A recent analysis shows that Miami hotels
rank high for relative success of its hotel market
, despite several high-profile properties in serious distress. Miami hotels were compared by The Real Deal to 25 major international and U.S. cities from London to Los Angeles.
Topping Beijing, Chicago, Los Angeles and Mexico City, Miami hotels
ended up ranking 15th in room revenue. This means they earned more per each hotel room than 10 of the world's major tourist centers.
According to data from STR Global, in 2009 the market for Miami hotels
earns around $91.78 per room in revenue, compared to $73.46 for L.A. and just $47.82 for Beijing. Miami hotels also beat out the chief players in Latin America like Sao Paolo who had revenue of $54.84 per room last year, and Mexico City's was $54.00. The overall leader is Abu Dhabi, with $201.50 in revenue per room. Hotel occupancy in Miami
also beat out several major U.S. and international cities for 2009. Hotel occupancy in Miami for 2009 was 65.2 percent beating out Chicago, Washington, D.C., L.A. and Moscow. Miami hotels 8.6 percent drop in 2009 was still better than 10 out of the 25 cities surveyed.
From the large JW Marriott Marquis to the 14 room Prime Hotel, Miami hotels continue to expand despite the downturn. However, there has been some bad news, as Miami hotels such as the Shore Club, the Sagamore and the Carlton Hotel have all been in foreclosure actions.
In the first six months of this year hotel occupancy in Miami
has continued to rise. Hotel occupancy in Miami was at 68.4 percent at the end of May, although that was a drop for the same month in 2009.