ORLANDO—The Florida hotel market has rebounded from the recession and now is the time to buy hotels while interest rates are so low, said presenters and panelists at last week’s U.S. Hotel Market Connections that was sponsored by HVS. The panelists also said the environment is also good for developing new product since access to financing is readily available again.
The Florida Keys, Miami and West Palm Beach/Boca Raton led all 13 markets in Florida in 2012 and year-to-date 2013 in occupancy, average daily rate and revenue per available room.
In Orlando, the Lake Buena Vista and International Drive submarkets historically have had the highest ADRs and occupancies of all submarkets. Disney World has a strong impact in the Orlando hotel market with nearly 25,000 hotel rooms, which is 21% of all rooms in the Orlando market.
Last year set a record for both domestic and international visitation to Orlando. Convention and trade show attendance at the Orlando Convention Center was up 9% over 2011, and every submarket in Orlando registered positive gains in 2012 with a record 29.3 million hotel room nights sold in the market.
Nearby Port Canaveral recorded a 20% increase in cruise passengers in 2012 over 2011.
- Donald Stephens Jr., VP, HVS, also contributed to this report.