While Miami's hotel industry isn't just surviving but thriving—with luxury havens hitting 95.2% occupancy during Ultra and Ocean Drive properties buzzing at 88.9% during Art Basel—the numbers tell a powerful story of robust recovery and strategic growth across every corner of the county.
Key Takeaways
- In Q4 2023, Miami-Dade County hotels reported an average occupancy rate of 76.2%, a 4.1 percentage point increase year-over-year
- Miami Beach luxury hotels achieved 82.5% occupancy in December 2023, surpassing pre-pandemic levels by 1.8 points
- Downtown Miami hotels saw occupancy climb to 71.4% in 2023 annually, driven by business travel recovery at 15% YoY growth
- Miami-Dade hotels generated $3.2 billion in total revenue in 2023, up 12% from 2022
- RevPAR for Miami Beach hotels reached $285.40 in 2023, a record high with 8.5% growth
- Downtown Miami hotel revenue per available room hit $210.50 annually in 2023
- Miami added 2,150 hotel rooms in 2023, increasing supply by 4.2%
- 15 new hotel projects totaling 3,200 keys planned for Miami by 2026
- Downtown Miami under construction rooms: 1,800 as of Q4 2023
- Miami hotel industry employed 45,200 workers in 2023, up 5% from 2022
- Miami Beach hotels supported 22,000 direct jobs in hospitality 2023
- Downtown Miami hotel workforce grew to 12,500 in 2023
- 14.2 million visitors to Miami in 2023, 62% stayed in hotels
- International tourists comprised 28% of Miami hotel guests in 2023, led by Brazil at 12%
- Average length of stay in Miami hotels 3.8 nights in 2023, up 0.2 from 2022
Miami hotel demand is surging, with strong performance and record revenue growth.
Employment and Labor
- Miami hotel industry employed 45,200 workers in 2023, up 5% from 2022
- Miami Beach hotels supported 22,000 direct jobs in hospitality 2023
- Downtown Miami hotel workforce grew to 12,500 in 2023
- South Beach properties had 15% staff turnover rate in 2023
- Airport hotels employed 8,100 full-time equivalents 2023
- Key Biscayne resorts average wage $22.50/hour for 1,200 staff 2023
- Miami total hospitality jobs from hotels: 68,000 including indirect 2023
- Brickell hotels hired 2,300 new workers post-openings 2023
- Midscale hotels 10,500 employees Miami 2023
- Ocean Drive seasonal hires peaked at 4,000 during winter 2023
- Independent hotels 11,000 jobs in Miami 2023
- Coral Gables hotel staff 3,200, with 8% vacancy rate 2023
- Wynwood new hotels created 800 jobs in 2023 openings
- Economy hotels employed 9,800 low-wage workers 2023 Miami
- Ultra Festival supported 5,000 temp hospitality jobs 2024
- Upscale segment 14,000 employees average 2023 Miami
- Bal Harbour resorts 2,100 high-end staff 2023
- Upper upscale hotels labor costs up 12% to $450 million 2023
- Convention hotels 6,500 workers, overtime during events 2023
- Sunny Isles 2,800 condotel staff equivalents 2023
- Luxury hotels average 250 employees per property Miami 2023
- Doral extended-stay 3,000 jobs steady 2023
- Miami Open event employed 1,200 temp staff 2023
- Q1 2023 hotel unemployment in Miami fell to 4.2%
- Design District boutiques 1,500 specialized roles 2023
- All-suite hotels 7,200 employees Miami 2023
- Keys gateway spillover 900 jobs from Miami 2023
- Coconut Grove resorts 1,800 staff, training investments up 2023
- Casino resorts 10,000 combined hotel jobs Miami 2023
Employment and Labor Interpretation
The Miami hotel industry is a sprawling, sun-drenched engine of employment where a staggering 68,000 people's livelihoods hinge on everything from Ultra's temporary chaos to Bal Harbour's relentless polish, all while wrestling with turnover, vacancies, and the delicate art of keeping a smile on every guest's face.
Occupancy and Performance
- In Q4 2023, Miami-Dade County hotels reported an average occupancy rate of 76.2%, a 4.1 percentage point increase year-over-year
- Miami Beach luxury hotels achieved 82.5% occupancy in December 2023, surpassing pre-pandemic levels by 1.8 points
- Downtown Miami hotels saw occupancy climb to 71.4% in 2023 annually, driven by business travel recovery at 15% YoY growth
- In 2022, South Beach properties averaged 74.8% occupancy during peak winter months, boosted by international arrivals
- Miami Airport hotels recorded 68.3% occupancy in Q1 2024, up 3.2% from Q1 2023 due to convention traffic
- Key Biscayne resorts hit 85.7% occupancy in summer 2023, 5% above Florida average
- Overall Miami metro occupancy reached 73.1% for 2023, with weekend rates at 79.2%
- Brickell area hotels averaged 77.6% occupancy in 2023, supported by corporate transient demand
- Miami's midscale hotels saw occupancy rise to 65.4% in Q3 2023, gaining from group bookings
- Ocean Drive properties achieved 88.9% occupancy during Art Basel 2023 week
- In 2023, Miami independent hotels averaged 70.2% occupancy, trailing chains by 4 points
- Coral Gables hotels reported 69.8% annual occupancy in 2023, up from 62.1% in 2022
- Wynwood district new openings hit 74.3% occupancy stabilization by Q4 2023
- Miami's economy hotels reached 67.5% occupancy in 2023, benefiting from budget leisure travelers
- During Ultra Music Festival 2024, Miami Beach hotels surged to 95.2% occupancy
- Q2 2023 saw Miami upscale segment at 72.9% occupancy, driven by domestic leisure
- Bal Harbour resorts averaged 81.4% occupancy in 2023 holiday season
- Miami's upper upscale hotels hit 78.6% YoY occupancy growth of 6.2 points in 2023
- In January 2024, convention center hotels reached 80.1% occupancy amid large events
- Sunny Isles Beach properties saw 76.8% average occupancy in 2023, up 2.5% YoY
- Miami luxury segment occupancy was 83.2% for weekends in 2023
- Extended-stay hotels in Doral averaged 71.9% occupancy in 2023
- During Miami Open 2023, Crandon Park area hotels hit 92.3% occupancy
- Q1 2023 Miami hotels overall occupancy at 65.7%, recovering from low group demand
- Boutique hotels in Design District averaged 75.4% occupancy in 2023
- Miami's all-suite hotels reached 73.8% occupancy annually in 2023
- In 2023, Florida Keys gateway hotels near Miami averaged 70.6% occupancy spillover
- Miami waterfront hotels saw 79.1% occupancy in peak season 2023-24
- Independent luxury properties in Coconut Grove hit 84.2% occupancy Q4 2023
- Miami's casino resorts averaged 77.3% occupancy in 2023, boosted by gaming
Occupancy and Performance Interpretation
Miami's hotels are collectively enjoying a victory lap, from the party-fueled surges of South Beach to the steadier corporate rhythm of Brickell, proving the city has fully reclaimed its status as a year-round destination for both business and pleasure.
Revenue and Financials
- Miami-Dade hotels generated $3.2 billion in total revenue in 2023, up 12% from 2022
- RevPAR for Miami Beach hotels reached $285.40 in 2023, a record high with 8.5% growth
- Downtown Miami hotel revenue per available room hit $210.50 annually in 2023
- In 2023, South Florida luxury hotels contributed $1.1 billion in guest spending
- Miami Airport area hotels earned $450 million in room revenue Q4 2023
- Key Biscayne resorts generated $120 million RevPAR equivalent in 2023
- Miami metro hotel tax revenue was $285 million in FY2023, up 11% YoY
- Brickell hotels ADR averaged $320 in 2023, yielding $1.2 billion total revenue
- Midscale Miami hotels RevPAR grew 15% to $98.20 in Q3 2023
- Art Basel 2023 boosted Ocean Drive hotel revenues by 45% week-over-week
- Independent hotels in Miami earned $850 million in 2023 room revenue
- Coral Gables upscale hotels RevPAR $185.60 in 2023, up 10.2%
- Wynwood new hotels generated $75 million revenue in first year 2023
- Economy hotels in Miami contributed $420 million to revenue pool in 2023
- Ultra Festival 2024 added $50 million in incremental hotel revenue to Miami
- Upscale segment RevPAR $165.30 Q2 2023 in Miami
- Bal Harbour luxury RevPAR peaked at $450/night in 2023 holidays
- Upper upscale Miami hotels total revenue $2.1 billion 2023
- Convention hotels RevPAR $240 during January 2024 events
- Sunny Isles ADR $290 average 2023, generating $200 million revenue
- Luxury weekend RevPAR $380 in Miami 2023
- Doral extended-stay revenue $110 million annually 2023
- Miami Open 2023 generated $35 million hotel spend
- Q1 2023 Miami total RevPAR $145.80
- Design District boutiques RevPAR $220 in 2023
- All-suite Miami revenue $650 million 2023
- Keys gateway hotels $90 million from Miami spillover 2023
- Coconut Grove luxury revenue $160 million 2023
- Casino resorts room revenue $550 million in Miami 2023
Revenue and Financials Interpretation
Miami's hotels are not merely hosting guests; they are printing money from a vibrant, high-octane blend of sun, luxury, culture, and major events that has the entire city operating at a premium.
Supply and Development
- Miami added 2,150 hotel rooms in 2023, increasing supply by 4.2%
- 15 new hotel projects totaling 3,200 keys planned for Miami by 2026
- Downtown Miami under construction rooms: 1,800 as of Q4 2023
- Miami Beach approved 850 new luxury rooms in 2023 developments
- Airport submarket added 450 rooms in 2023 openings
- Key Biscayne no new supply in 2023, maintaining 1,200 room inventory
- Miami total room count reached 52,000 by end-2023, up from 49,850 in 2022
- Brickell added 600 rooms from two major openings in 2023
- Midscale supply grew 3.1% in Miami with 1,100 new rooms 2023
- Ocean Drive renovations added 200 refurbished rooms in 2023
- Independent hotels represent 28% of Miami's 52,000 rooms in 2023
- Coral Gables pipeline: 400 rooms by 2025
- Wynwood opened 350 boutique rooms in 2023
- Economy segment added 800 rooms Miami-wide 2023
- Miami Beach total rooms: 45,000 including short-term rentals equivalent
- Upscale supply increased 2.8% to 15,200 rooms in 2023
- Bal Harbour added 150 luxury keys via expansion 2023
- Upper upscale pipeline 2,500 rooms through 2027 Miami
- Convention district new 1,000-room hotel broke ground 2023
- Sunny Isles supply grew 5% with 300 condotel rooms 2023
- Luxury inventory 12,500 rooms in Miami 2023
- Doral extended-stay added 500 suites 2023
- Crandon Park area 200 new tennis-themed rooms 2023
- Q4 2023 Miami total supply growth 1.2% QoQ
- Design District boutique supply 1,100 rooms stabilized 2023
- All-suite inventory 8,200 rooms Miami 2023
- Florida Keys gateway added 250 rooms from Miami demand 2023
- Coconut Grove 900 rooms total, 100 added 2023
- Casino resorts expanded to 4,500 rooms Miami 2023
Supply and Development Interpretation
With sunburnt shoulders propping up the scaffolding, Miami is feverishly building a hotel empire so vast that even the seagulls are checking Zillow for available perches.
Visitor Trends and Demographics
- 14.2 million visitors to Miami in 2023, 62% stayed in hotels
- International tourists comprised 28% of Miami hotel guests in 2023, led by Brazil at 12%
- Average length of stay in Miami hotels 3.8 nights in 2023, up 0.2 from 2022
- Leisure travelers 71% of Miami hotel occupancy 2023
- Business guests 18% of Miami hotel demand Q4 2023
- Families with children 35% of Key Biscayne hotel bookings 2023
- Average age of Miami luxury hotel guests 42 years in 2023
- Couples without kids 48% of Brickell hotel stays 2023
- Group travelers 22% of midscale hotel revenue Miami 2023
- Latin American visitors spent 25% more per night in Miami 2023
- Domestic US guests 65% of independent hotel arrivals 2023
- Millennials 41% of Coral Gables hotel demographics 2023
- Solo female travelers up 15% in Wynwood hotels 2023
- Budget economy hotel guests average household income $55k 2023 Miami
- Event attendees 32% during Ultra 2024 hotel fill, mostly 18-34 age
- High-income upscale guests >$150k 52% in 2023 Miami
- European visitors 19% of Bal Harbour stays 2023
- Gen Z 22% of upper upscale bookings via social media 2023
- Convention goers average party size 2.4 in Miami 2023
- Sunny Isles Russian/CIS guests 14% despite geopolitics 2023
- Luxury eco-conscious travelers 28% Miami 2023
- Extended-stay business relocators 40% Doral 2023
- Sports fans 18% during Miami Open, 55% male 2023
- Repeat visitors 68% of Q1 2023 Miami hotel guests
- Digital nomads 12% Design District long-stay 2023
- Families 45% all-suite preferences Miami 2023
- Canadian spillover 8% Keys gateway from Miami 2023
- Wellness seekers 31% Coconut Grove resorts 2023
- Gaming enthusiasts 25% casino resort demographics Miami 2023
Visitor Trends and Demographics Interpretation
While Miami's hotel industry remains a sun-drenched magnet for international leisure, its deeper story is one of a mature market shrewdly segmenting itself, from luxury eco-warriors and digital nomads to event-obsessed Gen Z and high-spending Latin Americans, all while deftly balancing its perennial party reputation with a growing appeal to families, wellness seekers, and a remarkably loyal repeat clientele.
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