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2023 DowntownFTL Tourism Report A Market on the Rise
TOURISM MARKET REPORT 2023 Executive Summary Downtown Fort Lauderdale is on the rise as a major destination for visitors seeking to experience the best of a vibrant coastal urban center Visitors are increasingly choosing DowntownFTL due to the availability of world class dining experiences a thriving arts cultural scene and access to miles of navigable waterways Tourists have access to the best of both worlds a thriving downtown easily connected to a world famous beach via the free Circuit micromover and the Fort Lauderdale Water Taxi With direct access to the rest of South Florida via Brightline and with Port Everglades the Broward County Convention Center and the Fort Lauderdale Hollywood International Airport just down the street DowntownFTL has emerged a destination of choice for visitors Out of town visits to DowntownFTL have tripled the last 5 years Visits to DowntownFTL from out of town guests are surging with a 162 increase in domestic visitors since 2018 DowntownFTL visitors are staying longer than ever with the share of long term stays increasing by 9 points since 2018 Fort Lauderdale s Q1 2023 occupancy rate of 86 outpaces Austin and Nashville outperforming the national average by 23 points Downtown is now home to 10 hotels and over 1 500 total hotel rooms 2 out of every 3 rooms were built in the last 5 years DowntownFTL hotel inventory has grown by 290 in the last 5 years Four new hotels with more than 600 new rooms are on the way including The Whitfield the first 5 star hotel on Las Olas Boulevard Foot traffic in DowntownFTL hotels has increased by 89 over pre pandemic levels while Downtowns like Austin and Nashville have yet to see hotel foot traffic recover
TOURISM MARKET REPORT 2023 DowntownFTL Urban Core ULI PwC Magnet 18 Hour Cities Charlotte Denver Fort Lauderdale Minneapolis Portland Salt Lake City San Diego 2 2 SQUARE MILES 20 MUSEUMS PARKS AND LIVE VENUES 1 509 HOTEL ROOMS 162 5 YEAR INCREASE IN VISITORS The DDA taxing district is highlighted in yellow The agency advocates for the Greater Downtown core stretching from Sunrise Boulevard to the south SE 17th Street to the north 7th 4th Avenue to the east and US1 to the east including the East Las Olas area
TOURISM MARKET REPORT 2023 A Destination of Choice Access the best of downtown and the beach World class amenities in walking distance Direct proximity to the airport and seaport An emerging luxury destination
TABLE OF CONTENTS 01 A Growing Market 02 Investments in the Hotel Sector 03 Fort Lauderdale Tourism Engines 04 Visitor Point of Origin 05 Getting Around
01 A Growing Market
TOURISM MARKET REPORT 2023 DowntownFTL is seeing unprecedented interest from outof town guests a 162 increase in tourist trips since 2018 CUMULATIVE OUT OF TOWN TRIPS 1 000 000 900 000 800 000 700 000 600 000 500 000 909K 484K 548K 607K 674K 734K 756K 835K 793K 400 000 300 000 200 000 100 000 0 388K 124K 155K 122K 54K 22K Jan 46K Feb March April 174K May 200K 230K June July 258K 275K August Sept 293K Oct 310K Nov 348K Dec 2022 2018 2022 OUT OF TOWN TRIPS BY MONTH 300 000 250 000 264K 200 000 150 000 100 000 70K 54K 50 000 95K 75K 64K 59K 67K 50K 33K 37K 42K 0 Jan Feb March April May June July August Sept Oct Nov Dec
TOURISM MARKET REPORT 2023 Fort Lauderdale out of town stays drive significantly higher revenue compared to hotels statewide Average Daily Rate ADR for Fort Lauderdale hotels is 11 higher than statewide 250 ADR 2022 200 150 100 208 188 144 50 0 Fort Lauderdale State of Florida Na ti ona l Revenue Per Available Room RevPAR for Fort Lauderdale hotels is 12 higher than statewide 250 REVPAR 2022 200 150 100 50 148 132 90 0 Fort Lauderdale State of Florida Na ti ona l
TOURISM MARKET REPORT 2023 Fort Lauderdale Q1 2023 hotel occupancy rate outpaces other hot Sun Belt Cities Fort Lauderdale occupancy is 23 points better than the national average 2023 OCCUPANCY RATE Fort Lauderdale 85 8 Nashville 78 2 Austin 77 0 State of Florida 77 0 Charlotte 65 9 National 62 6
TOURISM MARKET REPORT 2023 Downtown Fort Lauderdale is outperforming pre pandemic visitation levels while other hot Sun Belt Cities have yet to bounce back Foot traffic at DowntownFTL hotels have recovered at a rate double hotels in Austin and Nashville 200 180 160 140 120 100 80 60 40 20 2022 HOTEL FOOT TRAFFIC VS PRE PANDEMIC 189 132 97 80 DDoowwntownFTL Downtown Charlotte Downtown Austin Downtown Nashville
02 Investments in the Hotel Sector
TOURISM MARKET REPORT 2023 The DowntownFTL hotel market has grown significantly with two out of every three rooms built over the last five years The number of available DowntownFTL hotel rooms has tripled since 2018 387 2001 TOTAL NUMBER OF DOWNTOWN HOTEL ROOMS 495 2018 818 2019 1 273 1 509 2 141 2020 2021 Projected 2024 2 2001 TOTAL NUMBER OF DOWNTOWN HOTELS 14 10 9 5 3 2018 2019 2020 2021 Projected 2024
TOURISM MARKET REPORT 2023 Downtown Core Las Olas 45 of all DowntownFTL hotel rooms With Las Olas Boulevard at the center of it all Downtown Fort Lauderdale s central business district now provides a sophisticated urban lifestyle with a mix of retail restaurant and cultural attractions that appeal to today s visitor Business travelers also take advantage of the proximity to major corporate headquarters while enjoying the relaxed vibe of a waterfront community
TOURISM MARKET REPORT 2023 Downtown Core Las Olas Riverside Hotel 231 Rooms Year Built 1936 Expanded 2001 Fairfield Inn Suites by Marriott Fort Lauderdale Las Olas 108 Rooms Year Built 2018 Hyatt Centric Las Olas 238 Rooms Year Built 2020 Sonder at Riverwalk 98 Rooms within Society Las Olas Year Built 2020
TOURISM MARKET REPORT 2023 Evolution of the Market The Hyatt Centric Las Olas is part of the renaissance of the Downtown area Previously the western edge of Las Olas was not a part of the visitor experience The new restaurants residential and commercial buildings that have recently opened along Las Olas and the Riverwalk have reimagined this area and made it a destination within Fort Lauderdale onto itself Katherine Beja McLennan Hyatt Centric Las Olas The Riverside Hotel has a healthy mix of leisure guests business transient travelers conference visitors airline crews and social groups overnighters Downtown is now a clear alternative to Fort Lauderdale beach Many of our guests are now telling us that they want easy access to a sophisticated urban lifestyle experience All this demand for the downtown experience is allowing downtown properties to catch up to the rates on Fort Lauderdale Beach Heiko Dobrikow Riverside Hotel The rise of hybrid and remote working as well as travelers combining business and leisure into a single trip means that a new cohort of travelers are demanding flexible accommodation which provides space to work and relax This generation of travelers also appreciates contemporary design and frictionless app enabled service The serviced apartments at Sonder Riverwalk meet these needs perfectly while also appealing to families Patrick G Jabbour Sonder Riverwalk
TOURISM MARKET REPORT 2023 Coming Soon Downtown Core Las Olas THE WHITFIELD 127 Rooms An ultra luxury 5 star boutique hotel on Las Olas Boulevard joining an elite group as a Leading Hotel of the World TEMPO HOMEWOOD HOTEL 169 Rooms Tempo Hotel by Hilton will open its first Florida hotel just steps from Las Olas Boulevard
TOURISM MARKET REPORT 2023 Flagler Village 55 of all DowntownFTL hotel rooms Fort Lauderdale s fastest growing neighborhood has transformed into dynamic a live work play district Flagler Village benefits from significant residential development over the past decade proximity to new cultural amenities in Holiday Park and a growing inventory of new dining experiences With popular new hotels adding unique rooftop hang outs with skyline views Flagler Village is becoming DowntownFTL s newest neighborhood for visitors to discover
TOURISM MARKET REPORT 2023 Flagler Village Hampton Inn Fort Lauderdale Downtown 156 Rooms Year Built 2001 The Dalmar 209 Rooms Element 114 Rooms Year Built 2019 Tru by Hilton 108 Rooms Home2 Suites by Hilton 110 Rooms Year Built 2020 Courtyard by Marriott Fort Lauderdale Downtown 137 Rooms Year Built 2021
TOURISM MARKET REPORT 2023 Evolution of the Market The Dalmar is changing your idea about what a hotel can be of how a Hotel can transform the city that surrounds it It is a hotel unlike anything Fort Lauderdale has seen a hotel that celebrates the city s past while shaping its future In the process it establishes itself as a vibrant cultural hub in the local scene and an essential destination for the global creative class The Dalmar represents a powerful response to this transformation It promises the exceptional comfort reliability and service of a luxury hotel alongside the energy and excitement of a downtown hotspot Alejandro Vargas The Dalmar The Courtyard Marriott Fort Lauderdale Downtown is helping to drive the transformation of the visitor experience in Flagler Village We re creating a destination just steps away from The Parker the new Florida Panthers practice facility in Holiday Park and revitalized War Memorial Auditorium With so many amenities and cultural venues just across the street our visitors are choosing to stay downtown due to its dynamic urban setting and connection to so many venues Jason Alexander Courtyard Marriott Fort Lauderdale Downtown
TOURISM MARKET REPORT 2023 Coming Soon Flagler Village South of the New River 901 North 188 Rooms Aimco s planned redevelopment of the former Searstown site will create a 3 towered mixed use development near the intersection of Federal Highway and Sunrise Boulevard In addition to 188 hotel rooms this new destination will include 797 residential units and more than 200 000 square feet of commercial space NAUTICA RESIDENCES AND HOTEL 148 Rooms The development of Nautica Hotel and Residences will significantly activate the south side of the New River and create a new destination along the Riverwalk The project calls for three towers yielding nearly 2 million square feet of space including a 32 story hotel with 148 rooms a 50 story condo with 241 units and a 39 story rental tower with 454 units
Downtown Fort Lauderdale benefits from its proximity to Port Everglades the Broward County Convention Center and the Fort Lauderdale Hollywood International Airport 03 Fort Lauderdale Tourism Engines
TOURISM MARKET REPORT 2023 Port Everglades is increasingly attracting luxury cruisers to Fort Lauderdale 4th busiest cruise port in the world serving 4 million passengers annually Fort Lauderdale will become Disney Cruise Line s second home in Florida beginning service this fall Silversea Cruises Silver Nova will arrive in Fort Lauderdale in early 2024 The ship is on the leading edge of technology as it introduces fuel cell tech that does not create emissions while in port
TOURISM MARKET REPORT 2023 Fort Lauderdale Hollywood International Airport One of the fastest recovering airports in the U S FLL serves approximately 32 million travelers annually 12 8 an increase of from 2021 Despite the impact of the COVID 19 pandemic on the 6th aviation industry FLL ranked in total passenger traffic recovery and 4th in international traffic recovery amongst U S airports JetBlue is expanding its Fort Lauderdale hub adding an additional 90 flights per day to major U S and European destinations
TOURISM MARKET REPORT 2023 2022 Annual Passenger Count FLL serves more passengers on an annual basis than the airports serving Austin and Nashville INTERNATIONAL AIRPORT COMPARSION Charlotte Douglas International Airport 47 8M Fort Lauderdale Hollywood International Airport 31 7M Austin Bergstorm International Airport 21 1M Nashville International Airport 18 4M
TOURISM MARKET REPORT 2023 The Broward County Convention Center is undergoing a major transformation Currently undergoing a major expansion the all new Greater Fort Lauderdale Broward County Convention Center will be bigger and better with 1 2 million square feet of space Key additions include 801 room upscale Omni hotel an iconic waterfront plaza new 65 000 square foot ballroom and extension of the main exhibition space to 350 000 square feet
04 Downtown Visitor Profile
TOURISM MARKET REPORT 2023 2022 Point of Origin The New York City metro area is the top point of origin for DowntownFTL visitors followed by the Chicago and Detroit metro areas TOP 10 METRO AREA ORIGINS FOR U S VISITORS TO DOWNTOWNFTL 1 New York Newark Jersey City 19 2 Chicago Naperville Elgin 5 3 Detroit Warren Dearborn 4 4 Tampa St Petersburg Clearwater 4 5 Philadelphia Camden Wilmington 4 6 Boston Cambridge Newton 4 7 Orlando Kissimmee Sanford 4 8 Washington Arlington Alexandria 4 9 Atlanta Sandy Springs Alpharetta 4 10 Port St Lucie 2
TOURISM MARKET REPORT 2023 2022 DowntownFTL length of stay Visitors are staying in DowntownFTL for longer periods of time a 9 point increase since 2018 TRIP DURATION Short Term 1 2 Days Long Term 3 7 Days 80 70 70 60 62 40 35 30 27 36 50 25 40 20 30 15 20 10 10 5 0 2018 2022 0 2018 2022
05 Getting Around
TOURISM MARKET REPORT 2023 Connecting Major Urban Centers BRIGHTLINE Brightline has been a game changer for South Florida and DowntownFTL is in the center of it all with direct train service to Downtown Miami and Downtown West Palm Beach With connections recently added to Aventura and Boca Raton and a much anticipated service to Orlando opening this fall DowntownFTL visitors have easy access to the best amenities that Florida has to offer
TOURISM MARKET REPORT 2023 Cruising from Downtown to Fort Lauderdale Beach WATER TAXI No trip to Fort Lauderdale is complete without riding the Water Taxi The best way to experience Fort Lauderdale is on the water Achieving record ridership this spring with 80 000 rides in March the Water Taxi provides a fun and scenic experience connecting downtown to the beach
TOURISM MARKET REPORT 2023 Riding from Downtown to Fort Lauderdale Beach CIRCUIT Downtown visitors have easy access to Fort Lauderdale Beach through free on demand rides provided by Circuit Serving over 20 000 trips per month guests can easily ride from Las Olas to Fort Lauderdale Beach and back to enjoy the best of Fort Lauderdale
TOURISM MARKET REPORT 2023 About the DDA The Fort Lauderdale Downtown Development Authority DDA is a public private partnership agency that powers the experience growth and prosperity of Downtown Fort Lauderdale The DDA strives to grow DowntownFTL with major investments in real estate infrastructure and transportation improve public spaces like streets and parks for all to enjoy and connect the city through partnerships that celebrate community
TOURISM MARKET REPORT 2023 About Colliers Colliers is an industry leading global real estate company with more than 18 000 skilled professionals operating in 66 countries What sets us apart is not what we do but how we do it Our enterprising culture encourages our people to think differently share great ideas and create effective solutions that help clients accelerate their success Colliers delivers a full range of services to real estate occupiers owners and investors across all sectors worldwide Our clients depend on our ability to draw on years of direct experience in their local markets Our professionals know their communities and the industry inside and out
TOURISM MARKET REPORT 2023 Credits Sources SOURCES The following sources were used for this report Austin Bergstrom International Airport Charlotte Douglas International Airport Broward County Circuit City of Fort Lauderdale CoStar Group Fort Lauderdale Hollywood International Airport Nashville International Airport Placer ai Trip Origination Report total trips from over 50 miles away Port Everglades Smith Travel Research STR South Florida Business Journal South Florida Sun Sentinel Visit Lauderdale PHOTO CREDITS Photo credits are listed by page indicated by images left to right Cover The Dalmar Executive Summary Sublime Imagery and Hyatt Centric Las Olas Page 4 Visit Lauderdale Sublime Imagery The Las Olas Association Broward Center for the Performing Arts Page 5 Sublime Imagery Page 6 Sublime Imagery Page 9 Hyatt Centric Las Olas Page 10 The Dalmar Page 11 Courtyard Marriott Fort Lauderdale Downtown Page 13 Hyatt Centric Las Olas Sublime Imagery Hyatt Centric Las Olas Sonder Riverwalk Page 14 Riverside Hotel Fairfield Inn Suites by Marriott Fort Lauderdale Las Olas Page 16 South Florida Business Journal Page 17 The Dalmar Courtyard Marriot Fort Lauderdale Downtown Sublime Imagery Page 18 Hampton Inn Fort Lauderdale Downtown The Dalmar Home2 Suites by Hilton Courtyard by Marriott Fort Lauderdale Downtown Page 20 Florida YIMBY and South Florida Business Journal Page 21 The Dalmar Page 22 Port Everglades Page 23 jet interceptor Page 24 jet interceptor Page 25 Visit Lauderdale Page 26 The Dalmar Page 27 Hyatt Centric Las Olas Page 29 Fort Lauderdale Water Taxi Page 30 Brightline Page 31 Fort Lauderdale Water Taxi Page 32 Circuit Page 33 Sublime Imagery Page 34 Colliers South Florida CONTRIBUTORS Ken Krasnow Vice Chair Institution Investor Services Florida ken krasnow colliers com Verity Mosquera MBA Research Consulting Manager South Florida verity mosquera colliers com Maria Russo Senior Marketing Manager South Florida maria russo colliers com
2023 DowntownFTL Tourism Report A Market on the Rise Contact Us 954 463 6574 201 East Las Olas Boulevard Suite 1150 Fort Lauderdale FL 33301 www ddaftl org Follow us ddaftl