Miami hotel rates to break Super Bowl Weekend record
BROOMFIELD, Colorado—Hotel average daily rate (ADR) in the Miami/Hialeah market is projected to reach a record level for a Super Bowl weekend, according to a custom forecast from STR’s Consulting & Analytics office.
The market is projected for an ADR between $520-540 for Friday, January 31 through Sunday, February 2.
“Miami is interesting because high season for the market is February and March,” said Blake Reiter, STR’s director of custom forecasts. “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.
“A lot has changed in Miami since the market last hosted a Super Bowl in 2010. The room count has grown by about 10,000, and the state of the economy likely played a part in 2010 ADR levels, which were in the low-to-mid $300 range. In 2020, Miami will be starting from a higher basis because of the already high rates in the market.”
When compared to the nine previous Super Bowl host markets, Miami is also expected to be among those at the top of the list for absolute occupancy. The Friday and Saturday nights of the equivalent weekend in 2019 were each near 90%. As for ADR, while the year-over-year percentage change is projected to be lower than previous host cities (in the 110-120% range), the absolute level for the metric is projected to be the highest on record due to the demand pattern for the market.
“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.”
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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