MIA IAMI I LODGI DGING M NG MARK RKET O OVER ERVIEW PA PAUL - - PowerPoint PPT Presentation

MIA IAMI I LODGI DGING M NG MARK RKET O OVER ERVIEW

PA PAUL WEIME MER

SHERATON MIAMI AIRPORT | MIAMI, FL | 2

 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  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!) MIAMI LODGING MARKET

T

• p lo dg ing ma rke t

Source: GMCVB

SHERATON MIAMI AIRPORT | MIAMI, FL | 3

MIA is ranked the #3 airp

irport rt in

the U.S. in volume of international passengers In 2018, MIA serviced…  a re

record rd 4 45 mill illion

passengers  a 21.

21.8 m 8 million international

passengers

5 10 15 20 25 30 35 40 45 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD July 2018 YTD July 2019 35. 35.7 38. 38.3 39. 39.4 40. 40.6 41. 41.0 44. 44.4 44. 44.6 44. 44.1 45. 45.0 26. 26.8 27. 27.5

MIA A Air irport A Arriv ivals ( (in in mill illions)

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

Source: www.miami-airport.com

SHERATON MIAMI AIRPORT | MIAMI, FL | 4

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 VISITATION

P O R T M I A M I

 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 | 5

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…

Subm bmar arket Hotels ls % Key eys % Airport 58 12.7% 9,633 16.6% Aventura 16 3.5% 3,291 5.7% Central Dade 21 4.6% 2,310 4.0% Coral Gables 16 3.5% 1,757 3.0% Doral 29 6.3% 4,530 7.8% Downtown 44 9.6% 8,302 14.3% Key Biscayne 12 2.6% 1,612 2.8% Miami Beach 178 38.9% 19,757 34.0% North Dade 39 8.5% 2,947 5.1% 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. 100.0% 0% 58, 58,025 025 100. 100.0% 0%

2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000

Miami Hotel Key Inventory by Submarket

Source: STR, GMCVB

MIAMI LODGING MARKET

E X I S T I N G H OT E L I N V E N TO R Y

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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. 4.01% 01% RevPAR $91.39 $101.42 $116.20 $124.29 $134.81 $144.55 $152.08 $143.34 $143.68 $152.78 5. 5.88% 88% % Change 11.0% 14.6% 7.0% 8.5% 7.2% 5.2%

• 5.7%

0.2% 6.3%

H O T E L S S E C T O R U P D A T E | September 2019

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H I S TO R I C A L P E R F O R M A N C E

55.0% 60.0% 65.0% 70.0% 75.0% 80.0% $0.00 $50.00 $100.00 $150.00 $200.00 $250.00

Miami Historical Lodging Overview

ADR RevPAR Occupancy Source: STR, CBRE

MIAMI LODGING MARKET

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H O T E L S S E C T O R U P D A T E | September 2019

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2 0 1 9 Y T D P E R F O R M A N C E

Source: STR, CBRE

MIAMI LODGING MARKET

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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%

CB CBD/North rth 2Q 2Q18 Y 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%

SHERATON MIAMI AIRPORT | MIAMI, FL | 9

CB CBD/ N 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, 9,249 249 81. 81.0% 0% Mia iami B i Beach Hotels ls Key eys % Planning 3 102 0.4% Final Planning 2 182 0.7% Under Construction 6 906 3.8% Tota tal H Hote tel I Invento tory ry 11 11 1, 1,190 190 4. 4.9% 9% Airp rport rt Hotels ls Key eys % Planning 6 975 6.4% Final Planning 3 333 2.2% Under Construction 4 547 3.5% Tota tal H Hote tel I Invento tory ry 13 13 1, 1,855 855 12. 12.1% 1%

Source: STR, CBRE

MIAMI LODGING MARKET

S U P P LY P I P E L I N E

SHERATON MIAMI AIRPORT | MIAMI, FL | 10

74.5% 75.0% 75.5% 76.0% 76.5% 77.0% $0.00 $50.00 $100.00 $150.00 $200.00 $250.00 2019 2020 2021 2022 2023

Miami-Dade Forecast

ADR RevPAR Occupancy Source: CBRE

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%

SHERATON MIAMI AIRPORT | MIAMI, FL | 11

Source: STR, CBRE

NOTABLE PROJECTS UNDER CONSTRUCTION

MOX OXY W Wynwood

Developer: DolphinBay (Dolphin Capital and Baywood) Key Count: 120 Keys Opening Date: TBD

YotelP lPAD AD Miami mi

Developer: Aria Development Group / AQARAT (Kuwaiti group) Key Count: 222 Keys Opening Date: Early 2021

AC B Biscay cayne

Key Count: 3H Group / Aztec Group Key Count: 153 Keys Opening Date: November 2019

B R I C K E L L / D O W N TO W N

Citize zenM Bricke kell

Key Count: CitizenM Key Count: 252 Keys Opening Date: March 2021

SHERATON MIAMI AIRPORT | MIAMI, FL | 12

Source: STR, CBRE

NOTABLE PROJECTS UNDER CONSTRUCTION

MOXY M Miam ami Sou South B Beac ach

Developer: Lightstone Key Count: 202 Keys Opening Date: Fall 2020

M I A M I B E A C H

SHERATON MIAMI AIRPORT | MIAMI, FL | 13

Source: STR, CBRE

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

• ral

al G Gabl ables

Developer: Agave Holdings Key Count: 242 Keys Opening Date: 2022

SHERATON MIAMI AIRPORT | MIAMI, FL | 14

THANK YOU

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