Market Overview

Greater Miami Convention & Visitors Bureau Announces Record-Breaking Tourism Jobs, Economic Impact, Hotel Demand and Overnight Visitors to Greater Miami in 2017

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Record performance in 2017 driven by strength of the international
market and continuing in first quarter of 2018

The Greater Miami Convention & Visitors Bureau (GMCVB) announced today a
record-breaking $26 billion in expenditures by overnight visitors
to Greater Miami in 2017, representing a +2.1% increase over the
previous year. Employment in the leisure and hospitality industry grew
by +2.4% reaching a record 144,800 jobs in Miami-Dade for
2017. The growth for the travel and tourism industry in 2017 was fueled
by the strength of the international market, with the record-setting
pace continuing in the first quarter of 2018. Overnight visitors reached
a record 15.9 million in 2017, representing an almost +1.0%
increase compared to 2016. Demand for the destination grew by +4.7%
with hotels selling more room nights in 2017 compared to 2016, a new
record.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180501006137/en/

(Graphic: Business Wire)

(Graphic: Business Wire)

On the heels of record-breaking hotel metrics in 2017, Greater Miami
continued the trend in 2018, increasing hotel occupancy by +4.3%, hotel
room rate by +11.8% and revenue per available hotel room (RevPar)
by +16.6%, in the first quarter compared to the same time period
the previous year, as reported by Smith Travel Research. Greater Miami's
hotel performance in the first quarter positions the destination in the
number one spot across all three hotel metrics among the top 25 markets
in the U.S. The positive momentum in hotel growth can be attributed in
part to the GMCVB's "Hotel's First" marketing initiative launched in
summer 2017. The hotel-centric marketing campaign, positions hotels as
the focal point to a visitor's vacation. The strategic priority was
launched in 2017 to leverage the significant increase in Miami's hotel
room inventory and help drive demand in the hotel sector. The "Hotels
First" sentiment was captured via several marketing channels making
hotels the "hero" through advertising, social media and communication
programs, to include consumer-facing events in top markets such as New
York City. The strategic imperative also gave rise to the first-ever
"Miami Hotels Month", launched in June, providing visitors with unique
discounts and hotel promotions.

"The GMCVB's "Hotels First" initiative, coincided with an impressive
list of global sporting events that included Major League Baseball
All-Star Game Week; International Champions Cup (Real Madrid vs.
Barcelona), Pan American Weightlifting Championships; USA Weightlifting
American Open Series II; and Jewish Community Centers (JCC) Maccabi
Games," says Bruce Orosz, GMCVB Chair. "These events, which took place
during the summer of 2017, helped fuel a record-breaking month of July
across all hotel performance metrics including record-breaking number of
rooms sold, occupancy and RevPar."

Despite a +3.2% increase in hotel room inventory in 2017,
Hurricane Irma in September and the closure of the Miami Beach
Convention Center for expansion and renovation, the travel and tourism
industry achieved record-breaking success due in part to Greater Miami's
strength in the international market. International arrivals at Miami
International Airport (MIA)
were up by +0.4% in 2017 over a
previous record-breaking year. Flight passenger seats from the Brazilian
market increased by +3.2% in 2017 over 2016, encouraging a sense
of optimism for a rebound from the once-top international market in
Miami. Growth in other markets such as Germany +12.5%, Argentina +8.2%
and Colombia +2%, contributed to the destination's increase in
international overnight visitors. With more than 96% of over
overnight visitors to Greater Miami arriving by air, much of the success
in these markets is attributed to the increase in passenger seats on
established routes and the addition of new airline routes to the
destination. In 2017, Miami International Airport (MIA) welcomed WOW
Airlines with direct service from Reykjavik, SAS Airways with direct
service from Stockholm, Aer Lingus with direct service from Dublin and
welcomed back El-Al, resuming direct service from Tel-Aviv to Miami. MIA
is home to more airline carriers than any other airport in the country.

"The GMCVB, along with our partners at Miami International Airport,
offer airline carriers a robust incentive program which includes
in-market resources to continue route development and passenger seat
growth from strategic markets, further growing international visitors
who stay longer and spend more" said William D. Talbert, III, C.D.M.E,
President and CEO for GMCVB. "We continue to create demand for the Miami
brand leveraging our offices in 52 markets around the world. As a
result, at 49% Miami enjoys the highest percentage of international
visitors than any other destination in the country."

PortMIAMI, known as "The
Cruise Capital of the World
" helped fuel Greater Miami's travel and
tourism industry's growth, reporting a record-breaking 5.3
million passengers sailing in 2017, a growth of nearly +5%. PortMiami,
the global headquarters for the "big three" of the cruising
industry: Royal Caribbean, Carnival Cruise Lines and Norwegian Cruise
Lines and soon to be joined by MSC; continues to expand its portfolio of
cruise ships. Royal Caribbean, displaying a strong commitment to the
Miami market is investing $250 million of private capital to build a new
terminal at PortMIAMI to house the world's largest cruise ship,
"Symphony of the Seas", scheduled to sail from Miami in October 2018.
Similarly, Norwegian Cruise Line is set to build a landmark terminal in
PortMiami to open in fall 2019 in time for the arrival of the new
ship the "Norwegian Encore". PortMIAMI's unique position in Downtown
Miami
provides cruise passengers with direct access to world-class
hotels, shopping, dining and attractions, encouraging visitors to stay
longer and enjoy pre or post cruise vacations in Miami.

At the core of the GMCVB's marketing strategy is increasing visitors'
length of stay. In 2017, the GMCVB launched the new "Found
in Miami
" marketing program, an active domestic and international
advertising and destination branding campaign that speaks to the
destination's authentic travel experiences and calls on travelers to go
deeper into the destination and discover the cultural riches of
multicultural neighborhoods such as Little
Havana
, Historic
Overtown
, Wynwood,
West
Grove
, Little
Haiti
, and many more. The campaign encourages visitors to stay
longer and explore Miami's diverse neighborhoods to discover authentic
and soul-stirring experiences.

Looking ahead, with the September opening of the new, $625 million
reimagined Miami
Beach Convention Center (MBCC)
, the destination will once again
welcome conventions that drive strong local economic impact. More than
20 conventions have already been booked in the new facility including
the American Health Information Management Association (AHIMA) annual
convention which will inaugurate the new venue in September 2018
followed by the CA Technology annual convention, committing to the MBCC
for at least three years. The GMCVB will continue strategic marketing
campaigns aimed at the meetings industry to include sales, advertising
and digital programs as well communication initiatives including press
conferences at selected meetings trade shows.

About the Greater Miami Convention & Visitors Bureau

The Greater Miami Convention & Visitors Bureau (GMCVB) is an accredited
not-for-profit sales and marketing organization whose mission is to
attract visitors to Greater Miami and the Beaches for leisure, business
and conventions. For a vacation guide, visit our website at www.MiamiandBeaches.com
or call 1.888.76.Miami (US/Canada only) or 305.447.7777. To reach the
GMCVB offices dial 305.539.3000. Meeting planners may call
1.800.933.8448 (US/Canada only) or 305.539.3071 or visit www.MiamiMeetings.com.
To get further engaged with Miami and the Beaches, join the conversation
by following us on our social media channels at Facebook.com/visitmiami,
Twitter.com/miamiandbeaches, Instagram.com/miamiandbeaches &
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NOTE: Interviews, digital images and broll available upon request.

701 Brickell Avenue, Suite 2700
Miami, Florida 33131 USA
305/539-3084,
Fax 305/539-2911

http://www.MiamiAndBeaches.com
E-Mail:
Media@MiamiandBeaches.com
Facebook:
Facebook.com/visitmiami
Twitter: Twitter.com/miamiandbeaches

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