Bookings Rise, Looks good for South Beach Hotels
Tuesday, December 8th, 2009
Winter looks better for tourism this year.
As Art Basel Miami Beach heralds the unofficial launch of the “high” tourism season this week, demand has finally begun to rise for South Beach hotels and Miami Beach vacation properties. That could signal a turning point for a hotel market besieged by discounted rates and weak demand, trends that have pushed some of the region’s flashiest hotels to the brink of foreclosure.
Severe cutbacks in travel spending haven’t stopped art buyers from driving up hotel rates in Miami Beach this week. The cheapest rooms at the Delano are $825 a night this weekend and $345 next weekend.
After the country’s largest contemporary art show turns off the lights at the Miami Beach Convention Center on Sunday the real test begins.
Peter Sahora, general manager of the Z Ocean Hotel in South Beach says, “It looks like the slide is either slowing down or reversing. We’ll see what happens in January and February.”
