STR: Miami hotels shatter Super Bowl Weekend records for ADR, RevPAR
Miami hotel performance exceeded projections and reached record levels in both average daily rate (ADR) and revenue per available room (RevPAR) during Super Bowl LIV weekend, according to an analysis by STR's Consulting & Analytics office.
During the nights of Friday, 31 January, through Sunday, 2 February, the Miami/Hialeah market posted an absolute ADR level of US$616.91 (+148.5% year over year), which drove a RevPAR value of US$572.30 (+175.2%)—the highest levels in the metrics among any Super Bowl weekend. Occupancy in the market rose 11.3% to 92.8%.
"ADR and RevPAR blew past the high end of the range we forecasted, while occupancy was right in line with expectations," said Carter Wilson, STR senior VP of consulting & analytics. "The Miami market's high season is in February and March, so the rate of year-over-year comparisons were expected given how strong February weekends tend to be in the South Florida area. The real achievement is the ability of nearly 60,000 rooms to collectively reach a $600 average room rate for the weekend. There are some places where visitors are conditioned to spend more on accommodations. Miami, at this time of year, with this mega event factored into the equation, is one of them."
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.