With more hotel rooms on the market in South Florida, occupancy stalled or dipped in May. But demand and room rates continued to climb along with the supply increase, according to a report this week from travel research firm STR.
In Miami-Dade, hotel rooms were 76.5 percent full in May, compared to 78.4 percent full a year earlier. Average daily rates increased 4.6 percent to more than $177, boosting revenue per available room to $135.40. Demand — the number of rooms sold — increased less than one percent, but supply was up 3.3 percent.
“When we look at the actual hotel rooms sold in May, it reflects a +0.8% increase over last year, which shows the strength of the Miami brand in absorbing the increase in hotel room inventory,” said William Talbert III, president and CEO of the Greater Miami Convention & Visitors Bureau, in an email.
Broward hotel occupancy was flat at 74.7 percent, while room rates increased 3.7 percent to $118.35. Per-room revenue jumped 3.7 percent to $88.38. Both supply and demand increased 2.3 percent.
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The Florida Keys saw occupancy drop one percent to just over 79 percent. Room rates ticked up 2.6 percent to about $251 a night. Supply in the Keys increased nearly six percent, and demand jumped almost 5 percent.