Hotels charged the most ever room rates in the Miami area this tourism season and resorts continue to prosper and visitors keep coming.
New York City was the only area with a higher room rate than Miami-Dade county for the first quarter of the year. The county had an average rate of $173 for the three months and peaked at $179 in March. Hotels in Broward County and in the Florida Keys raised rates dramatically because of a strong travel market and the push toward luxury rooms.
Room rates in South Florida have been raised up to 15 percent more than in 2005. Some hotels are even breaking revenue records in each month this year. High-end rooms are selling first as people are treating themselves more this year than in the past.
The most important reason that Miami-Dade and Broward County’s can charge such high rates is because they are losing hotel rooms to a booming real estate market. Developers have been turning the hotels into condos or apartment buildings. There are less rooms on the marketplace. People will continue to pay high prices for the weather, the beaches, and the culture. |
