The Real Deal Miami

Miami Beach hotel prices top Vegas

December 20, 2011 12:23PM

Hotel prices in Miami Beach are often as much as twice as high as
similar properties in Las Vegas, according to an analysis by Strategic
Advisory Group. The study was done on behalf of the city of Miami Beach.
It comes in light of a recent vote against a potential casino resort in
the city
, and amid growing concerns over the impact of the addition of
thousands of potential hotel rooms in downtown Miami. “If you put 5,000
hotel rooms in downtown they will suck out everything surrounding them,”
said Stuart Blumberg, the former head of the Greater Miami and the
Beaches Hotel Association. “It will take 19 years for the current hotels
to break even. They’re going to destroy the market inventory.” [Miami
Herald]