Hotel room rates continue to
climb with no top in sight, pros say
By Marilyn Bowden Miami Today News - November 24, 2005
Room rates in Miami-Dade hotels
have risen more than 11% this year, and hospitality experts say
they're likely to continue moving up for awhile.
Rates in the county jumped to $129 in
September from $115 at the end of 2004, said William D. Talbert III,
president & CEO of the Greater Miami Convention & Visitors Bureau.
The increase pushed area rates to the fourth-highest in the nation,
he said, after New York, Oahu, HI, and Washington, DC. Last year,
Miami held the No. 6 spot.
The county's occupancy rate jumped to
No. 6 in the country from No. 10, he said. "Our rankings for the
first nine months of the year show the strength of the brand," he
said.
Executives at area hotels say they
expect the trend to continue, particularly during the next six
months.
"We're now seeing an extension of our
high season," said Alexandra Wensley, spokeswoman for Mandarin
Oriental Miami. "Seasonality is not much of an issue anymore for us.
A lot of that can be attributed to the Greater Miami Convention &
Visitors Bureau and their efforts to create many peak periods for us
through events such as the NASDAQ tennis championships and Art
Basel.
"The pace of our revenue per
available room is excellent. We expect to be sold out over the
holidays."
"The greatest factor for us has been
tremendous advance group booking," said Jennifer Alexy, area
director of sales and marketing for the county's three Ritz Carlton
hotels. "That limits the inventory for leisure guests, so with the
normal relationship between supply and demand, we anticipate an
increase in our rates at all of our properties."
At InterContinental Miami,
availability is also tight, said Jeff Guillory, director of sales
and marketing. "We are very full from January to April," he said,
"so our remaining rooms are in higher-rated room categories.
"With the sale and demolition of
Sheraton Biscayne Bay pulling rooms off the market and Miami such a
hot destination, this is likely to continue."
The occupancy rate countywide has
been 73.4% this year, Mr. Talbert said, up from 68.2% at this time
last year.
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