Miami Beach Condo-Hotels
Miami Hotel Market Is Hot
There are presently more than 3,800 hotel rooms under contract or construction for conversion to condos in the Miami-Miami Beach area, and nearly 25 new condo-hotel projects have cropped up in recent years.
The Miami Beach hotel market has expanded by more than 9,000 new rooms in the last decade, with nearly 1,500 rooms opening recently.
Miami has ranked second in the U.S. for both hotel room occupancy [81.7%] and average room rates [
Miami's recent 12.1% increase in average room rates ranked us the second fastest growing hotel market in this category nationally.
Miami has experienced annual increases in hotel room occupancy as high as 6.6%, again ranking us among the fastest growing hotel markets in America.
Miami recently finished second in the country for RevPAR [Room Revenue per Available Room] and had the No. 1 rating in the U.S. for RevPAR growth, with a 19.5% increase.
With more than 4.3 million Miami Beach tourists seeking overnight accommodations every year, the appreciation potential for a condo-hotel owner here could be measurable.
Read About Condo-Hotels and the South Florida Hotel Market
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Kevin Tomlinson is an independent Realtor associated with Calibre International Realty. Kevin recommends that buyers, sellers, investors and renters of/in real estate consult legal, financial and investment professionals for specialized advice.