Going viral: Zika isn’t the only thing bugging the Miami-Dade hospitality market

Miami-Dade hotels took in significantly less revenue in 2016 than they did in 2015
By Erik Bojnansky | March 21, 2017 08:45AM

From the March issue: The Centers for Disease Control (CDC) still lists all of Miami-Dade County as a cautionary “yellow” Zika area. And Miami-Dade hotels have reported a significant slump in business. But is Zika the main reason for the decline?

No, asserted Bobby Bowers, senior vice president at STR, a research company that analyzes hotel data. Bowers said the slump has more to do with an oversupply of new accommodations. About 4,000 hotel rooms were completed in Miami-Dade last year, Bowers said, increasing the inventory to 58,000. And another 3,579 rooms are currently under construction.

Also, the strong U.S. dollar made it more expensive for foreign tourists to travel to Miami, especially travelers from Latin America, where the economy has weakened.

But what about Zika? [more]