beach cachet, saw bookings drop 20 percent in the spring and summer, and less trendy properties in the Morgan Group, such as the Shore Club, saw a 40 percent drop. Morgan, the corporate parent, lost $10 million in the second quarter. The average Miami-Dade hotel has cut rates 14 percent for the year to date, though Morgan’s properties have been able to resist discounting.