Miami hotel rates have risen 56% since 2019
Hotel room rates have jumped in Miami over the past three years, more than in several other tourist destinations in the country.
The average daily rate for a hotel room in Miami for the first five months of the year reached $369.51, according to an analysis by Bloomberg. This represents a 55.6% increase over the same period in 2019, when the average was $237.41.
Bloomberg commissioned Google data scientists to examine four- and five-star hotel rates in seven popular summer luxury markets. Bloomberg also looked at mid-July rates for popular hotels in each of these markets, though these are known to fluctuate all the time.
Of the seven markets analyzed, Miami has seen the largest increase in average room price over the past three years. The Hamptons came in second, where rates rose 51%. Nantucket, Massachusetts ranked third in the analysis with a 45.7% rate increase.
According to STR, hotel prices across the country are up about 33% year-over-year.
While no summer luxury market analyzed has seen a larger increase in hotel rates than Miami, room rates as of mid-July actually pale in comparison to most of these markets. That’s because travelers don’t prioritize traveling to Miami in the summer as much as they enjoy going in the winter, whether it’s to ward off the cold or to attend Art Basel Miami Beach. When Art Basel Miami Beach was canceled in 2020, South Florida hotels took a heavy hit.
At the Setai Miami Beach, mid-July rates are the highest on the market, $717 for studio suites. Yet these fares may not aggravate customers as much as elevators that have been malfunctioning for more than a year.
Mid-July room rates at other Miami Beach luxury properties include $534 per night at Faena and $417 per night at Betsy.
[Bloomberg] — HoldenWalter Warner