Hotel construction is booming in Miami, thanks to the flocking of well-heeled tourists to South Beach, but some say construction is outpacing tourism growth
Towers and office buildings line Brickell Avenue in Miami, a city whose recent hotel-construction boom shows few signs of slowing down. Photo: iStockphoto/Getty Images By Konrad Putzier March 19, 2019 7:00 a.m. ET
Over the past five years, the number of hotel rooms in Miami-Dade County increased 17% to 57,154, according to a report from the Miami Downtown Development Authority. Recent additions include Ignazio and Maggio Cipriani’s 100-room Mr. C hotel in Coconut Grove, which is set to open this spring. Many investors continue to be bullish on the market. February saw two of the county’s most expensive hotel sales on a per-room basis on record: Host Hotels & Resorts Inc.’s acquisition of the 429-room 1 Hotel South Beach in Miami Beach for $610 million from Starwood Capital Group and LeFrak Organization Inc., and designer Tommy Hilfiger’s $103 million sale of the Raleigh Hotel in Miami Beach to a group of U.S. and European investors.
But while revenues have been rising, occupancy rates fell by 1.5% in Miami-Dade County between 2013 and 2018, to 76.7%, according to the Miami Downtown Development Authority. The drop in Miami Beach, the county’s largest hotel market, was even steeper at 2.8%, to 75.9%.
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