U.S. Hotels Enjoyed Record-High Room Rates in July

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According to Bloomberg, the Abu Dhabi Investment Authority is exploring options, including a possible sale of the Miami Beach Edition hotel. The article said the property could fetch more than $580 million. ADIA is working with an adviser to solicit interest from potential buyers. ADIA’s Miami Beach hotel has 294 rooms and suites, oceanfront bungalows and restaurants.

Earlier this year, AWH Partners purchased the Leta Hotel in Santa Barbara, CA, with Spire Hospitality as the new management company. The charming beach chic hotel is now a Tapestry Collection by Hilton hotel featuring 158 guestrooms and 6,000 square feet of meeting space.

Skift Note: It's been a hot hot hot year for selling hotels. But interest rate rises are causing a mismatch between buyer and seller expectations. So the second half of the year may see sales flatline or cool.

According to July 2022 data from STR, the U.S. hotel industry reported record-high monthly room rates on a nominal basis. Data from July 2022 (percentage change from June 2019) includes: Occupancy: 69.6% (-5.45); ADR: $159.08 (+17.5%); and RevPAR: $110.73 (+11.2%