Miami-Dade Hospitality Market Report

Business demand boosts urban hotels. Miami’s status as a premier conference destination is fueling a surge in business events. Following a near $1 billion expansion completed in late 2023, the Miami Beach Convention Center secured 13 new major bookings by May 2024. Moreover, five of the 17 events scheduled for the second half of this year are new to the metro and anticipated to attract over 20,000 attendees. This dynamic is supporting increased hotel bookings, driving higher occupancy and steady RevPAR growth for rooms catering to event guests. Strong job growth is also aiding this trend, with Miami adding the most traditionally office-using roles of any major U.S. market over the past 12 months through June. As a result, many firms are flying in potential candidates for interviews or new hires for training, elevating demand for hotels near corporate hubs.