Reso 2026-3963 - Laserfiche WebLink

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MIAMI-DADE COUNTY AREA & ECONOMIC OVERVIEW (Continued) The Miami hotel market has experienced healthy growth in recent months. The 12-month RevPAR through May 2025 increased 3.0%, driven by a 1.1 % change in occupancy and a 1.9% change in ADR. Continued recovery in business transient volume and group rebound, elevating area hotel rates, contributed to the recent positive performance. While the market is expected to witness favorable performance through the summer, supply challenges are anticipated to loom over demand growth, decelerating RevPAR gains by year-end. The market is projected to achieve a 1.8% 12-month RevPAR gain by December, consistent with the national average RevPAR forecast. Several factors could hinder Miami's market forecast. International inbound travel from other countries into the United States will likely experience declines due to a stricter customs process. This would especially be damaging for Miami, as the city is an international gateway market. Also, negative impacts from recent tariffs, ranging from lower consumer spending to weaker corporate profitability and reduced business investment, could dampen the market's outlook. The Greater Miami market area includes 576 existing hotels with 66,865 guest rooms. Miami contains eight submarkets, with Miami Beach being the largest, with over 23,000 hotel rooms. Miami Downtown and Miami Airport each contain over 11,000 rooms. The North Beach submarket typically achieves the highest RevPAR due to a high concentration of luxury hotels. Miami has 16 hotels with approximately 3,300 rooms under construction or roughly 4.9% of the existing inventory. More than half of these rooms are anticipated to open this year. Another 6,200 hotel rooms across 32 projects are in final planning. The Miami International Airport (MIA) serves as a vital gateway to the world, holding the distinction of being the second -busiest airport in the country for international passengers. As an American Airlines hub, MIA offers non-stop services to over 185 domestic and international destinations via 94 carriers. The airport provides more flights to Latin America and the Caribbean than any other U.S. airport, further solidifying Miami's position as a global hub for travel and commerce. The airport served nearly 56 million travelers in 2024, representing a 6.8% increase over 2023. In April 2025, Dominican Republic -based Arajet Airlines began service between Miami and Santo Domingo. The airline will offer weekly flights between Miami and Punta Cana in the future. Also, Icelandair will launch the first route between Reykjavik and Miami in October 2025. In addition, American Airlines will expand its service to Europe with its first service from Miami to Rome this summer and increased flights to London Heathrow. PortMiami is the world's largest cruise passenger port. Cruise ships continue to be docked and will not sail before March at the earliest. Close to 6.7 million cruise passengers went through PortMiami in 2019, with traffic peaks of over 700,000 passengers for each December and March. In 2018, Port Miami became home port for five more modern mega -liners: Mariner of the Seas, Allure of the Seas, Symphony of the Seas, Carnival Horizon, and Norwegian Bliss. Virgin Voyages recently 16 554