MIAMI WILL HOST Super Bowl LIV, and like other Super Bowl host cities the event will be a boon to local hotels. The ADR for that weekend, Jan. 31 to Feb. 2, is projected to be a record setting $520 to $540, according to STR.
Occupancy is expected to reach 91 to 94 percent, and RevPAR is forecast to be $473 to $508. The timing of the game is a factor in the high projection, said Blake Reiter, STR’s director of custom forecasts.
“Miami is interesting because high season for the market is February and March,” Reiter said. “The projections for the Super Bowl will not necessarily reflect high percentage changes from last year, but the ADR we are forecasting is unprecedented because the market is already so strong in February. This mega event is adding a layer to that already elevated performance.”
The Miami market also has changed since the city last hosted the NFL championship in 2010. Reiter said about 10,000 rooms have been added, but the national economy is stronger.
“The state of the economy likely played a part in 2010 ADR levels, which were in the low-to-mid $300 range,” Reiter said. “In 2020, Miami will be starting from a higher basis because of the already high rates in the market.”
Miami is expected to be among the highest ranked Super Bowl host cities for occupancy. Also, the percentage of change in ADR over the same time last year, around 110 to 120 percent, is expected to be the highest on record.
Last year’s host city, Atlanta, saw occupancy at 75.7 percent, ADR at $313.40 and RevPAR at $237.34.
“2020 will also be a unique year for Super Bowl weekend in terms of the monthly performance data,” Reiter said. “This year, with the game on Sunday the 2nd, the Saturday and Sunday nights will affect February numbers, while the two-week lead-up to the game and the Friday night of Super Bowl weekend will be factored into January data. We’ll see major impacts for both months, but it may perhaps appear somewhat muted in comparison to when the full Super Bowl weekend falls in the same month.”