The Best Is Yet to Come in the Bay

The Best Is Yet to Come in the Bay

By: Max Crampton-Thomas

2 min read January 2020 2019 is officially in the books and was another monumental year for the Tampa Bay region. All sectors of the local economy were firing on all cylinders this past year, from the always popular tourism market to growing sectors like technology and healthcare. The continuing economic boom was complimented by a slew of memorable events that truly showcased the growth of the Tampa Bay region. As we now turn our focus toward 2020, it can be hard to imagine topping the success of the past year’s events but that is exactly what looks to be in store for residents and visitors in Tampa Bay. This comes as no surprise to leaders in the community like Santiago Corrada, the president and CEO of Visit Tampa Bay, who told Invest: that, “This region is starting to become everybody’s must-visit destination, which is awesome.”

 

Starting the year off is the historic 2020 Gasparilla Pirate Festival. This annual event has been held in the Tampa Bay region for over 100 years, and has grown into an eight-week extravaganza that is bustling with activities for families and adults alike. It should be noted that the event kicks off on Jan. 25 with the nation’s third-largest parade, and also features memorable events throughout the eight-week run like the Gasparilla Distance Classic on Feb. 22 and 23 in which people can participate in various types of running events. There is also the Gasparilla Festival of the Arts and Gasparilla Music Festival, which is being headlined by national acts like Portugal. The Man. The event concludes with the Gasparilla International Film Festival. 

While all of the festivities that make up Gasparilla Pirate Festival lay the foundation for a great year of events, 2020 is also shaping up to be a historic year for the Tampa Bay region as it prepares to host it’s fifth Super Bowl and it’s first Wrestlemania. Super Bowl LV will mark the third time the event has been held at Raymond James Stadium, with the last one being played there in 2009. While the game itself won’t happen until Feb. 7, 2021, the region is already buzzing with hype and there will no doubt be multiple must-attend events in 2020 leading up to the big game. On the chance that the Buccaneers are able to have a big turnaround season in 2020, their home games will undoubtedly also become can’t-miss events. 

Perhaps the biggest Tampa Bay-based event actually happening in 2020 is Wrestlemania 36, which will also take place at Raymond James Stadium on April 5. Wrestlemania has been ranked by Forbes as the sixth-most valuable sports brand in the world, so the fact it is taking place in Tampa Bay is no small accomplishment. What is expected to be a sellout event at Raymond James Stadium is a testament to just how far the region has come from both an economic and tourism standpoint.   

Also on the list of incredible events happening within the region for 2020 is Florida’s largest annual celebration of the LGBTQ+ community, which takes place in St. Petersburg and is gearing up for what will most likely be another record-shattering attendance year. St. Pete Pride 2020 takes place this year from June 26-28 and is expected to attract over 250,000 people celebrating the beauty of diversity and inclusion, a true testament to the inclusive environment of the Tampa Bay community. 

2020 promises to be a lot of things for the Tampa Bay region: a year of more growth, more opportunity, more collaboration and definitely more unforgettable events. 

To learn more, visit:

https://www.visittampabay.com/

 

South Florida’s Top Five Events for the Holiday Season

South Florida’s Top Five Events for the Holiday Season

By: Sara Warden

 

2 min read December 2019 — South Floridians may not expect a white Christmas, but there are still a plethora of entertainment options to get the kids into the holiday spirit. From Enchanted Forests to visits from Santa, there is plenty for all ages going on across the Miami, Palm Beach and Greater Fort Lauderdale areas. Capital Analytics counts down the top events in the run up to the big day!

1. Christmas with the Chimps at Lion Country Safari

If you’re an animal lover, this is the place to be on Thursday, Dec. 19. For one day only, starting at 10.30am, guests at the Lion Country Safari park in Palm Beach will be able to leave their cars and watch as the chimps open Santa’s gifts. Entry is $39 for adults and $30 for children, and under twos go free!

Find out more here

2. Winterland at Pinto’s Farm

Located at 14890 SW 216 St, this farm park promises a huge range of activities, including holiday treats, face painting, a petting zoo, pony rides, hay rides and paddle boats. Why not venture into the enchanting illuminated forest and meet Santa Claus, Nix the Snowman and Sprinkle the Gingerbread cookie.

Find out more here.

3. “A Christmas Story: The Musical” at Broward Center for the Performing Arts

Brought to you from the songwriting team behind Tony-award-winning Dear Evan Hansen and La La Land, this show promises to be a festive treat for the ears. The show is based on the 1983 movie A Christmas Story, following protagonist Ralphie’s pursuit of his dream Christmas gift. Showings continue throughout the festive season and tickets are priced at $49-65, with discounts available for teachers and students.

Find out more here.

4. Santa’s Enchanted Forest at Tropical Park

With over 100 rides, shows and attractions, Santa’s Enchanted Forest is sure to spread the Christmas cheer. Running from the end of October until Jan. 5, the fun takes place at 7900 SW 40th Street and promises 3 million lights and a 92-inch Christmas tree, all within an amusement park. Tickets start at $28.60 for children and seniors.

Find out more here.

5. Brightline for The Polar Express train rides

Across selected dates from mid-November until Dec. 29, families can take the one-hour Polar Express train on the brand new Brightline route. Singing, dancing, cookies and hot chocolate are guaranteed to keep both the kids and adults happy before Santa climbs on board to hand out some Christmas gifts to the girls and boys on the nice list. Prices start from $55 for an adult and $50 for a child.

Find out more here

The Bay’s Top 5 Holiday Celebrations

The Bay’s Top 5 Holiday Celebrations

By: Max Crampton-Thomas

4 min read December 2019 ‘Tis the season for family fun and Tampa Bay has a myriad of holiday happenings to choose from. It comes as no surprise that the region holds such an eclectic and widespread range of options as the local economy boasts healthy and robust tourism and entertainment markets. The only challenge is deciding how to choose between all of the merry events happening throughout the Bay. Invest: explores five of the top options to spend your time during this holiday season. 

 

Enchant Christmas 

Not everyone is privileged to have the World’s Largest Christmas Light Maze and Market in their own backyard, but those in the Tampa Bay region can find this very attraction at Tropicana Field in St. Petersburg. Embark on an adventure to find Santa’s reindeer inside an amazing, custom-designed light maze. Once you have solved the mystery, guests can enjoy the seasonal food and drinks as well as a Christmas Market featuring over 40 local and international artisans. Enchant runs until Dec. 29 and is a wonderful event for families of all ages.  

For more, visit: https://enchantchristmas.com/stpete

Busch Gardens Christmas Town

On its own merit, Busch Gardens is already a must-see attraction in the Bay, so the fact that it features a holiday event that USA Today ranked as one of it’s 10 Best Theme Park Holiday Events, only furthers this narrative. Christmas Town not only is a beautifully decorated affair with millions of holiday lights, it is also a truly fun event. Visitors are afforded the opportunity to visit with Santa and Rudolph, the red-nosed reindeer, holiday-themed culinary experiences, live shows and the ability to have nighttime experiences on their famous thrill rides. Christmas Town is open to the public until Jan. 6 so there is still plenty of time to enjoy. 

To read more, visit: https://buschgardens.com/tampa/events/christmas-town/

Winter Village at Curtis Hixon Park

Winter Village is not the typical holiday-themed event. Winter Village features a holiday-themed cafe, appropriately deemed the Icicle Craft Kitchen, a variety of unique shopping experiences and a unique train ride called the Winter Village Express. But perhaps most significant is the last thing most people would expect to find in Florida: an outdoor ice rink. This is Downtown Tampa’s only outdoor ice rink,and quite possibly one of the only ones in Florida, which is made even more unique with the amazing views of the Tampa Riverwalk and Hillsborough River. This can’t miss opportunity is open until Jan. 5 and the perfect way to bring some holiday happiness. 

For more, visit: http://www.wintervillagetampa.com/

Downtown Tampa Holiday Lighted Boat Parade

In most of the country, a boat is the last place anyone would expect to be during the wintertime, but in Florida the winter is possibly the best time to take out a boat and enjoy the cooler temperatures. That being said, it’s only fitting that Downtown Tampa is home to the annual Holiday Lighted Boat Parade. The parade runs all the way down Tampa Riverwalk and features some of the region’s most unique watercrafts sporting their finest holiday lights. The event takes place from 6:30 p.m.-9:30 p.m. on Dec. 21 in Downtown Tampa. 

For more information, visit: https://thetampariverwalk.com/events/lighted-boat-parade/

Bad Boy Mowers Gasparilla Bowl

This time of year all of the major holidays have one consistent thing in common: there is always a big football game on. In Tampa Bay, this stands true as the region will once again welcome the Bad Boy Mowers Gasparilla Bowl to town on Dec. 23 at Raymond James Stadium. Residents of the Bay can enjoy from their homes or partake in the festivities at the game as the University of Central Florida Knights take on last year’s Bowl champions the Marshall Thundering Herd. The holiday season wouldn’t be complete without some good old-fashioned football. 

To learn more, visit: https://www.gasparillabowl.com/

South Florida’s Top Five Events for the Holiday Season

South Florida’s Top Five Events for the Holiday Season

By: Sara Warden

2 min read December 2019 — South Floridians may not expect a white Christmas, but there are still a plethora of entertainment options to get the kids into the holiday spirit. From Enchanted Forests to visits from Santa, there is plenty for all ages going on across the Miami, Palm Beach and Greater Fort Lauderdale areas. Capital Analytics counts down the top events in the run up to the big day!

 

 

 1. Christmas with the Chimps at Lion Country Safari

If you’re an animal lover, this is the place to be on Thursday, Dec. 19. For one day only, starting at 10.30am, guests at the Lion Country Safari park in Palm Beach will be able to leave their cars and watch as the chimps open Santa’s gifts. Entry is $39 for adults and $30 for children, and under twos go free!

Find out more here

2. Winterland at Pinto’s Farm

Located at 14890 SW 216 St, this farm park promises a huge range of activities, including holiday treats, face painting, a petting zoo, pony rides, hay rides and paddle boats. Why not venture into the enchanting illuminated forest and meet Santa Claus, Nix the Snowman and Sprinkle the Gingerbread cookie.

Find out more here.

3. “A Christmas Story: The Musical” at Broward Center for the Performing Arts

Brought to you from the songwriting team behind Tony-award-winning Dear Evan Hansen and La La Land, this show promises to be a festive treat for the ears. The show is based on the 1983 movie A Christmas Story, following protagonist Ralphie’s pursuit of his dream Christmas gift. Showings continue throughout the festive season and tickets are priced at $49-65, with discounts available for teachers and students.

Find out more here.

4. Santa’s Enchanted Forest at Tropical Park

With over 100 rides, shows and attractions, Santa’s Enchanted Forest is sure to spread the Christmas cheer. Running from the end of October until Jan. 5, the fun takes place at 7900 SW 40th Street and promises 3 million lights and a 92-inch Christmas tree, all within an amusement park. Tickets start at $28.60 for children and seniors.

Find out more here.

5. Brightline for The Polar Express train rides

Across selected dates from mid-November until Dec. 29, families can take the one-hour Polar Express train on the brand new Brightline route. Singing, dancing, cookies and hot chocolate are guaranteed to keep both the kids and adults happy before Santa climbs on board to hand out some Christmas gifts to the girls and boys on the nice list. Prices start from $55 for an adult and $50 for a child.

Find out more here

 

All Aboard! Seminole Hard Rock Winterfest Boat Parade Ready to Set Sail

All Aboard! Seminole Hard Rock Winterfest Boat Parade Ready to Set Sail

By: Max Crampton-Thomas

2 min read December 2019 — The annual Seminole Hard Rock Winterfest Boat Parade is just around the corner, and event organizers are adding the finishing touches to “The Greatest Show on H2O.” That’s no understatement, with an estimated economic impact of $50 million and 1 million live spectators, plus online and TV streams. “There is nothing like the Seminole Hard Rock Winterfest Boat Parade in the entire world,” said Lisa Scott-Founds, the event’s President and CEO.

 

Taking place on Dec. 14, the show – the seventh-largest one-day spectator event in the country – is not to be missed. “Private boats to the giant showboats and corporate megayachts will be adorned with hundreds of thousands of lights, music, entertainment, decorations, celebrities, musical groups, beauty queens and many other exciting entries,” the event’s website promises. Think the Macy’s Thanksgiving Day Parade, but on water.

According to Scott-Founds, as a nonprofit organization, organizers are constantly innovating to think of new ways to make the event stand out without breaking the bank. “We always want to integrate the newest technology into our event, like the use of holograms, which we hope is a real possibility for this year,” she said. “We are always asking people, ‘What is something that you’ve never seen us do before?’ We take their suggestion, develop a budget to execute the idea and bring it to our board and possible sponsors to help with underwriting the “new wow factor idea.”

This year, the 12-mile parade route will begin at Stranahan House and will sail eastward into Fort Lauderdale to the Intracoastal Waterway, and ending at Lake Santa Barbara in Pompano Beach. It costs a minimum of $35 to enter a boat with no advertising, while the heftiest sponsorship package comes in at a cool $65,000. Spectators can also purchase a ticket to the Grandstand Viewing Area inside the Hugh Taylor Birch State Park with prices starting at $25 for children 10 and under.

The economic bump in the county’s coffers comes at a good time, says Scott-Founds. “The beginning of December is a little slower for tourism, as opposed to other months when tourism in South Florida sees a boom, so we feel a responsibility to bring people into the region and put heads in beds,” she says.

For the event, it seems that all stakeholders in the area come together to enhance the experience for visitors. “Our success is due to collaboration with organizations like our Greater Fort Lauderdale Convention and Visitors Bureau and working with area hotels,” says Scott-Founds. “Tourists should experience a Winterfest weekend, a show at the Broward Center for the Performing Arts, eat at our restaurants and immerse themselves in our community. There is just so much to do in Fort Lauderdale, and in Broward County for that matter.”

To learn more, visit:

https://winterfestparade.com/

Face Off: Hot Hotel Market to Remain Steadfast Into 2020

Face Off: Hot Hotel Market to Remain Steadfast Into 2020

By: Max Crampton-Thomas

4 min read December 2019 Hospitality may be one of the most competitive industries in Florida, and in an economically thriving region like Tampa Bay the competition is only heightened. To rise to the top of this crowded market takes leadership that not only understands the local market and can easily adapt to change, but can also create a work culture that attracts the best and brightest. Invest: explored what it takes to be successful in this market with the general managers for two of the region’s most highly regarded hotels, Kevin Scott with The Epicurean Hotel and David Rowland with The Westshore Grand.

How do you ensure you are attracting and retaining the highest quality employees?

David Rowland: When we hire what we call our associates, we do not hire based on technical ability. We hire friendly individuals who we can train on the technical aspects. Every associate meets with me and usually I only ask them a couple of personality-based questions, like what they do for fun or about their worst day at work and how they overcame it. This is first and foremost a customer service business and you must have a personality that fits that.

Kevin Scott: Employee turnover in this industry is an ongoing challenge that does not have a clear-cut resolution, especially in Tampa where new hotels and restaurants are opening on a weekly basis. Our key to navigating this issue is to ensure that we create a safe environment where employees are encouraged to speak their minds, give feedback and relay their input without the threat of it affecting their jobs. We work to empower our leaders to lead by example and foster great relationships between their departments. We are also in a sweet spot because we are a midsized hotel with a staff that consists of around 150 people, which means that if one person suddenly calls off or quits, it is not the end of the world.

Do you believe the demand curve will stay strong enough to support the new inventory of hotels coming online in the region?

Rowland: I do, because the market is so strong right now. Tampa Bay is a great area and it is still growing rapidly. The airport is consistently ranked among the Top 5 airports in the United States, and the international hub that they are building is going to bring even more business into the region. We are a city where you can host massive meetings, relocate large businesses into and start a business within. The ability to get in and out of the city quickly is also a significant factor in keeping this new supply sustainable. Tampa has done a good job of making sure the infrastructure and the supply of hotel and businesses is grown at the same pace. The only danger is a hotel worrying about all the new supply so they drop their rates just to be competitive. If one person does that, it causes a ripple effect in the industry where we now all have to drop our prices.

Scott: Tampa as a market needs more hotel rooms to attract bigger conventions that bring more people to town. The challenge is that we are capped off at a certain number right now, which limits how many people we can bring into the city, but with so many new hotel rooms coming into the market in the next year or so, there is an opportunity to steal some share from Orlando, Miami and Fort Lauderdale for these conventions. It is the perfect time to capitalize on this opportunity; the updated urban planning is now in play, and the city has never been laid out better than it is now.

How is your hotel primed for continued growth within the region?  

Rowland: We are a part of the Marriott Tribute Portfolio, which is considered its luxury tier, but we get to act as an independent boutique hotel. The hotel has 325 rooms, over 15,000 square feet of meeting space and 14 meeting rooms where people can work, network and convene. We are known for having the flexibility to tailor events in our event space to a customer’s needs. The nice part about being independent is we have a lot of leeway and wiggle room to do what we want to make our customers’ meetings the most successful they can be. We are also very fortunate that we sit inside the Urban Center building. We are the primary hotel for the over 2,000 tenants that rent office space in the building.

Scott: To stay economically sustainable in this business, especially in the instance of another recession, we focus on attracting more groups and business travel. We want people to be aware of our offerings whether they are our neighbors in Tampa or looking for a destination from across the country. Our advantages are that we are centrally located, and people will always love food and wine. Even in a recession, wine, beer and alcohol are always in demand, so we are ready to ride that wave when it happens. Overall, we feel strong about where the Epicurean stands as a hotel and historical landmark that Tampa can be proud of.

To learn more about our interviewees, visit:

https://epicureanhotel.com/

https://westshoregrand.com/

Top 5 Thanksgiving ‘To Do’s’ in the Bay

Top 5 Thanksgiving ‘To Do’s’ in the Bay

By: Max Crampton-Thomas

4 min read November 2019 Thanksgiving season has once again descended upon the Tampa Bay region. While the holiday is traditionally known for the three F’s, food, family and football, there are other options available to those in the Tampa Bay region who are looking to break traditions and start new ones. These options range from activities that will help work up an appetite for the big meal to options that completely change course from the normal fixings of a Thanksgiving meal. Invest: explores five of the best alternatives for those looking to shake up their Thanksgiving experience.

 Turkey Trots

A traditional Thanksgiving meal is known for two things: oversupply and overconsumption. There may be no better way to prepare the body for this endeavour than participating in one of the variety of “turkey trots” and “fun runs” available to the public on Thanksgiving Day. These exercise-driven events include the Goody Goody Turkey Gobble, which starts at 7 a.m. in front of the Amalie Arena and features options like a 5K, 8K or 1-mile course to be walked or ran. There is also the Clearwater-based Tampa Bay Times Turkey Trot, which has become the largest running event in the Tampa Bay area with an annual average of participation from over 17,000 runners. 

 

Thanksgiving Cruises

Breaking tradition can be difficult, but a Thanksgiving dinner on a yacht may make that change a bit easier to digest. The company Yacht StarShip offers an opportunity to feast on traditional Thanksgiving foods in a completely nontraditional fashion. With options to sail in either Clearwater or Tampa, the promise of no meal preparation or cleanup, and the chance to truly relax for the holiday, a yacht cruise for the night could be a welcomed change from the norm. 

To read more, visit: https://www.yachtstarship.com/event/thanksgiving-cruises/

Wonderland Of Lights And Santa’s Village

Besides being a day to enjoy a nice meal with family, for some, Thanksgiving also signifies the official countdown to Christmas Day. In the Tampa Bay region, residents can begin this countdown with a visit to the Wonderland Of Lights And Santa’s Village. This holiday theme park becomes available to the public Thanksgiving Day and runs until Jan. 5. Theme park visitors can partake in the amusement rides, camel rides, over a mile of light displays and everything else this park has to offer. This is a great option for those looking to not completely break tradition, as the park offers the opportunity to enjoy all its amenities at night, giving time for the traditional Thanksgiving meal at home beforehand. 

For more, visit: www.thewonderlandoflights.com/

13th Annual ThanksVegan Feast

It may be a holiday best known for a feast centered around poultry, but that does not mean that there aren’t options in the region for those who prefer veggies over meat. For the last 13 years, Florida Voices for Animals has been holding their annual ThanksVegan Feast that features zero animal products or byproducts. Held at the Unitarian Universalist Church of Tampa, this potluck dinner encourages those attending to bring a vegan dish to contribute to the holiday feast. The event runs from 1:30 p.m.-5:30 p.m. and includes a raffle with prizes. 

For more information, visit: https://www.floridavoicesforanimals.org/thanksvegan

Black Friday Shopping

While technically starting the day following Thanksgiving, some Black Friday deals become available to the public the night of the 28th. For some, it has become a tradition to go straight from their Thanksgiving meal to waiting overnight in lines that sometimes stretch multiple blocks, all with the intention of cashing in on mega savings. Thankfully for the residents of Tampa Bay, the region not only offers access to all of the big box retailers, it is also home to a variety of world-class shopping malls like International Plaza and Bay Street, Hyde Park Village and many others. 

Spotlight On: Neil Callaghan, Brand Manager, Cigar City Brewing

Spotlight On: Neil Callaghan, Brand Manager, Cigar City Brewing

By: Max Crampton-Thomas

2 min read November 2019 — The Tampa Bay region is known for having and being headquarters to a wide variety of business types. While all these businesses contribute to the local economy and community in various ways, perhaps one of the most sought after and visited are the local breweries that call Tampa Bay home. One of the most well-known is Cigar City Brewing, which started as a local brand and has now expanded to become a widely recognized national presence. Invest: spoke with Brand Manager Neil Callaghan about how Tampa Bay has shaped the company, being stewards of the environment and the impact the brewery has on the local economy.

 

 

How has Tampa Bay influenced the brand and culture of your business? 

 

Our Brewery is unique in that so much of what we do is really influenced by the culture, the cuisine and the history of Tampa Bay. We feel like our success has really been part and parcel of the story of Tampa Bay resonating with people outside of the Florida area. We are extremely fortunate because we do get a lot of tourism to this region for a number of reasons, whether to visit family or go to the beach. Tampa Bay has really molded what we are doing as a company, from the names of our beers to how we market ourselves. This speaks to the way outsiders have responded to the culture of Tampa Bay as a whole. Tampa is still our biggest market by a long shot, and we are still growing at a double-digit rate in the Tampa Bay area, which is exceptional.

 

How important is consistent innovation to your business? 

 

The questions we constantly ask ourselves are: How do we keep people engaged? How do we keep them excited? And how do we keep that growth trajectory where it has been for the last few years? The answer is innovation. We are not a company that puts out a beer and just keeps pushing it for years. We have been incredibly fortunate with our brands like Jai Alai, which is our biggest seller, but at the same time it is the new brands, styles of beer, new ingredients and new processes that we are working with that keep people interested. Our innovation is really going to help us continue to grow for the foreseeable future. We are not just brewing the same beers that we were brewing five years ago. We always want to maintain the quality and consistency that we have never deviated from since day one, but our innovation is really where we are putting a lot of our chips these days.

 

How is Cigar City Brewing promoting environmental sustainability in the region? 

 

In the last year, one big innovation that we have worked on in regards to environmental sustainability is our move away from the clear plastic rings that hold the six-packs together. While they are sustainable, we felt like there was a better option and a better way to not only help our brand from a branding perspective but also to help the environment. We have now moved to cardboard wraps and these are much more environmentally friendly and recyclable. It has been a big project for us to literally change the whole way that we are packaging our beer, but again, it is an opportunity for us. We get more of our branding out in front of consumers because they are now looking at a box that is a lot more engaging than a collection of cans. Our vendors have a heightened focus on environmental sustainability as well. 

 

What is the economic impact of the brewery on the local region? 

 

We are employing around 70 people full time in the Tampa Bay area, and we are also employing sales teams all over the country. We are helping impact the local economy by this employment, but also by the amount of beer that we are selling. Because beer is a relatively highly taxed commodity we, along with the rest of the beer community in Tampa Bay, are helping to bring in millions of dollars in tax revenue. This goes directly to our local communities, counties and the state of Florida. Certainly, as one of the larger breweries in the area, we are proud of the direct impact that our brewery is making. At the same time we think the more compelling story is that there are now over 80 breweries in the Tampa Bay area, which is incredible because 10 years ago there were six. Our industry is helping to directly impact the local economy in a meaningful way. 

 

To learn more about our interviewee, visit: 

https://www.cigarcitybrewing.com/

 

Can Demand Meet Supply?

Can Demand Meet Supply?

By: Max Crampton-Thomas

2 min read November 2019 — 4,500. That is the number of new hotel rooms expected to come online between now and 2024. This additional inventory will be on top of the 34,000 existing rooms already available in Broward County. New hotel developments and renovations like the opening of the Conrad Fort Lauderdale Beach, the $1.5 billion expansion of the Seminole Hard Rock Hotel and Casino and the upcoming addition of the Omni Hotel & Resorts as part of the massive expansion happening at the Greater Fort Lauderdale/Broward County Convention Center, are all contributing factors to this significant increase in hotel room supply. The question now is whether demand in Broward County will match this increase in supply?

 

To begin to answer this question, it is important to understand how the hospitality sector in Broward has evolved over the years. Invest: spoke with Heiko Dobrikow, the general manager for one of the oldest and most successful hotels in the county: the Riverside Hotel located on Las Olas Boulevard. He discussed how the transformation of the sector was the result of deliberate action from past leaders. “Going back to the 1980s, we were the spring break capital of the world. The leadership then, the mayor and the business community, got together to make the city a little bit more upscale. Suddenly, the mom-and-pop hotels that we had on the beach became the Ritz Carlton, the Marriott, the Atlantic, and now we have a Four Seasons coming. Those are monumental changes. It speaks much to the change in the business environment that has transpired in Fort Lauderdale,” said Dobrikow.

Year after year the tourism sector in Broward County has hit record highs, which is a direct reflection of the over $3 billion dollars spent in capital improvements to the Fort Lauderdale-Hollywood International Airport in an effort to increase passenger traffic. All of this has had the biggest impact on investment and development within the hospitality sector. Dobrikow discussed the direct correlation between the growth of the airport and the hospitality industry. “We see growth mainly via the airport. In the last 12 months, the airport received 36.6 million customers, a growth of 5.6%. Of that traffic, 27.7 million were domestic customers. International passenger growth was almost 9%. It has been a tremendous driver for us. It gives investors looking to build hotels in Fort Lauderdale comfort knowing that there is more growth coming. We have a pipeline of about 45 new hotels in Broward County.”

The growing influx of tourists into the county, and the expected arrival of fans to world-renowned events like the Fort Lauderdale International Boat Show and the coming Super Bowl LIV, indicate that demand will in fact meet the new supply of hotels rooms. But increased supply also means increased competition for the already established hotels that could ultimately lead to a significant decrease in rates across the board. Although this bodes well for consumers, it does not for hotels in the county. A potential economic downturn is another cloud on the horizon. The key for hotels is having the ability to adapt to a changing landscape within hospitality. “In the next year, I think our occupancy levels will remain flat, and the hotels will be very competitive in terms of rates in Broward County. Some of the hurricanes affected us, but we have recovered. Demand growth could be about 8-8.5%. We see an economic slowdown in the near future, and I am convinced that 2021 will be a slower year for us, with a dip in occupancy. We are planning a room renovation for that year, knowing that it is going to be a slower time,” Dobrikow told Invest:. 

While all indicators point to enough demand in the current market for an increased supply of hotel rooms, it will be something to keep a close eye on as we enter 2020 and beyond. 

To learn more about our interviewee, visit:

https://www.riversidehotel.com/