Hotel occupancy, room rates in Miami and the US see pre-holiday dip: STR

Miami /
Dec.December 30, 2016 01:30 PM

On the eve of the holidays, hotel occupancy and room rates dropped on a year-over-year basis in Miami and in the United States, according to a new report from STR. 

For the week of Dec. 18-24, the Miami/Hialeah market reported a 22.4 percent drop in average daily room rate to $178.88, the biggest decrease in the country. Orlando followed with an 11.5 percent decline to $106.40 and New Orleans by 10.4 percent to $101.54, according to the report. The Miami market also reported the fifth biggest decline in occupancy last week, down 11.2 percent to 62 percent occupancy.

Across the U.S., the hotel industry reported a 1.2 percent decrease in occupancy to 42.2 percent, and a 3 percent decline in average room rate to about $106 a night. That led revenue per available room to tumble by 4.2 percent to $44.76, STR said.

On the other end of the spectrum, Washington, D.C./Maryland/Virginia outperformed all markets last week. Occupancy rose by nearly 9 percent to 37.6 percent, average room rates also were up nearly 9 percent to about $100, and revenue per room was up 18.6 percent to $37.72. Denver, Detroit and Dallas also saw gains.

Despite declines in rates and occupancies, hotel properties were hot tickets in South Florida’s commercial real estate market this year. The Real Deal compiled the five biggest hotel deals in the tri-county area, ranging from the $229.4 million sale of the Confidante (formerly the Thompson Hotel) to the $63 million deal of the Sagamore Hotel. – Katherine Kallergis


Related Articles

arrow_forward_ios
Ari Pearl, Jonathan Leifer and 9540 West Bay Harbor Drive. (Wyndam Hotels, PPG Development, L3C Capital Partners)
Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
From left: Tom Brady and Gisele Bündchen; Pharrell Williams; Sylvester Stallone and Jennifer Flavin; Jared Kushner and Ivanka Trump (Getty, iStock)
South Florida’s biggest real estate stories of 2020
South Florida’s biggest real estate stories of 2020
Shelborne South Beach and Seagull Hotel (Shelborne, Google Maps)
Here are South Florida’s biggest hotel sales in 2020
Here are South Florida’s biggest hotel sales in 2020
The Gale Hotel with Harvey Hernandez
Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez
Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez
Francisco Martinez Miyashiki (forefront) and Francisco Martinez Celeiro with 16805 Northwest 12th Avenue (Linkedin, Wikipedia Commons, Google Maps)
Former actor sells Miami Gardens hotel for $6M
Former actor sells Miami Gardens hotel for $6M
Paul Lardi and 200-212 Collins Avenue (Linkedin, Alex Zylberglait/Marcus & Millichap)
South Beach property sells for $6M, buyer plans apartment-hotel
South Beach property sells for $6M, buyer plans apartment-hotel
Diego Colmenero and Charlie Porchetto from Urbanica plan to break ground on Edgewater hotel (Urbanica)
Urbanica completes $9M assemblage for Edgewater hotel
Urbanica completes $9M assemblage for Edgewater hotel
Rendering of the project
Fort Lauderdale OKs plan for Bahia Cabana Hotel on the beach
Fort Lauderdale OKs plan for Bahia Cabana Hotel on the beach
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...