Marcus & Millichap

Florida Hospitality Investment Forecast

First Half 2019

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Record Visitation Supports Room Demand Statewide, Luring Investors

Miami hotel performance rebounds, renovated convention center could generate more demand. Since December 2010, visitation to Florida has risen at a steady pace, setting records for the numbers of travelers and for visitor spending. As a result, statewide occupancy has advanced roughly 1,400 basis points since that time amid healthy room demand. The trend will continue through year-end as numerous attractions bring visitors to the Sunshine State, supporting above-national-average RevPAR growth. Miami, in particular, will drive much of the occupancy and revenue increases as travel to the market rebounds after the tourism industry suffered from the Zika virus and hurricanes throughout 2016 and 2017. Recent renovations to the Miami Beach Convention Center could support new room demand as the additional 235,000 square feet of convention space could lead to more and larger citywide events.

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