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January 24, 2013

South Florida hotels finish year with strong December

Hotels in South Florida reported strong occupancy and rates in December, closing out a year of continued gains.

Hotels in South Florida reported strong occupancy and rates in December, closing out a year of continued gains.

In Miami-Dade, hotels were about 75 percent full in December, an increase of nearly 6 percentage points compared to the previous year, according to data from Smith Travel Research. Average daily rates jumped 12.5 percent to almost $198, and the key measure of revenue per available room soared 19 percent to almost $149.

For the full year, hotel occupancy in Miami-Dade increased just over a percentage point to 76.4 percent, while rates jumped 6.6 percent to $163.59. Per-room revenue increased almost 8 percent to nearly $125. March was the powerhouse of 2012, commanding occupancy of nearly 86 percent and average rates of about $206 a night.

Broward hotels reported nearly 75 percent occupancy in December, an increase of almost 4 percentage points. Rates jumped 5.6 percent to more than $116, and revenue per available room shot up nearly 10 percent to more than $87. Full-year occupancy reached nearly 73 percent, an increase of more than 3 percentage points, at average daily rates of more than $114. That’s a 3 percent jump from 2011. Per-room revenue increased nearly 7 percent to more than $83.

Unlike Miami-Dade, Broward’s top month was February, with hotels more than 86 percent full and rates of about $144.

In the Florida Keys, occupancy hit 69 percent in December, an increase of two percentage points, with average rates increasing almost 6 percent to nearly $236 a night. Revenue per available room jumped 8 percent to more than $162. Average occupancy for the full year was nearly 76 percent, an increase of 2 percentage points, and average rates increased nearly 7 percent to about $213. Per-room revenue for the full year jumped about 9 percent to $161.53.

With occupancy of more than 89 percent and rates higher than $271 a night, March was the top month for the Keys.

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