miami hotel market
The Miami Market Rises to the Occasion
Emeldina Paratusic | February 27, 2023
By Emeldina Paratusic Nicknamed “the Magic City,” Miami has maintained its position as a world-class destination despite the national economic challenges experienced since 2020. At the height of the pandemic, Miami’s favorable weather and relaxed restrictions attracted new residents and businesses from all corners of the country and the world. In the post-pandemic era, the greater Miami area remains a top U.S. market. In 2022, hotels in this market realized year-over-year growth in all metrics across each submarket. Furthermore, new hotel supply continues to be added, with numerous recently opened hotels and countless proposed develo...
Miami and Qatar Markets Led the World in Hotel Profit Recovery in 2022
STR | February 8, 2023
LONDON—Miami and Qatar led the major global markets in hotel profit recovery for 2022, according to STR‘s full-year P&L data. Both markets’ gross operating profit per available room (GOPPAR) surpassed 2019 levels, with the metric reaching 155% of the 2019 comparable in Miami. Helped by the World Cup, Qatar’s GOPPAR indexed at 152%. Qatar is designated as a market in STR’s database due to its size and composition. Noted below are the key market outliers by each region: Europe Paris’ GOPPAR (US$173.02) was 123% of its comparable 2019 level. London (US$105.17) was the next closest market at 88%. Ber...
Miami and Dubai Led the World in Hotel Profit Recovery in 2021
STR | February 7, 2022
LONDON — February 7, 2022 — Miami and Dubai led the major global markets in hotel profit recovery for 2021, according to STR‘s full-year P&L data release. Miami’s gross operating profit per available room (GOPPAR) beat 2019 levels by 14 percentage points, while Dubai reached 95% of its pre-pandemic comparable. Noted below are the market outliers by each region: Europe Moscow’s GOPPAR (US$38.88) was 80% of its comparable 2019 level. Paris (US$60.00) was the next closest market at 33%. Amsterdam (US$10.53) recaptured just 10% of 2019 GOPPAR. Middle East Helped by Expo 2020, Dubai...
Miami Cementing its Place in Elite List of Global Gateway & Hospitality Markets
Andrew Cohan | September 8, 2016
By Andrew Cohan, Managing Director at Horwath HTL - Miami In 2013, I wrote an article titled "Miami's Leap to Global Gateway Status". The article examined the factors that combined during the previous decade to move Miami from one "comp set", that of secondary cities and resort markets, to a new comp set, that of Global "must include" gateway markets. In Miami's case, the two-way link with Latin America and the city's role as a transit point between Latin America, North America and Europe dominate the competitive advantage that favors movement of people, information and goods and services betwee...
