FYI Miami: April 7, 2016
Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.
MORE HEADS IN BEDS: Miami-Dade hotels sold slightly more room nights in January and February than the year before, rising a tenth of percent from 2,516,966 rooms sold in the period in 2015 to 2,520,639 in 2016, even though average daily occupancy dropped 3.3% to 82.4%. The reason for the drop: The monthly room supply rose 3.5% during the period to 51,886 as more hotels opened in the county. Average daily rates, which dropped 1.8% in the period from the same period of 2015, were still top in the nation at $243.66 per room, and revenue per available room, which dropped 5%, still topped the nation at $200.71, according to figures provided by the Greater Miami Convention & Visitors Bureau. Average daily occupancy also scored high, second in the nation.
TRANSIT RIDERSHIP TUMBLES: Miami-Dade public transit ridership fell 7% in December from December 2014, according to the latest report from Miami-Dade Transit. Metrobus ridership fell 10.4% in the one-year period to more than 5.6 million, while Metrorail ridership edged up a tenth of a percent to over 1.8 million. Ridership on the free Metromover rose 1.8% in the one-year period to 875,701. In all, the transit system logged more than 8.4 million rides during December despite the large decline.
DOWN AGAIN, UP AGAIN: Gasoline prices in Miami rose on average 1.5 cents a gallon in the week ended Sunday, GasBuddy price tracking service reported, averaging $2.14 a gallon. That compares with a national average of $2.06 per gallon. In reviewing the rollercoaster pricing of gasoline in Miami, prices now are 26.4 cents a gallon higher than a month ago but 39.8 cents a gallon lower than a year ago, GasBuddy said. Prices here are now the highest since November.
ON THE MOVE: Swire Properties Inc. has received a temporary certificate of occupancy for Brickell City Centre’s REACH, which allows buyers of the luxury condos to begin their move-in process. REACH is the first of two condominium towers within the master-planned, 5.4-million-square-foot mixed-use development. REACH is now over 86% sold. “With this news, the City of Miami has allowed us to reveal our first condominium tower, REACH, and bring to life the largest single mixed-used development Miami has ever seen,” said Maile Aguila, senior vice president of residential sales. The second condo tower, RISE, is expected to open later this year.