Miami hotels experienced record breaking daily room rates during Super Bowl LIV weekend. (Photo by: … [+]
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Despite having 10,000 more hotel rooms since the last time Miami-Dade County hosted a Super Bowl a decade ago, Miami area hoteliers experienced record breaking daily rates and revenue available per room, according to STR, an analytics firm that tracks hotel industry performance.
A recently released STR analysis shows the Miami-Hialeah market posted an absolute daily rate of $616.91 between Jan. 31 and Feb. 2, the weekend of the Super Bowl. That represents a 148.5% bump compared to the same period last year. Revenue available per room during the same days hit $572.30, a 175.2 percent increase compared to the same weekend in 2019.
In December, STR had forecast the Super Bowl was going to drive up the Miami-Hialeah market’s daily rate to between $520 and $540 and revenue available per room to between $473 and $578. Carter Wilson, STR senior VP of consulting & analytics, said Super Bowl LIV hotel metrics were the highest compared to Super Bowl weekends in other cities since 2011.
“ADR and RevPAR blew past the high end of the range we forecasted, while occupancy was right in line with expectations,” Wilson said. “The Miami market’s high season is in February and March, so the rate of year-over-year comparisons were expected given how strong February weekends tend to be in the South Florida area.”
Wilson said the Miami-Hialeah market surpassed the $600 daily room rate figure despite having nearly 60,000 rooms available for bookings between Jan. 31 and Feb. 2. “There are some places where visitors are conditioned to spend more on accommodations,” Wilson said. “Miami, at this time of year, with this mega event factored into the equation, is one of them.”
Occupancy in the market rose 11.3% to 92.8%. Areas close to Hard Rock Stadium in Miami Gardens, where Super Bowl LIV was played, benefited the most. Between Miami Gardens and downtown Miami, the occupancy rate during Super Bowl LIV weekend reached 96.5%, according to STR. Miami Beach posted the most expensive average daily rate at $923.74, giving hotels in the city an average of $854.27 in revenue available per room.