Miami’s importance as an international financial and cultural center has elevated it to the status of “world city,” defined as a large city that has outstripped its national urban network and has become a part of an international global system. Tourism is one of Miami’s most important industries; the beaches of Greater Miami draw visitors from across the country and around the world, and the Art Deco district in Miami Beach is widely regarded as one of the most glamorous in the world. Because of Miami’s cultural and linguistic ties to South and Central America, as well as the Caribbean, it is often referred to as “The Gateway of the Americas.” Furthermore, because of its proximity, Miami serves as the headquarters of Latin American operations for over 1,400 multinational corporations, including American Airlines, Cisco, Disney, and more. The city is also home to one of the largest and most important ports in the United States, the Port of Miami, which has retained its status as the number one cruise/passenger port in the world for more than a decade, accommodating the largest cruise ships and all major cruise lines.

The Miami hotel market saw consistent growth from 2009 to 2014, but there was a sharp decline in 2016 which continued into 2017. Year-to-date occupancy, ADR, and RevPARas of June 2017 decreased across the board at -0.6%, -4.7%, and -5.2%, respectively. Supply has outpaced demand over the last two years but is stabilizing, as seen by a more moderate decline of 0.1% in Q2 2017, at 75.9 %. ADRand RevPARalso declined in Q2 to $175.84 and $133.53, a decrease of 0.2% and 0.3% from Q2 2016, respectively.

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