The Miami hotel market is expected to prosper in 2013, according to market data based on occupancy, ADR and RevPar (revenue per available room) statistics. According to the numbers, Miami is past the recovery stage and into the new growth phase. As Miami is in the clear, and expected to show a profitable year in 2013, the surrounding areas of South Florida are expected to follow suit.
Greater Miami’s hotel RevPar increased by 3.2% in August 2012, compared to the same period in 2011.
A number of elements, including strong submarkets, significant hospitality investments by international companies such as Genting Group and a record number of international tourists visiting the area are fueling the area’s success. The planned redevelopment of the Miami Beach Convention Center, in South Beach, is one of the biggest investments ever made in the region’s market, and adds more potential to spur growth.
As U.S. Immigration Fund continues to build and develop within South Florida, this news comes at a great time. With projects in Boca Raton, Jupiter and other South Florida locales, our investors will be pleased to know their area of investment is prospering.