WHAT’S GOING ON
Miami has a reputation for being one of the most expensive cities to stay in the U.S., and one look at the city’s year-end numbers from STR shows this is still in full effect. While occupancy in Miami was only up .3 percent in December year-over-year (and actually dropped 2.7 percent in November), the Magic City’s average daily rate rose 5.1 percent by December year-to-date to $185.12, while revenue per available room shot up 7 percent over the same period, reaching $144.87. Room supply only increased 1.4 percent year-over-year, while demand steadily increased 2.5 percent. All told, Miami sold approximately 13.9 million rooms in 2014, earning over $2.5 billion.
As of Q3 2014, Miami has 356 operating hotels, according to Lodging Econometrics. These properties account for 50,053 rooms, and a further 63 hotels are currently in the city’s production pipeline, which could bring as many as 12,037 new rooms to the area. Twenty-seven of those hotels are under construction now, with 18 more projected to begin in the next 12 months.
* Aloft Hotel South Beach (2360 Collins Ave.; 237 rooms; scheduled to open April 2015)
* Nobu Boutique Hotel at Eden Roc (4525 Collins Ave.; 210 rooms; scheduled to open December 2015)
* Residence Inn (9200 Collins Ave.; 175 rooms; scheduled to open March 2015)