South Beach’s Delano Hotel has increased its revenue per available room by 17.8 percent in the fourth quarter, according to earnings filed by parent company Morgans Hotel Group, the South Florida Business Journal reported.
Delano’s revenue per available room grew to $367.66 in the fourth quarter of 2012, up from 2011’s $312.02. The hotel’s occupancy rate was also up 68.7 percent for 55.8 percent in 2011.
Delano’s parent, New York-based Morgans Hotel, also owns other South Beach hotels such as the Shore Club and Mondrian and revenue was up in those buildings too. Overall, Morgans’ Miami hotels increased their revenue per available room by 13.2 percent to $204.04 in 2012 from $180.32 in the fourth quarter of 2011. The total occupancy rate for Morgan’s Miami hotels was up 71.1 percent in the fourth quarter, compared to 64.5 percent in 2011.
“In the fourth quarter we began to see increasing benefits from investments in our product and service offerings, leading to significant improvement in year-over-year EBITDA performance,” Morgans CEO Michael Gross said. “At Hudson and Delano South Beach, where we completed significant renovations in 2012, results were particularly strong and operating margins were up 700 basis points in the fourth quarter.” [SFBJ] —Christopher Cameron