3,400 Miami hotel projects with 5,900 rooms ready to rise in 2018
Written by Miami Today on December 26, 2017
More hotels seem destined to rise in Miami and room supply growth isn’t slowing, according to STR, a data and analytics specialist, in a report giving Miami’s hotel industry a “healthy performance” rating. Despite the growth, it’s still a decline from prior years, but an expert said this isn’t serious cause for concern.
The national average growth in supply of hotel rooms is 2%. Miami’s supply growth is roughly double that, a projected 3.9% for 2018. But the measure by STR of the average rate paid for rooms sold – calculated by dividing room revenue by rooms sold – is down 2.2%, a similar number to last year’s. In 2015, the average daily rate rose 5.7%…To read the full story click here