Miami hotel industry sees lift following storm-battered hurricane season

Growth was second in the nation to Houston

Miami /
Jan.January 22, 2018 04:50 PM

Hurricane Harvey (Credit: Wikimedia Commons)

Miami’s hotel industry had one of the strongest fourth quarters of any market in the country last year, on increased demand following the devastation from Hurricane Irma in September.

Revenue per available room — a widely used metric of the market’s health — shot up 16.3 percent to $152.42 from October through December. That’s about four times the growth in RevPAR nationwide over the same period in 2016, according to hospitality tracker STR.

The Miami/Hialeah market also posted the second-highest increases in two other metrics. Occupancy climbed 9 percent to 77 percent, and average daily rate rose 6.6 percent to $197.82. Hotels likely saw a boost following Irma, from people who were displaced from their flooded or devastated homes in the Keys, and some in Miami.

Miami trailed only Houston, which sustained severe damage from Hurricane Harvey in August. It posted double-digit increases in all three metrics, including a 40.9 percent growth in RevPAR to $79.82. That’s largely attributed to demand from hurricane victims, relief workers, and insurance adjusters, and other hurricane-related business, according to STR.

Local markets affected by Hurricane Harvey and Irma weren’t the only ones that saw increased business.

The overall U.S. hotel industry posted new records on those same metrics in the fourth quarter.

Nationwide, occupancy inched up slightly to 65.9 percent, ADR grew 2.1 percent to $126.72 and RevPAR climbed 3 percent to $83.57. All three figures were the highest recorded by STR. There were also records in supply and demand. There were 1.87 billion room nights available, and $1.23 billion room nights sold.


Related Articles

arrow_forward_ios
Developer Robert Finvarb, TPG CEO Jon Winkelried and AC Hotel Miami Beach (Finvarb, TPG, Marriott)
Robert Finvarb sells AC Hotel Miami Beach to TPG
Robert Finvarb sells AC Hotel Miami Beach to TPG
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
The Holiday Inn at 340 Biscayne Boulevard in Miami and attorney Linda Worton Jackson
Bankruptcy could lead to redevelopment of downtown Miami Holiday Inn
Bankruptcy could lead to redevelopment of downtown Miami Holiday Inn
Ronny Finvarb with the proposed hotel (GEK Architecture)
Sunset Harbour’s new zoning district bans Ronny Finvarb’s planned hotel, allows taller offices
Sunset Harbour’s new zoning district bans Ronny Finvarb’s planned hotel, allows taller offices
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
arrow_forward_ios

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

Loading...