According to a recent report by a travel research company, tourists took advantage of the lowest hotel rates in Miami in the last three years. In August, Miami commercial real estate hotel rates dropped between 11% and 13% compared with a year ago. Miami tourists can benefit from the fact that the region’s three hotel markets are showing little or know improvement as the slowest summer for over a decade comes to a close. This of course means cheap Miami vacation rentals and Miami commercial real estate for tourists.
The occupancy in Broward dropped 58% and 2 points and in Miami-Dade, 7 points to 63%. In Broward, the average room rate fell 11% to $86 per night and to $111 per night in Miami-Dade, a 13% drop. Miami commercial real estate hotel rates were the cheapest they have been since 2006 and rates in Broward were the lowest since 2005.
The Florida Keys were the exception with occupancy up 6 points to 68%. Last August tropical storms Fay and Gustav threatened the islands. Hotel rates in the Keys are down 12% to $141 a night which is the cheapest since August 2005.
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