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Sunday, April 14, 2024

Miami-Dade Is Highest-Performing U.S. Resort Market

Resort house owners in Miami-Dade County are flying excessive to begin the 12 months. CoStar information reveals the county ranks as the very best performing market within the nation.

Miami-Dade resorts skilled an 88.2 % occupancy fee for the week ending Feb. 24, a virtually 3 % improve, year-over-year. That was sufficient to say the highest spot amongst 25 different main lodge markets within the US, CoStar information reveals.

Final month, Miami-Dade resorts had a 78.5 % occupancy fee, representing the second-highest performing lodge market within the US Oahu, Hawaii edged out Miami-Dade with a 79 % occupancy fee in January, in keeping with a listing compiled by the Better Miami Conference & Guests Bureau utilizing CoStar information.

In February, the common day by day room fee for Miami-Dade resorts dipped to $311.20 in comparison with $313.65 throughout the identical month final 12 months. However income per room jumped to $274.44, a 3.7 % improve, year-over-year, CoStar information reveals. Miami-Dade ranked first amongst 25 lodge markets in each classes for the week ending Feb. 24.

Traditionally, February is among the busiest months in South Florida’s peak vacationer season with occasions such because the Miami Worldwide Boat Present and South Seashore Wine & Meals Competition attracting tens of 1000’s of tourists.

Traders are bullish on South Florida resorts with a flurry of properties buying and selling fingers on the finish of final 12 months. In December, Wellesley Hills, Massachusetts-based International Imaginative and prescient Inns paid $17.7 million for a Days Inn by Wyndham with 103 rooms close to Miami Worldwide Airport.

The identical month, Chicago-based actual property investor George Nediyakalayil additionally picked up a lodge close to the airport. Nediyakalayil acquired the 190-room Even Resort Miami – Airport for $29 million.

In West Palm Seashore, a Vacation Inn and an adjoining lodge improvement website traded for $23.8 million. The client, Miami-based Activate Hospitality, plans on renovating and rebranding the 199-key Vacation Inn into the Delta by Marriott West Palm Seashore, however has not introduced plans for the event website.

Additionally in West Palm, Midwest Hospitality Group, also referred to as MHG Inns, paid $20.5 million for a 103-room Marriott-branded property.

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