Miami-Dade Hospitality Market Report

Leisure travel boom underpins hotel performance. Recent travel trends favoring outdoor destinations greatly benefited Miami’s hospitality sector. Over 24 million people visited the metro last year, matching the total tourism volume in 2019. This momentum has continued, with passenger arrivals through the first five months of 2022 at Miami International Airport up nearly 7 percent relative to the same span in 2019. Strong tourism demand facilitated remarkable growth in ADR, setting new monthly highs in each period since April 2021. This rate growth helped lift annual RevPAR back to pre-pandemic levels early this year, and the measure has since soared to a record high. Additionally, Miami is one of five major hotel markets in the nation with a trailing 12-month occupancy average above 70 percent through May, and that rate is expected to rise within 300 basis points of the pre-health crisis level by year-end.