Tourism Industry in Miami, Florida State - Essay Example

Market report
International corporations are reported to be interested in Miami as suitable for conventions and conferences, but there is a doubt here whether they could afford the rate of four figures.

Since Miami is a favorite destination, people who will come to visit the proposed resort hotel are those who do not make a big deal about money. These are the billionaires, top world leaders, politicians, celebrities, and honeymooners. The place could also easily attract golfers who come from the row of billionaires. These golfers form regular tournaments and stay at the most luxurious hotel in the area. They shun onlookers and would prefer privacy and luxury.

Forbes has listed the world’s billionaires, who came from many parts of the world. Surprisingly, these billionaires start counting their billions at age 39. Saad Hari 39 years old, is a Lebanese national. Others are of the younger generation who undoubtedly are pleasure seekers.

Florida has been the favorite of celebrities today and in the past. Top stars of the 50s who were visitors of Miami were Frank Sinatra, Sammy Davies, Jr., Dean Martin, and Joey Bishop. Lucille Ball and Desni Arnaz stayed at a Miami Beach Hotel for a shot of their TV series. Elvis Presley had a room in Jacksonville Hotel. Today, some of the celebrities you see walking on the beach in Miami are Lindsay Lohan, Britney Spears, Jaime Foxx, Gloria Estefan, Ricky Martin, and many more.

Demand for luxury hotels in Miami is increasing as hotel occupancy in 2011 was 55.7% in February 2011 and even reached 98.97%. The rise in demand was caused by an increase in consumer travel and business growth. It is predicted by the PFK Hospitality Research that there will be high levels of occupancy in Miami hotels and that the hotel sector will be performing above average. Local hotel operators have confirmed the increase of international visitors and they believe this trend will continue. (Reed, Andy)

As for the rates and pricing, PFK in the study of Reed, Andy, predicted a mixed pricing power. Trip Advisor ranked 129 best hotels in Miami and the price visitors pay. The highest price hotel found from among the list in Miami hotels is the Four Seasons hotel whose ongoing rate is $812, but from among the world’s top-paying hotels, the Royal Penthouse Suite, Hotel President Wilson, Geneva rate is US$65,000 per night is the highest (Arnold, Helen. December 2, 2011) The $1,000 to $2,000 a night would look like a pity compared to their rates.

Tourists are looking for good service, good food, a convenient location, and a fair price. They also look for uniqueness and experience they will gather in the place to compensate for the high price of accommodation. For the rich, price does not matter, they prefer the experience and adventure, and for some privacy (Cappel, Rene) Miami is the hub of the fashion industry and Hollywood celebrities. Nightlife in Miami is never dull because of various entertainment and oftentimes you can spot aspiring actors and celebrities like Paris Hilton and Lindsay Lohan(Hub Pages).

One thing billionaires have in common is their likeness for unique experiences like kite surfing. Bruner, Jerryl, and Baedeker, Bob, in their story told in Forbes traveler, related the ways of the rich in seeking pleasure. Billionaires are attracted to adventures offered by ski diving, fishing in places undisturbed by humans like places in France and the Bahamas.

But there are also wealthy tycoons who prefer to stay on hospitable American soil, and this can be a market for the proposed hotel. Billionaire George Soros and others of his kind preferred the atmosphere of Idaho where people are interested in how was their skiing, the fish they caught rather than who they are. Greenland recently became a host to three billionaires. Bill Gates, Page, and Green doing a heli-ski, catching the wind where monster icebergs reach 15 feet tall. They look for untouched landscapes and pristine and seclusion. Russian billionaires and others like them go to an exclusive ski resort in the town of Courchevel wherein they throw winter lavish parties.