Firm hunts Miami Beach Convention Center naming rights deal
Newly retained Spectra Partnerships is reaching out for naming rights and sponsorship partners for the City of Miami Beach, with the Miami Beach Convention Center and the North Beach Bandshell focuses of efforts at a time events have suffered mass cancellations in the pandemic.
The sponsorship marketing firm, which represents sales and offers strategic consulting services for entertainment properties across the US, is in the midst of conversations with companies interested in the opportunity to become the naming rights partner for the Miami Beach Convention Center, said Senior Vice President of Spectra Partnerships Bryan Furey.
“The last 16 months have impacted corporate marketing budgets across the board,” Mr. Furey said. “The pandemic delayed the process, as many brands put spending decision on hold, especially at public assembly facilities and live entertainment venues.”
To reduce Miami Beach’s dependence on tourism, commissioners in November discussed avenues that would diversify revenue. Spectra, which has negotiated more than 40 naming rights partnerships in the past 10 years, including arenas, stadiums and convention centers, is organizing dealmaking that includes managing all sponsorships and naming rights for buildings approved by the city commission.
The agreement, signed in July, is for five years with one-year renewal options, according to the city manager’s memo to the mayor and city commission.
“At this stage in the process, we’re not sharing specific company names,” Mr. Furey said. “However, when we provide a final recommendation to Miami Beach, it will go through the city’s public process, including a vote by commissioners.”
Mr. Furey said Spectra doesn’t have a formal deadline for its recommendations but is working with firms in a prioritized fashion “to bring opportunities to the city to help maximize revenue potential of city assets.”
Spectra’s initial focus is the convention center, where naming rights values were estimated at $1 million per year with a lease of at least 10 years, and North Beach Bandshell. A price estimate for any of the properties will be based on market demand and potentially packaged into a citywide partnership that extends beyond any individual venue, Mr. Furey said.
“As the industry is starting to regain momentum,” he said, “we’re seeing an uptick in activity and interest.”
The uptick, however, faces a surge in Covid-19. “The Delta strain is dealing a setback to the convention industry’s fragile recovery,” Bloomberg reported last week. The North American Association of Food Equipment Manufacturers and the Global Surgical Conference called off Florida events, with the surgical event citing the “dramatic surge” in Florida cases.
The Center for Exhibition Industry Research said the industry has shriveled to $24 billion, down $77 billion from 2019, Bloomberg said.
Aside from the convention center and bandshell, potential facilities to offer naming rights include the Colony Theater, Historic City Hall at 1701 Meridian Ave., the Byron Carlyle Theater and the Adaptive Recreation Center, which awaits approval and construction by the Sabrina Cohen Foundation.
“We want to ensure all potential partners understand the value of what Miami Beach contributes to South Florida,” Mr. Furey said, “and make sure they align with the city’s mission and its residents.”