Hotel Prices in Miami Increase in February

According to the most recent report from STR Global, the average daily rate for a hotel room in Miami increased by 9.6 percent to $220.95 in February, the largest increase from the previous month in the region.

Second only to Miami in terms of ADR growth was Santiago, Chile, which saw a rise of 8.8% to $168.95. The biggest drop in ADR occurred in Panama City, falling 8.4% to $119.62. Additionally, it revealed the only occupancy rate decline by double digits, falling from 54.7 percent to 16.3 percent.

Three important performance metrics for the Americas region as a whole showed improvement in February 2013.

The area’s occupancy rate increased by 1.9 percent from the previous month to 58.8. The region’s revenue per available room increased by 5.8 percent to $65.28, and the average daily rate rose by 3.9 percent to $110.94.

Boston, Massachusetts, and New York, New York, which both increased 5.8 percent to 60 percent and 76.3 percent, respectively, led the region in occupancy increases.

The region’s strong performance is consistent with predictions made by industry insiders that investment in the Americas will rise in the coming years.