Miami’s hotel revenues and occupancy soar
Written by Miami Today on November 20, 2017
The Miami hotel market posted a 13.3% increase in revenue per available room in October compared to October 2016, while occupancy rose 11.3% year over year, a national rating service reported Monday..
The Miami area’s revenue per available room in October was $120.79, far above the US average of $90.56, according to STR, a firm that monitors the hotel industry.
The growth in occupancy pushed the total to 74.6%, again far above the US average of 69.6%, which itself “was the highest for any October on record,” according to Jan Freitag, an STR senior vice president.
Houston had the largest increase by percentage in the US in revenue per available room, to $98.01, and 32.6% in occupancy to 83.8%.