In the fourth quarter of 2009 rates for Florida and Miami hotels amounted to more than $173 million, nearly matching the $182 million in sales for the first three quarters of last year.
According to a study by HREC Investment Advisors, lodging and gaming real estate advising firm in Orlando, increasing foreclosure cycles of Miami hotels have enhanced transactions.
Paul Sexton, the head of HREC’s Orlando office said in a statement, when faced with either funding operating losses or selling positions in a property, lenders are opting for the latter. In addition, the study found:
- The average price per room for Miami hotels and other hotels in Florida has fallen from $70,900 in the first three quarters of 2009 to $44,500, but much of that is the result of more recent deals involved limited-service properties that are well into their economic lift.
- In January, Florida’s lodging industry experienced year-over-year growth in rooms sold in Miami hotels for the third month in a row. January’s 7.2% growth rate was preceded by a 4.4% increase in December and a 2.6% improvement in November.
- For each month since March 2009, Florida’s year-over-year revenue per available room trend line has improved, when revenue declined 21% from the prior year, to January 2010, when it was down 5.5%.
Call MLR Realty at: to speak with a professional real estate agent or to search Miami real estate listings go to: http://www.miamilodgerealty.com/.
Contributed by MLR Realty
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