Hotel room rates have surged in Miami during the past three years, more so than in several other tourist destinations nationwide.
The average daily hotel room rate in Miami for the first five months of the year reached $369.51, according to an analysis from Bloomberg. That represents a 55.6 percent increase from the same period in 2019, when the average was $237.41.
Bloomberg commissioned data scientists at Google to look at the rates at four-star and five-star hotels across seven popular summer luxury markets. Bloomberg also looked at mid-July rates for popular hotels in each of those markets, though those are known to fluctuate at a moment’s notice.
Of the seven markets analyzed, Miami had the largest surge in average room rates in the last three years. The Hamptons came in second, where rates have increased by 51 percent. Nantucket, Massachusetts ranked third in the analysis with a 45.7 percent rate increase.
According to STR, hotel prices across the country have risen by about 33 percent year-over-year.
While no summer luxury market analyzed has seen a bigger jump in hotel rates than Miami, the room rates for mid-July actually pale in comparison to most of those markets. That’s because travelers don’t prioritize traveling to Miami in the summer as much as they value going in the winter, either to get out of the cold or to attend Art Basel Miami Beach. When Art Basel Miami Beach was canceled in 2020, South Florida hotels suffered a big blow.
At the Setai Miami Beach, mid-July rates are at the higher end for the market, $717 for studio suites. Yet, those rates may not aggravate guests as much as elevators that have been malfunctioning for more than a year.
Mid-July room rates at other luxury properties in Miami Beach include $534 per night at the Faena and $417 per night at the Betsy.
[Bloomberg] — Holden Walter-Warner