WRE News: Miami-Dade Ranks Highest Performing Hotel Market in the U.S.

Miami, FL – March 5, 2024 – Miami-Dade County has emerged as the top-performing hotel market in the U.S., according to recent CoStar data.With an 88.2 percent occupancy rate for the week ending Feb. 24, the county outshines 25 other major hotel markets. Despite a slight dip in the average daily room rate to $311.20 in February, the revenue per room saw a notable 3.7 percent increase, reaching $274.44. This robust performance coincides with the historically busy month of February, driven by events like the Miami International Boat Show and South Beach Wine & Food Festival. Investors express confidence in South Florida’s hotel sector, evident in several property transactions at the end of last year. Notable acquisitions include a $17.7 million purchase of a Days Inn by Wyndham near Miami International Airport and the $29 million acquisition of the 190-room Even Hotel Miami – Airport.