Miami Hospitality Trends

Miami Hospitality Trends
New People, New Product, New Projects
Today’s Agenda
• Thank you for coming and for all the behind-the-scenes efforts to make this happen!
• 30,000 foot overview of key trends in Miami hospitality (10 minutes)
• Introduction of our amazing panelists (5 minutes)
• Hear their unique perspectives on these current trends (20 minutes)
• Ask for your participation, your experience, and your questions (20 minutes)
• Crystal ball: what do the current trends suggest about the future? (5 minutes)
• Conclusion: A challenge for all CREW members
New People
• As Miami transitions from an “international city” to a “top global gateway”, visitors
representing new countries and new cultures are coming to Miami more than ever
before.
• These new people are bringing different expectations, languages, preferences, and
needs and depend on our hospitality “infrastructure” to be ready for them.
• We expect one of the largest growth areas to be from Asia and the Middle East.
Investment in hospitality, commerce, and airlift is already well underway.
• Miami is attracting a younger travel as well, both domestic and international. As the
global epicenter for fashion, art, music, and entertainment, we will see an increasing
number of “Millennials” visit and eventually relocate to Miami.
New People
New Product
• The hotel industry overall is witnessing a change in consumer preferences, and no
where is this more evident and important than in Miami.
• While safety and cleanliness are still the most important factors, travelers now
increasingly choose hotels that offer “a unique experience” or “a more authentic sense
of place” rather than “consistency” or “predictability”.
• Visitors are increasingly willing to go a few extra blocks or consider staying in a
different neighborhood than before. This is particularly evident with the “wave
inland” of hotel activity on Miami Beach.
• Miami is particularly well positioned to benefit with this trend. We have some of the
most unique architectural gems and historically significant hotels in the world.
New Product
New Product – RTKL’s Latest and Greatest
New Projects
• New people + new preferences regarding product = new projects
• Hotel developers in Miami have to compete with residential developers for the best
sites in the best locations. The result: huge amount of mixed-use projects with hotel
components, branded residential development, and/or adaptive-reuse/complete
redevelopment of existing buildings.
• The capital markets seems to have an insatiable appetite for hotels in Miami.
Everyone from sovereign wealth funds and public REITs to local banks and private
developers are scouring the market for opportunities.
• The economic model of new projects is changing given the extremely high cost to enter
this market. Investors are betting on ancillary value (restaurants, clubs, spas,
shopping, residences, etc.) and intrinsic value (the importance of having a Miami
location to promote a global brand), not just cash flow and near-term returns.
New Projects
New Projects
All Star Panel
• Wendy Kallergis, President & CEO, Greater Miami & the Beaches Hotel Association
The GMBHA promotes the interests of its members—over 160 hotels and 300 allied businesses—
through advocacy, education, and partnerships and advance Miami as the visitor's destination
of choice.
• Thomas Meding, Area Vice President, sbe
sbe is a global hospitality and entertainment company which comprises a thriving collection of
award-winning hotels, casinos, residences, restaurants and nightlife destinations, including the
SLS South Beach, Redbury, Raleigh, and planned SLS Brickell, SLS Lux, and Hyde Midtown.
• Gina Goodin, Associate Vice President, RTKL Miami
The best hotels are more than just places to stay: They are testing grounds for new ideas in
design, food, customer service and wellness. RTKL’s multi-disciplinary design team has worked
with a broad range of clients on every type of hospitality environment around the world.
Challenge!
Based on our discussion today,
what can you do to capitalize on
these changing trends?
What can your firm do to capture
new types of customers and
ensure their Miami experience
keeps them coming back?
How can we work together to
ensure Miami offers the right
products to the right customers?
Thank You!
Max Comess, HFF Hotel Group
1450 Brickell Avenue, Suite 2950
Miami, Florida 33131
Office: (305) 448-1333
[email protected]