Downtown Miami Hotel Market Fundamentals Tourism

Miami Hotel

Average Daily Rates are the Highest in the U.S.

Domestic and international tourism has traditionally been a mainstay of the South Florida economy; in fact, the pandemic recovery has been driven by domestic tourism, a safer alternative to international tropical travel rooted in the pentup demand from quarantine years. In 2021, Miami led the nation’s tourism recovery welcoming 15.9 million overnight visitors and an additional 8.3-million-day trippers, for a total of 24.2 million visitors. Similarly, visitor spending made a rebound with an estimated $19.2 billion spent, which is an 8 percent increase over 2019 (prior to the pandemic). The Miami hospitality market continues to lead the nation in tourism recovery as average daily rates and revenue per available room rank highest in the U.S. and occupancy rates continue to increase. Furthermore, the tourism sector is the largest generator of jobs in Miami-Dade County, supporting close to 145,000 jobs.