MIA IAMI I LODGI DGING M NG MARK RKET O OVER ERVIEW PA PAUL WEIME MER
MIAMI LODGING MARKET T o p lo dg ing ma rke t 3r 3rd largest in number of rooms in U.S. 9t 9th largest in number of rooms in the world 15. 15.6 m 6 million hotel room nights in 2018 (a record!) 4t 4th in RevP evPAR 4t 4th overall in ADR ADR $18 $18 bi billion i in di n direct ct ex expen enditures es Source: GMCVB SHERATON MIAMI AIRPORT | MIAMI, FL | 2
VISITATION M I A M I I N T E R N AT I O N A L A I R P O R T MIA is ranked the #3 airp irport rt in MIA A Air irport A Arriv ivals ( (in in mill illions) the U.S. in volume of international 45.0 45. 44.6 44. 44. 44.4 44.1 44. passengers 45 41.0 41. 40.6 40. 39. 39.4 38. 38.3 40 35. 35.7 35 In 2018, MIA serviced… 27. 27.5 26. 26.8 30 25 a re record rd 4 45 mill illion 20 15 passengers 10 5 a 21. 21.8 m 8 million international 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD July YTD July passengers 2018 2019 Source: www.miami-airport.com SHERATON MIAMI AIRPORT | MIAMI, FL | 3
VISITATION P O R T M I A M I Ranked the busi usies est crui uise p e port i in the e world A record of 6 m millio lion passengers in 2018 A 12. 12.5% 5% i incr ncreas ase from 5.3 million in 2017 Source: https://www.miamidade.gov/portmiami/statistics SHERATON MIAMI AIRPORT | MIAMI, FL | 4
MIAMI LODGING MARKET N E W D E M A N D G E N E R ATO R S Miami Beach Convention Center Renovation Miami Worldcenter Miami Freedom Park Super Bowl LIV Brightline Expansion Wynwood, Design District on the rise… SHERATON MIAMI AIRPORT | MIAMI, FL | 5
MIAMI LODGING MARKET E X I S T I N G H OT E L I N V E N TO R Y Subm bmar arket Hotels ls % Key eys % Airport 58 12.7% 9,633 16.6% Miami Hotel Key Inventory by Submarket Aventura 16 3.5% 3,291 5.7% Central Dade 21 4.6% 2,310 4.0% 20,000 Coral Gables 16 3.5% 1,757 3.0% 18,000 16,000 Doral 29 6.3% 4,530 7.8% 14,000 12,000 Downtown 44 9.6% 8,302 14.3% 10,000 Key Biscayne 12 2.6% 1,612 2.8% 8,000 6,000 Miami Beach 178 38.9% 19,757 34.0% 4,000 2,000 North Dade 39 8.5% 2,947 5.1% 0 South Dade 32 7.0% 2,507 4.3% Surfside/ Bal Harbour 13 2.8% 1,379 2.4% Tota tal H Hote tel I Invento tory ry 458 458 100.0% 100. 0% 58,025 58, 025 100.0% 100. 0% Source: STR, GMCVB 6
MIAMI LODGING MARKET H I S TO R I C A L P E R F O R M A N C E 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 CAGR GR Occupancy 65.3% 70.4% 75.7% 76.5% 77.3% 78.1% 77.7% 75.5% 76.5% 76.7% 1. 1.80% 80% ADR $139.90 $143.98 $153.47 $162.39 $174.34 $185.11 $195.73 $189.84 $187.77 $199.24 4.01% 4. 01% RevPAR $91.39 $101.42 $116.20 $124.29 $134.81 $144.55 $152.08 $143.34 $143.68 $152.78 5.88% 5. 88% % Change 11.0% 14.6% 7.0% 8.5% 7.2% 5.2% -5.7% 0.2% 6.3% Miami Historical Lodging Overview ADR RevPAR Occupancy $250.00 80.0% $200.00 75.0% $150.00 70.0% $100.00 65.0% $50.00 60.0% $0.00 55.0% Source: STR, CBRE 7 7 H O T E L S S E C T O R U P D A T E | September 2019
MIAMI LODGING MARKET 2 0 1 9 Y T D P E R F O R M A N C E CBD/North CB rth 2Q18 Y 2Q 18 YTD 2Q 2Q19 Y 19 YTD Occupancy 79.4% 77.5% ADR $215.16 $215.29 RevPAR $170.84 $166.85 % Change -2.3% Mia iami B i Beach Airp rport rt 2Q 2Q18 Y 18 YTD 2Q 2Q19 Y 19 YTD 2Q 2Q18 Y 18 YTD 2Q 2Q19 Y 19 YTD Occupancy 78.6% 79.6% Occupancy 85.7% 83.0% ADR $330.67 $332.42 ADR $136.79 $129.54 RevPAR $259.91 $264.61 RevPAR $117.23 $107.52 % Change 1.8% % Change -8.3% Source: STR, CBRE 8 8 H O T E L S S E C T O R U P D A T E | September 2019
MIAMI LODGING MARKET S U P P LY P I P E L I N E CBD/ N CB North rth Hotels ls Key eys % Planning 14 5,081 44.5% Final Planning 13 2,742 24.0% Under Construction 8 1,426 12.5% Tota tal H Hote tel I Invento tory ry 35 35 9,249 9, 249 81. 81.0% 0% Airp rport rt Hotels ls Key eys % Mia iami B i Beach Hotels ls Key eys % Planning 3 102 0.4% Planning 6 975 6.4% Final Planning 2 182 0.7% Final Planning 3 333 2.2% Under Construction 4 547 3.5% Under Construction 6 906 3.8% Tota tal H Hote tel I Invento tory ry 13 13 1,855 1, 855 12. 12.1% 1% Tota tal H Hote tel I Invento tory ry 11 11 1,190 1, 190 4. 4.9% 9% Source: STR, CBRE SHERATON MIAMI AIRPORT | MIAMI, FL | 9
MIAMI LODGING MARKET 5 -Y E A R F O R E C A S T 2019 2019 2020 2020 2021 2021 2022 2022 2023 2023 Occupancy 76.3% 76.6% 75.4% 75.7% 76.6% ADR $199.12 $207.64 $207.20 $204.77 $209.98 RevPAR $152.01 $159.13 $156.14 $155.05 $160.81 % Change 4.7% -1.9% -0.7% 3.7% Miami-Dade Forecast ADR RevPAR Occupancy $250.00 77.0% $200.00 76.5% $150.00 76.0% $100.00 75.5% $50.00 75.0% $0.00 74.5% 2019 2020 2021 2022 2023 Source: CBRE SHERATON MIAMI AIRPORT | MIAMI, FL | 10
NOTABLE PROJECTS UNDER CONSTRUCTION B R I C K E L L / D O W N TO W N AC B Biscay cayne Citize zenM Bricke kell YotelP lPAD AD Miami mi MOX OXY W Wynwood Developer: Aria Development Group / Key Count: 3H Group / Aztec Group Key Count: CitizenM Developer: DolphinBay (Dolphin Capital and Key Count: 153 Keys Key Count: 252 Keys AQARAT (Kuwaiti group) Baywood) Opening Date: March 2021 Key Count: 222 Keys Opening Date: November 2019 Key Count: 120 Keys Opening Date: Early 2021 Opening Date: TBD Source: STR, CBRE SHERATON MIAMI AIRPORT | MIAMI, FL | 11
NOTABLE PROJECTS UNDER CONSTRUCTION M I A M I B E A C H MOXY M Miam ami Sou South B Beac ach Developer: Lightstone Key Count: 202 Keys Opening Date: Fall 2020 Source: STR, CBRE SHERATON MIAMI AIRPORT | MIAMI, FL | 12
NOTABLE PROJECTS UNDER CONSTRUCTION S O U T H ( C O R A L G A B L E S ) The P Plaz aza C a Cor oral al G Gabl ables Developer: Agave Holdings Key Count: 242 Keys Opening Date: 2022 Source: STR, CBRE SHERATON MIAMI AIRPORT | MIAMI, FL | 13
THANK YOU It’s 5 o’ clock somewhere SHERATON MIAMI AIRPORT | MIAMI, FL | 14
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