Attracting International Travelers
The economic outlook for the Miami hotel market continues to be positive for 2014. Many expect strong demand and continued growth in the hospitality sector due to increasing numbers of international travelers.
With new flight routes planned at the Miami International Airport and a variety of special events scheduled throughout the year, Miami continues to be an attractive destination for tourists.
New Miami Beach Hotels on the Horizon
In order to meet the demand, there are many anticipated hotel openings in 2014 in Miami Beach, downtown Miami and the Miami airport region. At least seven new hotels are scheduled to open in Miami Beach alone, including brands new to Miami such as the Metropolitan by COMO
, Miami Beach, 1 Hotel & Homes South Beach
and Faena Saxony Hotel
. International buyers
continue to flock to Miami Beach to invest in the Mid-Beach Collins Avenue corridor, and lender financing continues to be available to refinance such properties as the Fontainebleau Miami Beach
and the Saxony Hotel
Miami is also seeing record sales with the $175 million sale of the Shore Club Hotel
and the Marquis
in downtown Miami.
These recent trades and continued availability of financing are strong indicators of how the Miami hotel market will continue to perform in the year to come.