South Florida’s condo market may not be the only real estate sector that’s cooling down.
Bloomberg reports that Miami-Dade County’s hotel market is not as hot as it used to be, either. Too many hotel rooms are pulling down occupancy, nightly room rates and other key market indicators.
A mild winter attracted fewer snowbirds, and instability in Brazil has had an impact on the destination. JLL, once bullish on the area, is “taking a breath.” Marriott said on an earnings call that Miami is among its weakest markets in the U.S.
Sources said the slowdown is just a “blip” and that developers are still hot on the area, while others say the sector is facing readjustment.