BROOMFIELD, Colo. — Miami hotel performance exceeded projections and reached record levels in both average daily rate (ADR) and revenue per available room (RevPAR) during Super Bowl LIV weekend, according to an analysis by STR’s Consulting & Analytics office.
During the nights of Friday, January 31, through Sunday, February 2, the Miami/Hialeah market posted an absolute ADR level of $616.91 (up 148.5 percent year over year), which drove a RevPAR value of $572.30 (up 175.2 percent)—the highest levels in the metrics among any Super Bowl weekend. Occupancy in the market rose 11.3 percent to 92.8 percent.
“ADR and RevPAR blew past the high end of the range we forecasted, while occupancy was right in line with expectations,” said Carter Wilson, STR senior vice president of Consulting & Analytics. “The Miami market’s high season is in February and March, so the rate of year-over-year comparisons were expected given how strong February weekends tend to be in the South Florida area. The real achievement is the ability of nearly 60,000 rooms to collectively reach a $600 average room rate for the weekend. There are some places where visitors are conditioned to spend more on accommodations. Miami, at this time of year, with this mega event factored into the equation, is one of them.”
The areas nearest Hard Rock Stadium posted significant performance in both absolute terms and percentage change. The STR-defined Miami CBD-North submarket experienced the highest occupancy level among the Miami submarkets (96.5 percent), which was comparable to the occupancy level achieved in the Atlanta CBD (96.8 percent) during last year’s Super Bowl. Miami Beach posted the largest lift in ADR (up 169.9 percent to $923.74) and RevPAR (up 202.1 percent to $854.27). Miami Airport-Civic Center and Miami South were other submarkets to register significant growth in RevPAR, up 93.3 percent and 81.9 percent, respectively.