The Real Deal Miami

Art Basel Miami Beach kicks off South Florida’s high tourism season, driving up hotel rates

December 02, 2009 03:46PM

The annual Art Basel Miami Beach show arrives this weekend, and top end hotels are asking — and getting — premium prices. The Delano’s least expensive rooms are fetching $825 a night this weekend, compared to $345 next weekend. Once the art festival ends, the start of the area’s heavy tourism season will quickly reveal how much of a rebound the industry will see. Premium events like the Super Bowl and the NFL’s Pro Bowl, which happen in eight weeks, will give the hotel business a lift, but won’t get the sector out of trouble, most industry insiders say. Forecasts by consulting group PKF Hospitality Research suggest Miami-Dade hotels’ per-room revenue, or revpar, is headed for a 2010 drop of 6 percent from this year, when revpar rates skidded 23 percent; Broward hotels should do a bit better, with a 4 percent drop forecast for 2010 after 2009’s 17 percent decline. [Miami Herald]