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Miami Beach area hotel rates rise
Back in fall of 2005, hotel experts stated that Miami-Dade hotel rates have risen to about 11% this year and it is still continuing to rise.
Rates have jumped to $129 from $115 back in September 2004 according to William D. Talbert III, president and CEO of the Greater Miami Convention & Visitors Bureau. The hike in rates pushed the Miami Beach area to the fourth largest in the nation after New York, Oahu, HI, and Washington, DC. Last year, Miami held the No. 6 spot.
The occupancy rate in Miami-Dade County has jumped to number 6 spot from the 10 spot. Area experts in the hotel industry expect the trend to continue and extending the high season according to a spokesperson from the Mandarin Orient Miami. Because of the Greater Miami Convention & Visitors Bureau trying to create peak periods like events as the NASDAQ tennis championship and the Art Basel, seasonality is not an issue anymore. This seems to be indicating that the holidays will be sold out.
Jennifer Alexy, director of sales and marketing for three are Ritz Carlton hotels, says that there has been tremendous amount of advanced booking which takes away from the guests who are here in Miami for leisure time and because of the supply and demand of economics 101, rates will increase. Same issue with Intercontinental Miami, according to Jeff Guillory, director of sales and marketing, “we are very full from January to April which leaves the rates for the remaining rooms at a higher level.”
"With the sale and demolition of Sheraton Biscayne Bay pulling rooms off the market and Miami such a hot destination, this is likely to continue."
The occupancy rate countywide has been 73.4% this year, Mr. Talbert said, up from 68.2% at this time last year.