Domestic and international tourism, international business, PortMiami, and the Miami Beach Convention Center represent the primary sources of demand in the Miami market. Storm-related demand is also a factor, such as in 2018 when Hurricanes Irma and Maria displaced travelers into the market. Miami's 2022 RevPAR was nearly 20.0% higher than the 2018 peak, driven by the shift of travel to domestic resort locations in lieu of international destinations. RevPAR fell by almost 7.0% in 2023, as international destinations regained popularity. In 2024, occupancy increased modestly, with ADR remaining stable, reflecting a normalization from the growth registered over the last few years. This trend has continued in 2025, with an increase in RevPAR attributed primarily to a strong first quarter. In addition to internationally sourced demand, several domestic markets remain top feeder markets for the area, allowing hoteliers to maintain robust occupancy and ADR levels amid any concerns related to inbound international travel. Although Miami remains the gateway to Latin America and benefits from its popularity as a leisure, business, and convention destination, the significant new construction pipeline and various redevelopment projects in the area may temper future occupancy and ADR growth. However, the development of several ultra-luxury hotels in Miami Beach should elevate the market's overall profile as a premier, luxury destination.
* Although the HVI cannot tell you what a particular hotel is worth, it does provide excellent “big picture” data, indicating which market areas are experiencing positive trends, and thus may present good investment opportunities. The HVI for the U.S. is a measure of the strength of the lodging industry as a whole and, specifically, the hospitality investment market. The HVI for the various identified markets can provide a basis to evaluate and compare different geographic regions. For more insight on the limitations and applicability of the HVI, please read the message on the HVI home page by clicking on the graphic at the top of this page.
The widespread impact of the coronavirus (COVID-19) has had an unprecedented impact on hotels and hotel values worldwide.
Consequently, the latest HVI analysis may no longer reflect the most current measure of lodging industry strength or the
hospitality investment market.
In each of our offices across the globe, we are working tirelessly to analyze the impact of recent events and provide timely
insights to help you navigate these uncharted waters. Because it is unclear how long the pandemic will last or how long related
restrictions will be in place, we are updating our analyses on a weekly basis using the most current data.
Additionally, examination of value trends in prior cycles can provide useful information. Historical patterns, together with
an understanding of the market’s current expectations for the eventual recovery of the industry and its performance, can provide
insights on the likely trajectory of decline and recovery for hotel values.
For the Latest Information and Analysis on the Impact of COVID-19Click Here
If you’d like to speak to someone personally to review details of our most current analysis, please don’t hesitate to contact
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