Miami Suddenly Has a Glut of Plush Hotel Suites | bloomberg.com
Hotels in sun-drenched Miami are getting burned by a pullback in Brazilian travel and a building boom that has added thousands of rooms to the market. Nightly room costs are dropping. Greater Miami’s revenue per available room -- a key measure of rates and occupancies known as revpar -- has fallen each month this year, and in April was the worst of the top 25 U.S. markets, according to STR, a data provider for the lodging industry. Marriott International Inc., set to become the world’s largest hotel operator, said on its first-quarter earnings call that Miami is among its weakest U.S. areas.
