THE REAL DEAL – Art Basel Miami Beach usually generates $5 million in revenue for Miami-Dade’s largest hotel, the iconic Fontainebleau resort. The 1,500-room property is always sold out during the first week of December, as visitors flood the area, said executive Philip Goldfarb. How Art Basel could impact Miami Real Estate?
But this year, Art Basel is canceled due to the coronavirus pandemic. The renowned art fair has taken place each year in Miami Beach since 2002, generating tens of millions of dollars in economic activity. It will return to Miami Beach in 2021.
Each year, Art Week results in the highest occupancy and room rates for hotels. Last year, the average daily rate reached $281 per night during the first week of December with an 85.5 percent occupancy rate, according to data from the hotel research firm STR. During the pandemic, occupancy has reached highs of about 45 percent. For the week ending on Aug. 29, occupancy in the Miami region was about 34 percent, STR data shows.
Read More in THE REAL DEAL: https://therealdeal.com/miami/2020/09/04/how-art-basel-miami-beachs-cancelation-will-impact-real-estate/