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Miami Hotels Shatter Super Bowl Weekend Records for ADR, RevPAR

STR

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.”

Market

Host Year

Room Count

Occupancy

% change

ADR

% change

RevPAR

% change

Dallas

2011

81,476

77.2%

+91.0%

$207.38

+186.3%

$160.02

+446.8%

Indianapolis

2012

31,320

93.8%

+156.3%

$301.76

+361.3%

$283.13

+1,082.1%

New Orleans

2013

39,731

96.5%

+53.8%

$393.04

+199.7%

$379.10

+361.1%

New York

2014

115,076

72.6%

+12.4%

$337.67

+86.7%

$245.28

+109.9%

Phoenix

2015

63,544

95.2%

+56.0%

$360.84

+184.7%

$343.46

+344.1%

San Francisco/San Jose

2016

51,077

77.1%

+10.2%

$402.60

+150.8%

$310.31

+176.5%

Houston

2017

85,124

84.2%

+50.2%

$278.03

+203.4%

$233.98

+355.8%

Minneapolis/St. Paul

2018

42,740

92.5%

+97.8%

$354.41

+267.1%

$327.70

+626.1%

Atlanta

2019

99,918

75.9%

+40.4%

$314.97

+246.5%

$239.17

+387.2%

Miami/Hialeah

2020

58,424

92.8%

+11.3%

$616.91

+148.5%

$572.30

+175.2%

Source: STR

The areas nearest Hard Rock Stadium posted significant performance in both absolute terms and percentage change. The STR-defined Miami CBD-North submarket experienced the highest occupancy level among the Miami submarkets (96.5%), which was comparable to the occupancy level achieved in the Atlanta CBD (96.8%) during last year’s Super Bowl. Miami Beach posted the largest lift in ADR (+169.9% to US$923.74) and RevPAR (+202.1% to US$854.27). Miami Airport-Civic Center and Miami South were other submarkets to register significant growth in RevPAR, +93.3% and +81.9%, respectively.

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.

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