Miami Suddenly Has a Glut of Plush Hotel Suites
- Rates decline during what is typically busiest season
- Mild U.S. winter also limits demand from the Northeast
Miami.
Source: Getty ImagesHotels in sun-drenched Miami are getting burned by a pullback in Brazilian travel and a building boom that has added thousands of rooms to the market.
Nightly room costs are dropping. Greater Miami’s revenue per available room -- a key measure of rates and occupancies known as revpar -- has fallen each month this year, and in April was the worst of the top 25 U.S. markets, according to STR, a data provider for the lodging industry. Marriott International Inc., set to become the world’s largest hotel operator, said on its first-quarter earnings call that Miami is among its weakest U.S. areas.