A period of extraordinary growth at the beginning of the millennium, coupled with Miami region's emerging profile as a gateway city, brought an influx of new residents, commercial developments, and new supply. Domestic and international tourism, international business, PortMiami, and the Miami Beach Convention Center (MBCC) represent the primary sources of demand in this market. Storm-related demand is also a factor, such as 2018's Hurricanes Irma and Maria that displaced travelers into the market. Miami was one of the fastest markets to rebound post-pandemic, with 2022 RevPAR higher than the 2018 peak by nearly 20.0%, driven primarily by the shifting of travel to domestic resort locations in lieu of Caribbean and European destinations. However, 2023 data indicate a decline in both occupancy and ADR, as travel patterns have normalized and as many people are opting to travel internationally. The outlook for 2024 is nevertheless favorable. The market remains the gateway to Latin America and benefits from its popularity as a leisure, business, and convention destination. Miami's low taxes and tropical climate have made it attractive for major companies and hedge funds, such as Citadel, to relocate to the area, and a variety of other companies are spurring hotel demand and developer interest in constructing new lodging supply throughout the county.

* 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.

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