Executive Summary

• Florida resident visitation to Greater Miami & Miami Beach increased from 2021 by a net of about 300,000 visitors. This was in large part made up of overnight visitors. With so many options across the state, Floridians still chose Greater Miami & Miami Beach in large numbers Many U S destinations reopened in the wake of the pandemic and these destinations are now making tourism more competitive, but the choice was clear for 7.9 million Floridians in 2022- a 13% increase year-over-year

• Visitation from other Florida areas was robust, and overnight visitation increased from all major markets. Day trips continued to grow from Palm Beach and Tampa, while visitors from other areas of Florida made fewer day trips and likely chose other nearby destinations.

• While much of the overall tourism momentum was driven by domestic visitation, traditional international visitor markets also began to return. However, international travel restrictions, extended visa wait times and economic challenges continued to hamper travelers from visiting Still, there was a strong comeback of international markets By year end, Canadians were returning in numbers equal to pre-pandemic levels. Brazilians, despite many travelrelated barriers, rose to the #2 ranking of top international overnight visitor markets Both the United Kingdom and Spain, which were largely absent in 2021, returned in force and resulted in ranking #5 and #6 top international overnight markets, respectively Latin American markets, for the most part, continued to flourish and ​Colombia, the #1 ranking international overnight market in 2021, held on to the #1 ranking for 2022 All told, international visitation increased by 13% year-over-year.

Visitors spent more in 2022 than ever- $20.8 billion as compared to $19.2 billion in 2021, a net increase of 8%. This was driven by domestic markets, including Floridians.

• While international visitors are returning, they are not spending as much as they have in the past. Many opted to stay with friends and family as opposed to paid lodging. Furthermore, fewer international visitors claimed to have come to shop as compared to the prior year That said, international visitors still spend more per person than those in the domestic segment.

• Exchange rates and inflation have impacted visitation around the globe, and for international travelers who are able to travel, many may have become more budgetconscious

Greater Miami & Miami Beach's hotels not only sold more rooms in 2022, but exceeded 2021 room night sales by 13%. Furthermore, hotel daily rates were 14% higher than in 2021, which signaled a willingness by travelers to pay more than in the past

• Hotel occupancy was up 8% year-over-year despite the addition of new hotel inventory, reflecting a positive change in hotel demand o The largest gains in hotel revenues were among the mid- to upper-scale hotels All hotel segments did well and luxury properties were also in great demand, but given the tremendous gains in hotel rates among luxury properties in 2021, growth in that segment was not as pronounced in 2022.

• Selling more rooms and record high hotel rates meant gross hotel revenue was way above projected expectations; in fact, it was 29% higher than 2021 and 33% higher than 2019.