MIAMI HOTELS SET records for ADR and RevPAR over the recent Super Bowl weekend, according to STR. The timing of the game was one factor in the success of the weekend, coming as it did in Miami’s regular high season.
Between Jan. 31 and Feb. 2, Miami hotels saw absolute ADR of $616.91, a 148.5 percent rise over the same time last year. RevPAR for the weekend reached $572.30, a 175.2 percent increase and the highest level of 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 and 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 city with the previous record for ADR on Super Bowl weekend is San Francisco in 2016 with $402.60. Phoenix had the previous highest RevPAR with $343.46 in 2015.
Hotels around Miami’s Hard Rock Stadium saw the most business, with the Miami central business district-north submarket, as defined by STR, seeing the highest occupancy, 96.5 percent, just under the 96.8 percent Atlanta’s CBD saw during last year’s Super Bowl.
Miami Beach saw the largest increase in ADR, up 169.9 percent to $923.74, and RevPAR, rising 202.1 percent to $854.27. Miami Airport-Civic Center and Miami South were other submarkets to register significant growth in RevPAR, 93.3 percent and 81.9 percent increases, respectively.