Q4 Report Highlight: Miami
- zaverhotels
- Feb 20
- 1 min read
Despite facing headwinds over the past year, Miami’s hotel market has remained relatively stable, even experiencing a Q4 2024 rebound. ADR surged to $225.79 (a 38.6% quarter-over-quarter increase), and RevPAR followed suit, reaching $165.43 (a 51.9% quarterly jump). Occupancy also performed strongly, reaching 72.9% in Q4, exceeding the five-year average of 67.9%. Miami is currently undergoing a significant hotel construction boom, with 9,552 rooms under development. Hotel transaction volume also saw a substantial 70.1% increase in 2024 compared to 2023, totaling $1.2 billion, with the price per room reaching a record high of $449,891 in December 2024. This growth was significantly influenced by Gencom’s January 2024 acquisition of the 423-room Ritz-Carlton Key Biscayne. Miami’s year-round appeal, beautiful beaches, and status as a major cruise port, along with key events like Art Basel, Miami Fashion Week, and the Miami International Boat Show, attract a diverse mix of leisure and business travelers, particularly from Latin America and Europe. The Miami hotel market is projected to improve in 2025, primarily driven by higher occupancy rates in downtown submarkets.
