Skip to main content

Market Report

Miami-Dade Hospitality Market Report

2024 Investment Forecast

Economy Hotels Claim Nationally-High Occupancy,
Demonstrating Budget-Oriented Travel Demand

New supply hinders occupancy recovery, even as demand reaches an all-time high. Over the last half-decade, nearly 8,000 rooms have come online in Miami-Dade, one of the top 15 largest totals among major U.S. markets. An influx of supply has prevented local occupancy from reaching its 2019 level, despite rising international travel and record-breaking winter passenger traffic through Miami International Airport in 2023. An elevated local ADR has also directed some tourists to nearby lower-cost Fort Lauderdale rooms, but economy properties in Miami-Dade have benefited from cost-sensitive visitors. Economy bookings will rise by 6 percent this year, giving the class the fourth-highest occupancy rate among major markets and exhibiting heightened hotel demand. Events like Art Basel Miami Beach — the largest contemporary art fair in North America — and the Miami Open tennis tournament will also generate overnight stays, in addition to business travel. Many firms relocated to Miami in recent years, making the metro one of three U.S. markets to have office vacancy below its 2019 level in 2023, prompting recruitment and conference-related stays.
MM Texture Background