According to data from Smith Travel Research, hotel rates fell again for the week ending November 21, continuing a trend.
Miami-Dade average room rates fell to $129.17 from $143.64. Rates in Palm Beach County fell to $108.27 from $118.25 and at the same time last year in Broward County rates fell to $95.34 from $111.72.
Rates fell to $95.85 from $103.68 in the prior year, Nationwide.
Miami-Dade did see a glimmer of hope, as its occupancy rates grew to 71.2% from 69.4% in the previous year.
Broward’s occupancy was down, falling to 67.5% from 70.1%, however. Occupancy in Palm Beach County fell from 58.9% to 58.5% from.
Across the U.S., occupancy fell to 52.7% from 54.3%.
It is uncertain if the occupancy gains can be unbroken in Miami-Dade, but there’s reason to be “cautiously optimistic,” said Bill Talbert, president and CEO of the Greater Miami Convention & Visitors Bureau.
He also said the market has hit bottom, and now the question is how soon it will recover and how substantial the gains will be.
Even so the demand for the Miami Beach hotels will always be strong.
Contributed by MLR Realty
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