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LTC 081-2018 2017 GMCVB Visitor Industry Overview
BAL HARBOUR - VILLAGE - OFFICE OF THE VILLAGE MANAGER To: From: Jorge M. Gonzalez, Village Manager Date: May 4, 2018 Subject: 2017 GMCVB Visitor Industry Overview LETTER TO COUNCIL NO.081-2018 Mayor Gabriel Groisman and Members of the Village Council The purpose of this Letter to Council (LTC) is to share with you a copy of the 2017 Visitor Industry Overview which was just released by the Greater Miami Convention and Visitors Bureau on May 1, 2018. This report includes information and data gathered by the GMCVB for the time period between January 1, 2017 through December 31, 2017. This information serves as a follow up to the recent Village Council Workshop on Tourism and Resort Tax Fund held on April 23, 2018. If you have any questions or need any additional information, please feel free to let me or Ramiro Inguanzo know. JMG/RI GREATER MIAMI AND THE BEACHES2017 VISITOR INDUSTRY OVERVIEW Visitor Profile • Economic Impact • Hotel Performance • Jobs Prepared by: with data collected/reported by: Smith Travel Research TABLE OF CONTENTS Page 1.Visitor Profile and Economic Impact 3 Source: Ipsos Loyalty 2.Hotel Industry Recap 41 Source: Smith Travel Research 3.Tourist-Related Taxes 49 Source: Tax Collector Offices 4.Leisure and Hospitality Employment 51 Source: Florida Department of Economic Opportunity Addendum: 2017 Dashboard of Key Visitor Industry Indicators 55 Prepared by GMCVB Research Division 1 2 SECTION ONE: Visitor Profile and Economic Impact Study Source: Ipsos Loyalty 3 Introduction This report contains a summary of the key findings of the Visitor Profile and Economic Impact Study conducted for the Greater Miami Convention & Visitors Bureau during 2017. In 2017,more than 4,500 intercept interviews with Miami visitors were conducted at Miami International Airport (MIA),various attractions and visitor centers in Miami-Dade County.Interviews were also conducted at Fort Lauderdale-Hollywood International Airport (FLL),as a significant proportion of FLL passengers are planning to stay in Miami. The study is conducted annually to determine a number of characteristics of the overnight visitor to Greater Miami and the Beaches,including: –Total overnight visitors by region –Purpose of visit –Type of lodging used –Area of lodging –Satisfaction level –Likelihood of returning –Likes of area –Dislikes of area –Areas visited –Demographic characteristics –Party size –Length of stay –Expenditures In addition to determining a Visitor Profile,this study also develops estimates of the direct economic impact of overnight visitors on the Miami-Dade County economy. The following pages contain the key findings of the 2017 Visitor Survey of Greater Miami and the Beaches conducted by the GMCVB research partner, Ipsos. 4 Executive Summary 5 ��T o t a l O v e r n i g h t V i s i t o r s " T h e d e s t i n a t i o n f i n i s h e d 2 0 1 7 w i t h a n e t g a i n o f 0 . 9 % i n o v e r n i g h t v i s i t a t i o n , d r i v e n b y a n i n c r e a s e i n I n t e r n a t i o n a l v i s i t o r s . A l t h o u g h D o m e s t i c v i s i t a t i o n w a s j u s t s l i g h t l y l e s s t h a n l a s t y e a r , I n t e r n a t i o n a l v i s i t a t i o n g r e w b y 2 . 3 % . " H u r r i c a n e I r m a h a d a s i g n i f i c a n t i m p a c t o n v i s i t a t i o n i n S e p t e m b e r , b u t t h e r e g i o n q u i c k l y r e c o v e r e d a n d e n d e d 2 0 1 7 o n a v e r y p o s i t i v e n o t e . " A n e s t i m a t e d , r e c o r d - h i g h 1 5 . 8 6 m i l l i o n v i s i t o r s w h o s p e n t a t l e a s t o n e n i g h t i n G r e a t e r M i a m i a n d t h e B e a c h e s a r r i v e d d u r i n g J a n u a r y - D e c e m b e r 2 0 1 7 . ��O v e r n i g h t V i s i t o r S p e n d i n g " D u r i n g 2 0 1 7 ( J a n u a r y - D e c e m b e r ) , o v e r n i g h t v i s i t o r s s p e n t a n e s t i m a t e d $ 2 5 . 9 7 b i l l i o n i n d i r e c t e x p e n d i t u r e s i n G r e a t e r M i a m i a n d t h e B e a c h e s . T h i s c a n b e l a r g e l y a t t r i b u t e d t o I n t e r n a t i o n a l v i s i t o r s , w h i c h a c c o u n t e d f o r a p p r o x i m a t e l y 6 2 % o f t o t a l s p e n d i n g . T h e a v e r a g e d a i l y e x p e n d i t u r e p e r v i s i t o r w a s $ 2 7 0 . 6 2 , a n d t h e a v e r a g e e x p e n d i t u r e p e r p e r s o n p e r v i s i t w a s $ 1 , 6 3 7 . 2 6 . T h e a v e r a g e l e n g t h o f s t a y i n 2 0 1 7 w a s 6 . 0 5 n i g h t s . T o t a l o v e r n i g h t v i s i t o r s p e n d i n g i n c r e a s e d i n 2 0 1 7 b y 1 . 8 % c o m p a r e d t o 2 0 1 6 a n d w a s p r i m a r i l y i n f l u e n c e d b y i n c r e a s e d s p e n d i n g o n s h o p p i n g a n d e n t e r t a i n m e n t . ��M a i n P u r p o s e o f V i s i t " V i s i t o r s c o n t i n u e d t o t r a v e l t o G r e a t e r M i a m i a n d t h e B e a c h e s p r i m a r i l y f o r l e i s u r e / v a c a t i o n p u r p o s e s , m a k i n g u p 8 6 . 2 % o f t h e v i s i t o r m a r k e t i n 2 0 1 7 . V i s i t o r s t r a v e l i n g f o r b u s i n e s s a n d c o n v e n t i o n s a c c o u n t e d f o r 7 . 0 % i n 2 0 1 7 . T h e r e m a i n i n g v i s i t o r s w e r e i n M i a m i f o r a c r u i s e ( 4 . 8 % ) o r v i s i t i n g f o r p e r s o n a l / o t h e r r e a s o n s ( 2 . 0 % ) . ��W h e r e T h e y S t a y e d " C o n s i s t e n t w i t h p r e v i o u s y e a r s , M i a m i B e a c h r e m a i n e d t h e m o s t c o m m o n a r e a f o r v i s i t o r l o d g i n g . D o w n t o w n M i a m i a n d N o r t h D a d e / S u n n y I s l e s B e a c h w e r e a l s o t o p a r e a s f o r l o d g i n g . T h e f o l l o w i n g i s a p e r c e n t a g e b r e a k d o w n o f w h e r e v i s i t o r s w h o u s e d l o d g i n g s t a y e d i n 2 0 1 7 : o M i a m i B e a c h ( 5 8 . 5 % ) o D o w n t o w n M i a m i ( 1 4 . 9 % ) o N o r t h D a d e / S u n n y I s l e s B e a c h ( 8 . 1 % ) o A i r p o r t A r e a ( 1 0 . 9 % ) o S o u t h M i a m i - D a d e ( 2 . 4 % ) o D o r a l ( 1 . 7 % ) o K e y B i s c a y n e ( 1 . 5 % ) o C o c o n u t G r o v e ( 2 . 0 % ) o C o r a l G a b l e s ( 1 . 9 % ) E x e c u t i v e S u m m a r y 2 0 1 7 V i s i t o r I n d u s t r y S t a t i s t i c a l H i g h l i g h t s 6 Total Overnight Visitor Estimates 7 The Tourist Universe Total overnight visitation to the Greater Miami area improved year over year, driven by International visitors. Hurricane Irma had an impact on visitation and this resulted in an overall slight decrease in overall Domestic visitation.Had it not been for that event,there would have been an increase in Domestic visitation for 2017. International visitation has been on the uptick for the past few years,with a healthy gain of 2.3%over 2016. The robust expansion of the Fort Lauderdale–Hollywood International Airport further aids the growth of Miami tourism as they continue to add more Domestic and International flight options to the region. 49.8% 50.1% 51.6%51.5% 50.8% 50.2% 49.9% 48.4%48.5% 49.2% 2013 2014 2015 2016 2017 Overnight Visitor Origins Domestic International Origins of Overnight Visitors to Greater Miami 2013 2014 2015 2016 2017 % Change 2016 v. 2017 (000)(000)(000)(000)(000) Domestic Visitors 7,087.2 7,303.2 7,990.1 8,100.0 8,061.8 -0.5% International Visitors 7,131.7 7,260.0 7,506.0 7,624.2 7,798.2 2.3% Total Overnight Visitors 14,218.9 14,563.2 15,496.1 15,724.3 15,860.0 0.9% Please note: Domestic and international numbers may not equal total due to rounding 8 Origin of Overnight Visitors In 2017, we saw an increase of Domestic visitors from the Midwest as opposed to other regions. International traffic improved from Central America, the Caribbean and Europe, offsetting softness in visitation from certain South American markets. 12.9% 17.4% 69.7% Central America Caribbean South America Latin America Visitor Distribution Latin America, 66.8% Europe, 21.3% Canada, 8.4% Other Countries, 3.5% Distribution of International Visitors 2017 Regional Origins of Overnight Visitors to Greater Miami 2013 2014 2015 2016 2017 % Change 2017 v. 2016 Domestic Regions Northeast 3,401.4 3,520.1 3,860.5 3,915.3 3,883.4 -0.8% Southern 1,781.0 1,833.1 2,004.8 2,026.7 2,007.4 -1.0% Midwest 1,263.6 1,270.8 1,385.1 1,405.5 1,435.0 2.1% Western 641.2 679.2 739.8 752.5 736.1 -2.2% Total Domestic 7,087.2 7,303.2 7,990.1 8,100.0 8,061.9 -0.5% International Regions Latin America 5,017.8 5,009.4 5,154.2 5,187.7 5,210.0 0.4% South America 3,737.1 3,659.0 3,739.6 3,683.5 3,631.9 -1.4% Central America 561.5 595.3 615.6 650.1 672.9 3.5% Caribbean 719.2 755.0 799.0 854.1 905.3 6.0% Europe 1,332.4 1,430.2 1,515.2 1,554.7 1,663.5 7.0% Canada 660.6 689.7 696.6 661.8 653.9 -1.2% Other Countries 120.9 130.7 140.1 220.0 270.7 23.0% Total International 7,131.7 7,260.0 7,506.0 7,624.2 7,798.1 2.3% Total Overnight Visitors 14,218.9 14,563.2 15,496.3 15,724.3 15,860.0 0.9% Please note: Domestic and international numbers may not equal total due to rounding 9 Top Domestic Markets Domestic Markets Ranked by Number of Visitors Market by 2017 Ranking 2013 2014 2015 2016 2017 % Change 2017 v. 2016 1. NEW YORK 1,834,401 1,902,274 2,102,013 2,150,000 2,128,500 -1.0% 2. CHICAGO 419,058 429,534 468,622 475,049 485,975 2.3% 3. PHILADELPHIA 399,784 412,977 449,732 459,626 463,763 0.9% 4. BOSTON 302,584 312,266 339,433 349,616 351,364 0.5% 5. ATLANTA 278,701 286,504 313,435 327,640 322,626 -1.5% 6. WASHINGTON, DC 194,932 201,950 221,539 220,546 226,887 2.9% 7. DALLAS/FT. WORTH 190,603 196,512 215,377 223,754 222,972 -0.3% 8. LOS ANGELES 147,700 156,710 170,814 175,938 168,901 -4.0% 9. DETROIT 139,970 141,090 153,788 155,787 161,707 3.8% 10. HOUSTON 125,463 128,851 140,061 142,862 139,291 -2.5% 11. DENVER 116,604 123,484 133,363 135,363 137,393 1.5% 12. BALTIMORE 92,648 95,705 104,606 105,953 103,018 -2.8% 13. SAN FRANCISCO 81,826 86,899 94,894 96,026 97,466 1.5% 14. PITTSBURGH 83,485 86,157 94,600 95,965 94,574 -1.4% 15. ST.LOUIS 83,656 84,242 91,740 92,766 93,879 1.2% 16. ALBANY/TROY 82,564 85,619 94,181 95,630 93,335 -2.4% 17. HARTFORD/NEW HAVEN 67,016 69,496 76,376 77,132 77,903 1.0% 18. CLEVELAND 66,620 67,286 73,409 74,125 73,310 -1.1% 19. CHARLOTTE 64,907 67,633 74,058 75,280 72,909 -3.1% 20. MINNEAPOLIS 64,221 64,542 70,286 71,500 70,285 -1.7% 21. BUFFALO 55,642 57,478 62,938 63,800 61,758 -3.2% 22. CINCINNATI 52,151 52,673 57,308 58,397 58,981 1.0% 23. SPRINGFIELD, MA 47,369 48,790 53,084 54,100 54,912 1.5% 24. SAN ANTONIO 44,471 46,250 50,690 51,250 52,326 2.1% 25. NEW ORLEANS 39,535 41,907 45,888 46,852 48,304 3.1% Total Top 25 Domestic Markets 5,075,911 5,246,829 5,752,235 5,874,957 5,862,339 -0.2% Total Other Domestic Markets 2,011,289 2,056,371 2,237,865 2,225,043 2,199,561 -1.1% Total Domestic Visitors 7,087,200 7,303,200 7,990,100 8,100,000 8,061,900 -0.5% 10 Top International Markets International Markets Ranked by Number of Visitors Market by 2017 Ranking 2013 2014 2015 2016 2017 % Change 2017 v. 2016 1. CANADA 660,600 689,700 696,597 661,767 655,149 -1.0% 2. COLOMBIA 455,341 528,196 554,606 615,612 627,924 2.0% 3. ARGENTINA 485,276 427,043 432,168 492,671 533,070 8.2% 4. BRAZIL 755,550 732,884 747,542 553,181 525,522 -5.0% 5. GERMANY 340,179 360,590 382,225 386,430 434,734 12.5% 6. ENGLAND 287,688 307,251 325,993 338,707 333,288 -1.6% 7. BAHAMAS 236,894 248,976 263,666 285,286 304,685 6.8% 8. VENEZUELA 408,684 347,381 312,643 328,275 279,034 -15.0% 9. FRANCE 192,362 205,827 208,914 214,137 223,345 4.3% 10. COSTA RICA 189,822 199,883 212,276 214,399 212,255 -1.0% 11. ECUADOR 195,180 199,474 206,057 204,820 208,302 1.7% 12. CHILE 154,628 168,545 172,253 189,478 207,668 9.6% 13. PERU 168,039 172,072 175,858 183,772 195,166 6.2% 14. JAMAICA 155,577 163,356 173,157 183,547 187,585 2.2% 15. ITALY 155,873 166,940 176,789 180,325 175,456 -2.7% 16. MEXICO 126,704 134,560 140,346 149,187 151,723 1.7% 17. NETHERLANDS 60,479 64,894 69,437 70,825 73,304 3.5% 18. CHINA 36,700 39,392 57,794 65,016 70,800 8.9% 19. BOLIVIA 58,189 61,797 63,898 65,751 69,959 6.4% 20. SWITZERLAND 56,545 60,842 64,980 67,579 68,525 1.4% 21. SWEDEN 33,734 36,298 39,202 40,848 44,198 8.2% 22. DENMARK 30,291 32,442 34,713 36,518 37,029 1.4% 23. NORWAY 28,230 30,178 32,653 33,469 35,711 6.7% 24. SPAIN 25,000 26,650 28,649 29,051 30,271 4.2% 25. DOMINICAN REPUBLIC 20,145 21,172 22,485 22,732 23,960 5.4% Total Top 25 International Markets 5,317,710 5,426,343 5,594,901 5,613,383 5,708,663 1.7% Total Other International Markets 1,813,990 1,833,657 1,911,099 2,010,817 2,089,437 3.9% Total International Visitors 7,131,700 7,260,000 7,506,000 7,624,200 7,798,100 2.3% 11 12 Characteristics of Visitors’ Stay 13 Purpose of Visit The primary reason people visit Miami continues to be for leisure purposes and this has strengthened even more in 2017. The proportions of visitors who come to the Greater Miami area for business and cruises were about on par with the year prior. Purpose of Visit 2013 2014 2015 2016 2017 Total Visitors Leisure/Vacation 73.7%81.2%81.9%84.8%86.2% Business 13.3%7.4%8.3%6.6%7.0% Cruise 7.8%7.2%6.6%5.0%4.8% Personal/Other 5.2%4.2%3.2%3.6%2.5% Q.3a: What was the MAIN purpose of your visit to the Greater Miami area? Only select one. Note: Leisure/Vacation is comprised of those visiting for vacation/pleasure and visiting friends and relatives 68.3% 76.7%75.4% 79.3% 83.1% 80.4% 85.0% 88.0%89.5%89.8% 2013 2014 2015 2016 2017 Leisure/Vacation Visitors Domestic International 16.2% 8.8% 11.6% 9.6%9.2% 9.7% 6.3%5.2%4.0%4.4% 2013 2014 2015 2016 2017 Business Visitors 14 Business Visitors Among Business visitors,there was a sizable jump in travelers coming to the Greater Miami area for general business between 2016 and 2017.This increase was driven by International visitors. Fewer people said they were here for national/regional/corporate meetings, some of which could be attributed to the partial closing of the Miami Beach Convention Center and present modernization efforts,due to be completed in late 2018. Nature of Business Visit 2013 2014 2015 2016 2017 Business Visitors General Business 49.0%43.9%40.1%41.3%50.3% Another Type of Meeting 26.0%17.7%22.7%29.8%29.0% National/Regional/Corporate Meeting 11.2%6.9%16.0%10.8%5.4% A Convention at Another Location 4.8%6.9%9.0%4.4%3.6% Film, Video, Photography Business 3.2%5.0%2.5%2.9%2.7% Earned as a Sales Incentive 1.0%1.1%0.7%1.3%0.9% A Convention at the Miami Beach Convention Center 3.8%2.9%0.5%1.3%0.0% Other 1.1%15.6%8.5%8.3%8.1% Q.3c: If traveling for Business please select the type of business 41.7% 68.9% General Business 2017 Domestic vs International 7.0%1.9% National/Regional/Corporate Meeting 35.1% 16.0% Another type of meeting 15 Choice of Lodging –Total Visitors Reversing a trend for the past several years, visitors have started returning to hotels and motels and away from staying with friends/relatives. Some of those have also been turning to residence rentals (including AirBnB) and this did increase from the year prior.However,hotel/motels remain the most popular lodging option by far in the Greater Miami area. Lodging Type 2013 2014 2015 2016 2017 Total Visitors Hotel/Motel 60.7%74.9%70.0%64.9%66.5% Friends/Relatives 38.9%22.3%27.5%31.4%29.1% Rented a Residence 1.0%3.0%2.7%3.7%4.8% Stayed at Own Residence 1.2%1.1%2.0%2.3%1.6% Q.5: What was the type of lodging you used during this visit to the Greater Miami area? Select all that apply. 65.7% 76.6%75.3% 72.1%74.7% 54.6% 73.6% 64.8% 58.3%57.0% 2013 2014 2015 2016 2017 Hotel/Motel Domestic International 16 Choice of Lodging Among the Domestic visitors,three-quarters opted to stay in a hotel/motel. Significantly fewer stayed with their friends in family,but there was an uptick in renting residences. International visitors are still most likely to be staying in hotels/motels.Similar to 2016,more than a third continue to stay with their friends and relatives. Like their Domestic counterparts,there has been a small but noticeable rise in renting residences. Lodging Type 2013 2014 2015 2016 2017 Domestic Hotel/Motel 65.7%76.6%75.3%72.1%74.7% Stayed with Relatives 24.0%13.6%16.2%19.2%16.4% Stayed with Friends 9.9%7.8%7.0%7.5%6.2% Rented a Residence 0.9%1.9%1.7%1.5%3.3% Stayed at Own Residence 1.2%0.5%0.7%0.6%0.5% International Hotel/Motel 54.6%73.6%64.8%58.3%57.0% Stayed with Relatives 31.2%14.7%22.2%29.5%29.9% Stayed with Friends 13.9%8.4%9.4%5.9%6.6% Rented a Residence 1.1%3.8%3.8%5.7%6.6% Stayed at Own Residence 1.3%1.6%3.2%3.7%2.9% Q.5: What was the type of lodging you used during this visit to the Greater Miami area? Select all that apply. 2017 Non-Hotel Lodging Types 0.5%2.9% Stayed at Own Residence 3.3%6.6% Rented a Residence 22.6% 36.5% Friends/Relatives 17 68.8% 87.2% 72.5%76.9% 2016 2017 Domestic International Peer to Peer Rentals Usage of peer to peer websites to book lodging has grown year over year among both Domestic and International visitors,with a more noticeable increase among Domestic visitors. The proportion of those who said they used AirBnB increased from the prior year.In 2017,nine in ten visitors who used peer to peer rental websites said they used AirBnB,with other websites representing a very small percentage of the total residence sharing market. 89.3% 2.2% 1.7%3.9% 3.9% 2017 Most Common Peer to Peer Rental Sites AirBnB GuestToGuest HomeAway Others Don't Know Q18: Did you book your stay through a Peer to Peer (P2P) site? Q18a: Which Peer to Peer websites did you use to book your visit to the Greater Miami area? Note: Percentages are out of domestic or international visitors who rented residences. Usage of Peer to Peer Sites to Book Lodging 18 Area of Lodging Miami Beach continues to be the most popular place to stay in the Greater Miami area,further growing in popularity during 2017. The distribution of overnight visitors around the Greater Miami area changed from a year prior as the shift to staying near the airport reversed from a decline in 2016. Downtown Miami appeared to be on par with previous years but areas like North Dade/Sunny Isles Beach were not quite as popular as they have been in the past,likely due to the draw of Miami Beach. Area of Lodging 2013 2014 2015 2016 2017 Total Visitors Miami Beach 47.3%57.8%54.7%55.6%58.5% Downtown Miami 12.1%13.2%14.3%15.0%14.9% Airport Area 16.5%12.8%11.6%8.3%10.9% North Dade/Sunny Isles Beach 13.9%11.8%9.8%11.7%8.1% South Miami-Dade 6.8%3.9%4.1%3.8%2.4% Coconut Grove 0.5%1.5%1.2%1.7%2.0% Coral Gables 1.7%1.4%1.4%1.3%1.9% Doral 1.2%3.3%4.4%2.9%1.7% Key Biscayne 1.3%1.5%2.1%2.4%1.5% 58.5% 14.9% 10.9%8.1% 2.4% Miami Beach Downtown Miami Airport Area North Dade/Sunny Isles Beach South Miami-Dade Top 5 Lodging Areas Q.B: What areas of Greater Miami did you stay in? Select all that applies. –Visitors who stayed in a Hotel, Motel or Spa only 19 Travel Party Size and Mode of Arrival Travel party size inched upward from last year as parties of two appear to be more prevalent,driven more by International visitors. Unchanged from prior years,the Greater Miami area continues to be a market where air travel dominates transportation to the region. Party Sizes 2013 2014 2015 2016 2017 Total Visitors One 35.5%20.8%21.3%20.8%17.6% Two 47.4%52.5%52.5%50.4%53.6% Three 10.8%12.1%13.0%14.9%14.0% Four or More 6.2%14.6%13.2%13.9%14.8% Average Party Size 1.90 1.90 2.03 2.12 2.17 Q.7: Including yourself, how many people traveled in your immediate party with you on this trip to The Greater Miami area? Q.2: What means of transportation did you use for this trip to get to the Greater Miami area? Note: Visitors can select more than 1 method of transportation –may not equal 100% Transportation Type to Greater Miami Area 2013 2014 2015 2016 2017 Total Visitors* By Air 90.4%95.8%95.4%95.9%96.1% By Car 9.4%4.3%4.3%4.0%3.8% By Other Transportation 0.3%0.5%0.4%0.4%0.0% 2017 Statistics Visitors by Air 96.1% Visitors by Car 3.8% Average Party Size 2.17 20 ��T h e f a c e o f l o c a l t r a n s p o r t a t i o n h a s b e e n e v o l v i n g a n d i n 2 0 1 7 , r i d e s h a r i n g s e r v i c e s o v e r t o o k a l l s i n g l e f o r m s o f t r a n s p o r t a t i o n a s t h e m e t h o d u s e d t o g e t a r o u n d t h e G r e a t e r M i a m i a r e a b y D o m e s t i c v i s i t o r s . ��A l t h o u g h t h e u s a g e o f U b e r / L y f t a m o n g I n t e r n a t i o n a l v i s i t o r s h a s a l s o g r o w n , r e n t a l c a r s r e m a i n t h e i r p r e f e r r e d m e a n s o f t r a n s p o r t a t i o n d u r i n g t h e i r s t a y . Q . 5 a . W h a t w a s t h e t y p e o f t r a n s p o r t a t i o n y o u u s e d d u r i n g y o u r v i s i t t o t h e G r e a t e r M i a m i a r e a ? S e l e c t a l l t h a t a p p l y . T r a n s p o r t a t i o n T r a n s p o r t a t i o n T y p e 2 0 1 6 2 0 1 7 D o m e s t i c U b e r / L y f t 1 8 . 3 % 3 9 . 8 % R e n t a l C a r 3 5 . 9 % 3 1 . 9 % T a x i 2 9 . 5 % 2 5 . 2 % M i a m i - D a d e P u b l i c T r a n s p o r t a t i o n 5 . 5 % 3 . 9 % O t h e r 2 3 . 7 % 2 1 . 2 % I n t e r n a t i o n a l R e n t a l C a r 4 2 . 8 % 4 0 . 4 % U b e r / L y f t 1 4 . 9 % 2 3 . 6 % T a x i 2 1 . 0 % 1 8 . 3 % M i a m i - D a d e P u b l i c T r a n s p o r t a t i o n 1 0 . 9 % 1 0 . 3 % O t h e r 2 4 . 1 % 2 6 . 8 % 3 5 . 9 % 3 2 . 2 % 2 3 . 8 % 2 2 . 0 % 6 . 8 % T r a n s p o r t a t i o n U s e d D u r i n g S t a y i n 2 0 1 7 R e n t a l C a r U b e r / L y f t O t h e r T a x i M i a m i - D a d e P u b l i c T r a n s p o r t a t i o n 2 1 22 Visitor Perceptions 23 Satisfaction with Stay Consistent with prior years,visitors continue to be impressed with Miami and claim high levels of satisfaction with their visit. Although Domestic and International visitors alike shared similar enthusiasm, Domestic visitors appeared to be even more satisfied than their counterparts. Satisfaction with Visit 2013 2014 2015 2016 2017 Total Visitors Extremely/Very Satisfied 99.7%94.9%97.7%98.1%98.0% Somewhat Satisfied 3.9%4.0%1.9%1.6%1.9% Somewhat/Very Dissatisfied 0.4%1.2%0.4%0.3%0.1% Somewhat/Very Dissatisfied, 0.1%Somewhat Satisfied, 1.9% Extremely/Very Satisfied, 98.0% Visitor Satisfaction in 2017 98% of total visitors were Extremely or Very Satisfied in 2017 98.1%97.9% Extremely/Very Satisfied Domestic International Q.8: How satisfied would you say you were with this visit to the Greater Miami area? Only select one . 24 Total Visitors Domestic Visitors International Visitors Definitely/Very Likely Somewhat Likely Not Very/Not at All Likely Returning Visitors Similar to their satisfaction,an overwhelming majority of visitors say they are likely to return to Miami.Furthermore,this sentiment was the highest recorded since 2013. International visitors expressed an even greater eagerness to return, indicating they are even more likely to do so than a year prior. Likelihood to Return 2013 2014 2015 2016 2017 Total Visitors Definitely/Very Likely 95.3%89.3%91.9%91.8%94.1% Somewhat Likely 4.7%8.6%7.3%7.6%5.4% Not Very/Not at All Likely 0.0%2.1%0.8%0.7%0.4% Domestic Visitors Definitely/Very Likely 95.8%93.0%93.6%95.6%96.7% Somewhat Likely 4.2%5.7%5.4%4.0%3.1% Not Very/Not at All Likely 0.0%1.3%0.9%0.5%0.3% International Visitors Definitely/Very Likely 94.6%86.2%90.3%88.5%91.2% Somewhat Likely 5.4%11.0%9.0%10.7%8.1% Not Very/Not at All Likely 0.0%2.8%0.8%0.7%0.8% Q.9: How likely are you to return to the Greater Miami area? 91.2%96.7%94.1% 25 Visitor Type Although the majority of visitors to the Greater Miami area have been here before,there was a slightly higher proportion of returning visitors in 2017 than in years prior. International visitors were more than twice as likely than Domestic visitors to be here for their first time. 72.4%75.3%73.3%71.2%76.2% 27.6%24.7%26.7%28.8%23.8% 2013 2014 2015 2016 2017 Visitor Type Repeat Visitor First-Time Visitor 14.2% 34.6% First-Time Visitor in 2017 Domestic International Visitor Type Count 2013 2014 2015 2016 2017 (000)(000)(000)(000)(000) Repeat Visitor 10,294.5 10,965.1 11,358.8 11,195.7 12,085.3 First-Time Visitor 3,924.4 3,597.1 4,137.5 4,528.6 3774.7 Total Visitors 14,218.9 14,563.2 15,496.3 15,724.3 15,860.0 Q.1: Is this your first visit to the Greater Miami area? 85.8% 65.4% Repeat Visitor in 2017 Domestic International 26 Most Liked Features Total Visitors –Most Liked Features of Greater Miami Area 2013 2014 2015 2016 2017 Total Visitors Weather 55.6%49.7%57.3%57.6%68.0% Beaches 38.9%47.3%58.6%62.5%59.0% South Beach/Ocean Drive 41.9%48.2%40.4%36.4%34.2% Shopping 31.8%30.9%30.0%29.4%30.9% Restaurants 17.5%22.4%28.3%26.6%24.3% Attractions*28.8%36.0%23.8%25.6%23.2% Night Life 25.0%25.9%25.7%21.7%21.3% International Ambiance 22.1%22.5%16.8%18.4%17.2% Accommodations 7.5%12.5%18.6%13.5%16.7% Sun Bathing 24.7%29.7%16.4%14.2%16.6% Art Deco Area 9.0%10.6%22.2%18.5%16.5% Friendly People 12.4%15.7%20.7%14.6%15.2% Bayside Marketplace 1.8%4.6%10.0%7.1%3.8% Cleanliness 13.7%15.4%9.0%6.3%3.8% Service Employees 1.5%5.2%9.6%4.0%3.1% Sporting Activities 1.4%2.4%5.1%5.4%2.8% Prices 8.7%8.9%8.0%5.1%2.5% Top 5 Attractions –10 Year Trend 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Beaches Weather South Beach/Ocean Drive Shopping Restaurants Over the last 10 years,our weather and beaches have been the most popular features people claim as their favorites.In 2017,the weather surpassed beaches as the most liked feature among total visitors. Q.14: What are the features of the Greater Miami area that you liked the most? Select all that apply . *Note: Mention of Attractions may include unpaid Attractions in addition to paid Attractions . 27 Most Liked Features The majority of our visitors like our weather and beaches,in addition to its rich amenities,night life,attractions and places like South Beach/Ocean Drive. Domestic and International Visitors –Most Liked Features 2013 2014 2015 2016 2017 Domestic Visitors Weather 59.9%50.6%63.4%64.0%72.3% Beaches 39.6%48.4%57.6%62.3%62.6% South Beach/Ocean Drive 39.9%42.8%35.6%36.7%38.9% Night Life 30.3%33.2%31.0%29.5%28.2% Sun Bathing 26.5%30.3%15.4%16.7%20.9% Restaurants 12.5%13.5%18.4%19.1%17.4% International Ambiance 16.4%18.2%11.2%13.1%14.4% Attractions*19.9%23.3%15.2%16.3%13.3% Art Deco Area 2.3%9.0%14.2%11.1%13.1% Shopping 8.2%11.3%11.2%10.0%11.1% International Visitors Weather 50.1%48.9%51.7%52.0%63.1% Beaches 38.0%46.5%59.5%62.8%54.8% Shopping 56.9%58.7%47.5%46.3%53.4% Attractions*38.2%39.7%31.8%33.7%34.5% Restaurants 23.8%29.6%37.5%33.1%32.0% South Beach/Ocean Drive 43.9%45.6%44.8%36.2%28.9% Friendly People 17.2%21.3%27.0%19.4%23.6% Art Deco Area 1.7%11.8%29.7%25.0%20.4% International Ambiance 29.7%28.5%22.1%23.1%20.3% Night Life 18.4%20.0%20.9%14.8%13.5% Sun Bathing 22.4%25.5%17.3%12.0%11.7% Cleanliness 24.1%26.5%14.8%10.4%7.1% Weather remained a top-liked feature of the area and this affinity was even stronger among Domestic visitors in 2017. Compared to recent history,this past year more International visitors said they liked shopping here. Q.14: What are the features of the Greater Miami area that you liked the most? Select all that apply. *Note: Mention of Attractions may include unpaid Attractions in addition to paid Attractions . 28 Least Liked Features Unfavorable perceptions of traffic,prices and for some,the weather, were a little higher in 2017 than in recent years.Still,close to half of the visitors we surveyed could find nothing negative to mention. Domestic and International Visitors –Least Liked Features 2013 2014 2015 2016 2017 Total Visitors Nothing Disliked 55.7%52.5%62.8%63.5%55.5% Traffic 25.4%19.0%19.7%21.6%25.4% Prices 7.1%9.6%6.7%5.5%11.6% Weather 0.6%3.3%2.6%2.9%4.5% Negative Media 0.2%14.0%5.8%2.8%2.2% Crowded/Developed 3.9%2.0%1.2%0.9%2.2% Safety 5.6%0.9%1.1%1.9%1.1% Domestic Visitors Nothing Disliked 47.9%50.0%58.4%61.7%52.5% Traffic 30.3%20.6%20.8%23.0%27.0% Prices 10.0%13.0%8.3%6.6%14.1% Weather 0.3%3.5%3.2%2.9%4.7% Crowded/Developed 3.4%1.7%1.6%0.9%2.1% Negative Media 0.2%11.5%6.9%2.3%1.9% Safety 5.5%0.9%1.2%2.2%0.9% International Visitors Nothing Disliked 64.5%54.3%66.5%64.8%58.4% Traffic 19.8%17.9%18.9%20.6%23.9% Prices 3.7%7.1%5.3%4.6%9.3% Weather 0.8%3.1%2.1%2.8%4.3% Negative Media 0.2%15.8%4.9%3.2%2.6% Crowded/Developed 4.4%2.2%0.8%0.9%2.2% Safety 5.7%0.9%1.1%1.7%1.4% We began asking visitors about their concerns regarding the Zika virus in late 2016.Happily,this has since fallen off the radar and not considered to be an issue. Q.15: What are the features of the Greater Miami area that you liked the least? Select all that apply. 29 Areas/Attractions Visited Interest in the beaches,Art Deco/South Beach and Lincoln Road continues to be strong. The popularity of Wynwood continues to grow as the number of visitors who said they went to Wynwood doubled from last year. Areas and Attractions Visited -Total 2013 2014 2015 2016 2017 Total Visitors The Beaches 68.2%63.2%72.0%74.5%76.7% Art Deco District/South Beach 63.9%75.2%77.2%71.8%74.7% Lincoln Road 43.2%56.7%56.6%49.0%54.2% Bayside Marketplace 26.5%28.8%33.4%32.6%38.8% Downtown Miami 25.8%31.7%35.0%37.6%37.3% Aventura Mall 30.2%35.7%33.0%30.4%27.8% Dolphin Mall 12.9%20.1%21.5%23.2%24.7% CocoWalk/Mayfair/Coconut Grove 20.3%20.6%13.6%15.9%16.9% Wynwood*------4.3%8.5%16.8% Nightclubs 16.5%14.8%15.3%15.7%15.1% Key Biscayne 7.7%17.2%20.4%18.5%13.9% Coral Gables 25.2%25.6%13.9%14.3%12.9% Little Havana 18.1%18.5%17.4%9.2%12.8% Bal Harbour Shops 10.6%13.9%11.9%10.9%12.5% Miami Seaquarium 8.5%10.0%12.3%11.7%11.8% Dadeland Mall 9.7%9.0%8.5%10.1%9.7% Everglades National Park 5.9%11.9%9.9%10.1%7.8% Zoo Miami 5.0%3.5%6.0%7.7%7.8% Water Sports/Activities 5.6%4.6%7.5%6.2%6.8% Design District*------3.3%5.3%5.6% Miami International Mall 6.1%4.6%3.9%3.2%5.4% Parks 3.5%3.1%2.9%7.5%5.0% Theatres 6.3%6.1%3.4%4.9%4.7% Art Galleries 1.7%2.6%3.8%3.8%4.3% Midtown*------2.7%3.0%3.9% Museums 3.2%5.0%3.5%3.3%2.5% Mall of the Americas 1.6%2.6%2.1%1.4%1.8% Vizcaya 2.9%3.1%1.9%1.6%1.6% Q.10: Places visited during the visit to the Greater Miami area. Select all that apply. *Note: These locations were only added as options in the survey as of 2015 30 Areas/Attractions Visited Art Deco District/South Beach and the Beaches received the lion’s share of Domestic visitors in 2017. Lincoln Road,Bayside Marketplace and Downtown Miami have also gained some popularity. Interest in Wynwood continues to grow in leaps and bounds. Areas and Attractions Visited -Domestic 2013 2014 2015 2016 2017 Total Domestic Visitors Art Deco District/South Beach 66.8%81.2%78.1%75.3%80.2% Beaches 71.5%72.2%76.8%77.5%79.7% Lincoln Road 46.7%62.4%59.5%56.1%61.4% Bayside Marketplace 20.8%24.0%27.2%28.7%36.8% Downtown Miami 28.9%33.2%31.8%29.7%35.5% Aventura Mall 30.0%34.6%29.5%28.7%26.4% Nightclubs 20.8%19.7%18.6%19.4%19.2% Wynwood*------2.9%6.4%15.2% CocoWalk/Mayfair/Coconut Grove 14.4%16.2%9.2%12.9%14.8% Bal Harbour Shops 10.3%14.4%12.2%11.4%12.8% Dolphin Mall 7.8%7.3%8.6%11.6%10.8% Little Havana 10.3%10.8%10.2%7.1%9.4% Miami Seaquarium 5.5%6.2%7.8%6.7%7.7% Coral Gables 19.4%19.8%8.3%9.1%7.5% Key Biscayne 5.6%10.7%11.2%8.9%6.8% Theatres 3.7%5.0%4.3%7.1%6.7% Water Sports/Activities 4.5%5.7%5.9%5.3%5.5% Dadeland Mall 5.1%4.6%5.3%5.3%5.0% Design District*------2.0%3.8%4.8% Everglades National Park 3.4%7.7%4.9%5.0%4.5% Zoo Miami 3.6%2.1%3.3%5.5%4.1% Biscayne National Park 1.4%1.9%4.9%5.4%3.8% Midtown*------1.2%1.6%3.6% Q.10: Places visited during the visit to the Greater Miami area. Select all that apply. *Note: These locations were only added as options in the survey as of 2015 31 Areas/Attractions Visited International visitors claim to have visited more shopping areas than in prior years,particularly Lincoln Road,Bayside Marketplace and Dolphin Mall. Similar to Domestic visitors,interest in Wynwood appears to be gaining momentum. Areas and Attractions Visited -International 2013 2014 2015 2016 2017 Total International Visitors Beaches 64.3%56.0%67.6%71.9%73.2% Art Deco District/South Beach 61.7%70.5%76.3%68.8%68.4% Lincoln Road 41.7%52.3%54.0%43.0%46.0% Downtown Miami 22.2%30.6%37.8%44.3%41.6% Bayside Marketplace 33.3%32.7%39.0%36.0%41.0% Dolphin Mall 19.1%30.1%33.2%33.0%40.5% Aventura Mall 30.5%36.6%36.1%31.8%29.3% Key Biscayne 10.2%22.3%28.6%26.7%22.0% CocoWalk/Mayfair/Coconut Grove 27.4%28.8%17.7%18.5%19.4% Coral Gables 32.2%34.8%19.0%18.8%18.9% Wynwood*------5.4%10.3%18.5% Little Havana 26.8%27.9%26.5%11.0%16.7% Miami Seaquarium 12.1%13.0%16.4%15.9%16.6% Dadeland Mall 15.2%12.6%11.4%14.2%15.1% Bal Harbour Shops 11.1%13.5%11.7%10.4%12.1% Zoo Miami 6.6%4.7%8.3%9.5%12.0% Everglades National Park 8.9%15.2%14.4%14.5%11.6% Nightclubs 11.2%11.0%12.4%12.6%10.5% Tour of the City 5.9%6.5%9.0%9.5%9.9% Miami International Mall 10.5%6.7%6.2%5.4%9.8% Parks 5.3%4.0%3.9%10.9%8.3% Water Sports/Activities 7.1%3.7%9.1%7.1%8.2% Design District*------4.3%6.6%6.5% Art Galleries 2.5%2.7%5.5%5.1%5.3% Midtown*------3.8%4.1%4.2% Mall of the Americas 2.9%3.7%3.2%2.4%3.5% Museums 4.9%5.8%3.5%4.1%3.2% Q.10: Places visited during the visit to the Greater Miami area. Select all that apply. *Note: These locations were only added as options in the survey as of 2015 32 Visitor Profile 33 Age Range of Overnight Visitors 2013 2014 2015 2016 2017 Total Visitors 18 –24 10.5%10.5%8.7%8.9%7.6% 25 –34 24.0%25.4%24.3%23.9%28.2% 35 –44 29.3%28.4%31.2%34.0%32.5% 45 –54 23.8%22.8%21.5%19.7%19.2% 55 –64 8.5%8.4%9.6%8.1%7.6% 65 and Over 4.1%4.5%4.8%5.5%4.9% Age Characteristics 4.9%3.8%6.2% 7.6%7.1%8.2% 19.2%19.9%18.5% 32.5%32.5%32.6% 28.2%28.6%27.7% 7.6%8.1%6.9% Total Visitors Domestic Visitors International Visitors 18-24 25-34 35-44 45-54 55-64 65+ Overnight Visitors to Greater Miami and The Beaches Age of Visitor by Origin, 2017 Average Age of Overnight Visitors 2013 2014 2015 2016 2017 Total Visitors 40.5 40.3 41.0 40.7 40.2 Domestic Visitors 40.6 40.3 41.0 40.2 39.7 International Visitors 40.3 40.4 40.9 41.1 40.8 In 2017,the proportion of visitors in the 25-34 age group increased significantly over prior years.This is evident among both Domestic and International visitors alike. Overall,the average age of the overnight visitor continues to trend downward. Q.B: Which of the following age groups are you in? 34 Economic Impact of Overnight Visitors 35 Direct Economic Impact –Expenditures In 2017,visitors generated more than $25.9 billion in direct expenditures;if the industry accepted multiplier of 1.5 is used,the direct and indirect impact of expenditures would exceed $38.9 billion to the economy of Greater Miami. International visitors accounted for almost 2/3 of all direct expenditures. Direct expenditures by overnight visitors to Greater Miami and the Beaches are estimated from visitor-reported spending collected in the continuing monthly profile study.Visitors are asked for the average daily expenditures on lodging,food,local transportation,entertainment and shopping for their visitor party.Per party daily expenditures are divided by the number of people per party to estimate per visitor daily expenditure.Per visitor daily expenditure is multiplied by the median number of nights stayed to estimate average total expenditures per visitor for the entire visit.Total average expenditures per visitor are projected against the total number of visitors to estimate the total direct expenditures of overnight visitors. The tables on the following pages display the data in terms of the direct expenditures per party and per person in each of the categories,by Domestic and International visitors.This data is then projected to develop estimates of the total direct expenditures made by overnight visitors to Greater Miami and the Beaches during 2017. 36 Expenditures –Total Visitors Average Daily Expenditures –Total Visitors 2013 2014 2015 2016 2017 % Change 2016 v. 2017 Type of Expenditure Lodging $152.71 $159.21 $158.50 $155.50 $149.01 -4.2% All Meals $105.56 $108.30 $119.08 $129.00 $131.02 1.6% Transportation $32.09 $35.25 $37.98 $38.00 $37.35 -1.7% Entertainment $62.38 $61.25 $69.05 $73.00 $77.37 6.0% Shopping $166.32 $167.00 $169.25 $174.00 $192.50 10.6% Total: Avg. Daily $ Per Party $519.06 $531.01 $553.86 $569.50 $587.25 3.1% Divided by: Avg.Party Size 1.90 1.90 2.03 2.12 2.17 2.4% Avg. Daily $ Per Visitor $273.19 $279.48 $272.84 $268.63 $270.62 0.7% Multiplied by: Length of Stay (Average # of Nights)5.88 5.86 5.77 6.04 6.05 0.2% Total:$/Person/Visit $1,606.35 $1,637.75 $1,574.27 $1,621.79 $1,637.26 1.0% Multiplied by: Total Visitors (000)14,218.9 14,563.2 15,496.1 15,724.3 15,860.0 0.9% Total Overnight Visitor Expenditures (in Billions)$22,840.53 $23,850.88 $24,395.05 $25,501.51 $25,967.00 1.8% Overall expenditures grew year over year,driven largely by increased spending on meals,entertainment and shopping. In particular,shopping improved considerably over 2016 and shows the biggest categorical gain year over year. Q.11: How much money have you spent on an average day, specifically in the Greater Miami area? Please include in your estimate the money spent by everyone in your immediate party on an average day. 37 Expenditures by Type –Total Visitors Expenditure by Type –Total Visitors 2013 2014 2015 2016 2017 % Change 2016 v. 2017 Type of Expenditure Lodging $6,719.40 $7,008.30 $6,981.30 $6,963.10 $6,558.92 -5.8% All Meals $4,644.70 $4,765.50 $5,245.00 $5,776.46 $5,793.44 0.3% Transportation $1,412.00 $1,550.40 $1,672.90 $1,701.59 $1,651.54 -2.9% Entertainment $2,744.80 $2,696.30 $3,041.40 $3,268.85 $3,421.14 4.7% Shopping $7,318.20 $7,610.90 $7,454.80 $7,791.51 $8,511.96 9.2% Total Overnight Visitor Expenditures (in Billions)$22,840.53 $23,850.88 $24,395.05 $25,501.51 $25,967.00 1.8% Lodging 29.4%29.4%28.6%27.3%25.4%-7.0% All Meals 20.3%20.0%21.5%22.7%22.3%-1.8% Transportation 6.2%6.5%6.9%6.7%6.4%-4.5% Entertainment 12.0%11.3%12.5%12.8%13.2%3.1% Shopping 32.0%31.9%30.6%30.6%32.8%7.2% Lodging, 25.4% All Meals, 22.3% Transportation, 6.4% Entertainment, 13.2% Shopping, 32.8% 2017 Expenditure Breakdown Q.11: How much money have you spent on an average day, specifically in the Greater Miami area? Please include in your estimate the money spent by everyone in your immediate party on an average day. 38 Expenditures –Domestic Visitors Overall travel party spending by Domestic visitors was actually a little higher than in recent years.However,a small decline in Domestic overnight visitation during 2017 along with a slightly shorter length of stay places total spending more on par with 2016. Although lodging expenses appear to have decreased,average daily shopping expenditures grew more than any other single category. Average Daily Expenditures –Domestic Visitors 2013 2014 2015 2016 2017 % Change 2016 v. 2017 Type of Expenditure Lodging $153.69 $155.10 $161.06 $165.00 $157.37 -4.6% All Meals $104.62 $107.56 $115.91 $120.00 $128.35 7.0% Transportation $40.44 $42.54 $45.35 $48.00 $47.88 -0.2% Entertainment $64.62 $67.58 $69.84 $74.00 $78.00 5.4% Shopping $73.86 $77.65 $80.81 $90.00 $100.00 11.1% Total: Avg. Daily $ Per Party $437.23 $450.43 $472.97 $497.00 $511.60 2.9% Divided by: Avg.Party Size 1.83 1.86 2.08 2.14 2.14 0.0% Avg. Daily $ Per Visitor $238.92 $242.17 $227.39 $232.24 $239.07 2.9% Multiplied by: Length of Stay (Average # of Nights)4.63 4.64 4.82 5.20 5.07 -2.5% Total:$/Person/Visit $1,106.22 $1,123.65 $1,096.02 $1,207.66 $1,212.06 0.4% Multiplied by: Domestic Visitors (000)7,087.2 7,303.2 7,990.1 8,100.0 8,061.8 -0.5% Total Overnight Visitor Expenditures (in Billions)$7,840.00 $8,206.24 $8,7357.31 $9,782.05 $9,771.40 -0.1% Q.11: How much money have you spent on an average day, specifically in the Greater Miami area? Please include in your estimate the money spent by everyone in your immediate party on an average day. 39 Expenditures –International Visitors Shopping and entertainment show the most growth in International visitor spending in 2017.Aside from higher overall international visitation year over year,healthy gains in those categories contributed to a net increase for the year. When compared against Domestic visitors, International visitors spent more than twice as much on shopping. Average Daily Expenditures –International Visitors 2013 2014 2015 2016 2017 % Change 2016 v. 2017 Type of Expenditure Lodging $149.62 $152.61 $142.71 $140.66 $135.38 -3.8% All Meals $105.74 $108.32 $122.25 $132.00 $131.69 -0.2% Transportation $19.75 $20.03 $24.61 $28.00 $28.30 1.1% Entertainment $52.99 $55.89 $62.26 $72.00 $77.55 7.7% Shopping $257.64 $263.54 $250.04 $258.00 $285.87 10.8% Total: Avg. Daily $ Per Party $585.74 $600.39 $601.87 $630.66 $658.79 4.5% Divided by: Avg.Party Size 1.96 1.97 2.09 2.11 2.21 4.7% Avg. Daily $ Per Visitor $298.85 $304.77 $287.98 $298.89 $298.10 -0.3% Multiplied by: Length of Stay (Average # of Nights)7.48 7.47 6.91 6.90 7.00 1.4% Total:$/Person/Visit $2,235.38 $2,276.61 $1,989.91 $2,062.35 $2,086.67 1.2% Multiplied by: International Visitors (000)7,137.1 7,260.0 7,506.0 7,624.2 7,798.2 2.3% Total Overnight Visitor Expenditures (in Billions)$15,954.13 $16,528.19 $14,936.26 $15,723.77 $16,272.23 3.5% Q.11: How much money have you spent on an average day, specifically in the Greater Miami area? Please include in your estimate the money spent by everyone in your immediate party on an average day. 40 SECTION TWO: Hotel Industry Recap Source: Smith Travel Research 41 2017 Hotel Industry Recap According to Smith Travel Research,2017 continued the trends we saw in 2016 for the Top 25 U.S.Hotel Markets.Performances in all metrics used in the lodging industry were above a year ago,primarily spurred by room demand which increased by approximately +3.0%.This is an indicator that demand from all major sources (business,transient,leisure and group)was strong and is expected to remain strong.The number of available rooms grew by +2.4%.The year-end Occupancy for the Top 25 U.S.Hotel Markets reached 73.7%,an increase of +0.6%.Average Daily Room Rate (ADR)for the Top 25 U.S.Hotel Markets reached $153.81,an increase of +1.7%. Revenue Per Available Room (RevPAR)for the Top 25 U.S.Hotel Markets increased to $113.41, up +2.2%according to STR. The year-end Occupancy for the total U.S.Hotel Market saw an increase of +0.9%from 2016, reaching 65.9%.ADR for the total U.S.increased +2.1%,reaching $126.72.RevPAR for the total U.S.Hotel Market increased by +3.0%to $83.57 according to STR. 2017 was a challenging year in Greater Miami for the hotel industry,with increased room inventory,declines from two of our largest international markets and the Miami Beach Convention Center being offline.That being said,hotels in Greater Miami and the Beaches finished the year with an Occupancy rate of 76.7%,which was an increase of +1.5%versus 2016. Hotels in Greater Miami and the Beaches had an ADR of $188.81,which was a decrease of -0.6% as compared to 2016.The changes in Occupancy and ADR resulted in RevPAR of $144.78,netting an overall increase of +0.8%for Greater Miami and the Beaches. Despite these challenges,the growth of AirBnB and Hurricane Irma,Greater Miami and the Beaches sold a record 15.4 million hotel room nights in 2017,representing +4.7%growth over the previous year.The area also continued to grow in the number of available rooms,reaching a total of 55,096 rooms,an increase of +3.2%compared to total rooms available in December 2016. In 2017,Greater Miami and the Beaches ranked among the top ten in all three major categories (Occupancy,ADR and RevPAR)when compared against the Top 25 U.S.Hotel Markets by STR. Greater Miami was the top performing Florida market among the Top 25 U.S.Hotel Markets as listed by STR. Greater Miami and the Beaches: •#5 Revenue Per Available Room •#5 Average Daily Room Rate •#9 Occupancy 42 TOP 25 HOTEL MARKETS OCCUPANCY 2017 % Change Rank City Jan. -Dec. 2017 Jan. -Dec. 2016 17 vs 16 1 New York 86.7%85.9%0.9% 2 Oahu Island 83.3%83.9%-0.7% 3 San Francisco 82.8%84.3%-1.8% 4 Los Angeles 80.0%81.1%-1.4% 5 Orlando 79.3%75.6%4.9% 6 Anaheim 77.9%78.2%-0.4% 7 San Diego 77.3%77.1%0.3% 8 Seattle 76.8%75.8%1.3% 9 Miami 76.7%75.6%1.5% 10 Boston 74.2%74.1%0.1% 11 Nashville 74.1%74.7%-0.8% 12 Denver 73.4%73.6%-0.3% 13 Tampa 72.6%71.6%1.4% 14 Washington, DC 72.1%72.1%0.0% 15 Atlanta 70.1%69.8%0.4% 16 Dallas 69.6%71.3%-2.4% 17 Philadelphia 68.6%69.3%-1.0% 18 Chicago 68.3%69.1%-1.2% 19 New Orleans 68.1%68.7%-0.9% 20 Phoenix 67.7%67.1%0.9% 21 Minneapolis 67.0%68.0%-1.5% 22 Houston 66.7%62.3%7.1% 23 Detroit 66.6%65.8%1.2% United States 65.9%65.4%0.8% 24 St. Louis 65.3%65.9%-0.9% 25 Norfolk 62.0%59.9%3.5% Source: Smith Travel Research 43 TOP 25 HOTEL MARKETS ROOM RATE 2017 % Change Rank City Jan. -Dec. 2017 Jan. -Dec. 2016 17 vs 16 1 New York $255.54 $259.05 -1.4% 2 Oahu Island $233.11 $227.42 2.5% 3 San Francisco $229.24 $230.82 -0.7% 4 Boston $195.86 $192.66 1.7% 5 Miami $188.81 $189.98 -0.6% 6 Los Angeles $175.98 $172.42 2.1% 7 San Diego $160.08 $154.93 3.3% 8 Seattle $159.79 $153.71 4.0% 9 Washington, DC $159.63 $153.53 4.0% 10 Anaheim $156.54 $150.66 3.9% 11 New Orleans $149.12 $148.68 0.3% 12 Chicago $143.65 $144.47 -0.6% 13 Nashville $142.82 $134.42 6.2% 14 Denver $131.29 $127.48 3.0% 15 Philadelphia $129.98 $132.19 -1.7% 16 Tampa $127.13 $122.19 4.0% 17 Phoenix $126.87 $122.93 3.2% United States $126.72 $124.13 2.1% 18 Orlando $121.53 $115.93 4.8% 19 Minneapolis $115.89 $118.35 -2.1% 20 Houston $107.93 $104.62 3.2% 21 Atlanta $107.12 $103.61 3.4% 22 Dallas $105.79 $103.53 2.2% 23 St. Louis $104.63 $100.83 3.8% 24 Detroit $102.11 $97.49 4.7% 25 Norfolk $101.10 $99.65 1.5% Source: Smith Travel Research 44 TOP 25 HOTEL MARKETS REVPAR 2017 % Change Rank City Jan. -Dec. 2017 Jan. -Dec. 2016 17 vs 16 1 New York 1 $221.60 $222.21 -0.3% 2 Oahu Island 2 $194.08 $190.89 1.7% 3 San Francisco 3 $189.73 $194.47 -2.4% 4 Boston 4 $145.41 $142.85 1.8% 5 Miami 5 $144.78 $143.59 0.8% 6 Los Angeles 6 $140.85 $139.88 0.7% 7 San Diego 7 $123.74 $119.39 3.6% 8 Seattle 8 $122.72 $116.52 5.3% 9 Anaheim 9 $121.88 $117.79 3.5% 10 Washington, DC 10 $115.06 $110.73 3.9% 11 Nashville 11 $105.87 $100.41 5.4% 12 New Orleans 12 $101.61 $102.12 -0.5% 13 Chicago 13 $98.08 $99.78 -1.7% 14 Orlando 14 $96.40 $87.66 10.0% 15 Denver 15 $96.34 $93.85 2.7% 16 Tampa 16 $92.28 $87.49 5.5% 17 Philadelphia 17 $89.11 $91.56 -2.7% 18 Phoenix 18 $85.89 $82.53 4.1% United States $83.57 $81.15 3.0% 19 Minneapolis 19 $77.59 $80.52 -3.6% 20 Atlanta 20 $75.08 $72.33 3.8% 21 Dallas 21 $73.60 $73.86 -0.4% 22 Houston 22 $71.97 $65.14 10.5% 23 St. Louis 23 $68.30 $66.42 2.8% 24 Detroit 24 $67.96 $64.11 6.0% 25 Norfolk 25 $62.64 $59.71 4.9% Source: Smith Travel Research 45 FLORIDA CITIES HOTEL MARKETS OCCUPANCY 2017 % Change RANK CITY 2017 2016 2017 vs 2016 1 Orlando 79.3%75.6%4.9% 2 Fort Lauderdale 77.8%77.1%0.9% 3 Florida Keys 77.7%75.7%2.6% 4 Miami-Dade 76.7%75.6%1.5% 5 West Palm Beach 74.4%72.2%3.0% Florida 73.9%71.6%3.2% 6 Tampa 72.6%71.6%1.4% 7 Jacksonville 72.0%70.3%2.4% 8 Fort Myers 71.8%69.7%3.0% 9 Melbourne 70.8%67.4%5.0% United States 65.9%65.4%0.8% 10 Daytona Beach 63.1%62.5%1.0% 11 Florida Panhandle 63.0%61.4%2.6% FLORIDA CITIES HOTEL MARKETS ROOM RATE 2017 % Change RANK CITY 2017 2016 2017 vs 2016 1 Florida Keys $269.85 $271.64 -0.7% 2 Miami-Dade $188.81 $189.98 -0.6% 3 West Palm Beach $171.40 $166.84 2.7% 4 Fort Myers $151.01 $149.49 1.0% 5 Fort Lauderdale $142.31 $139.73 1.8% Florida $138.06 $134.53 2.6% 6 Tampa $127.13 $122.19 4.0% United States $126.72 $124.13 2.1% 7 Orlando $121.53 $115.93 4.8% 8 Florida Panhandle $119.12 $114.23 4.3% 9 Daytona Beach $116.12 $109.68 5.9% 10 Jacksonville $108.98 $104.37 4.4% 11 Melbourne $108.50 $104.01 4.3% FLORIDA CITIES HOTEL MARKETS REVENUE PER AVAILABLE ROOM 2017 % Change RANK CITY 2017 2016 2017 vs 2016 1 Florida Keys $209.57 $205.53 2.0% 2 Miami-Dade $144.78 $143.59 0.8% 3 West Palm Beach $127.46 $120.50 5.8% 4 Fort Lauderdale $110.74 $107.72 2.8% 5 Fort Myers $108.43 $104.22 4.0% Florida $101.96 $96.28 5.9% 6 Orlando $96.40 $87.66 10.0% 7 Tampa $92.28 $87.49 5.5% United States $83.57 $81.15 3.0% 8 Jacksonville $78.51 $73.40 7.0% 9 Melbourne $76.80 $70.15 9.5% 10 Florida Panhandle $75.01 $70.16 6.9% 11 Daytona Beach $73.24 $68.55 6.8% *Top 25 US Hotel Markets Source: Smith Travel Research 46 GMCVB SELECTED GLOBAL HOTEL MARKETS OCCUPANCY 2017 % Change RANK CITY 2017 2016 2017 vs 2016 1 Greater Sydney, Australia 85.9%84.9%1.2% 2 Greater London, United Kingdom 81.7%81.5%0.2% 3 Dubai, United Arab Emirates 77.2%76.9%0.4% 4 Greater Berlin, Germany 76.7%77.0%-0.4% 5 Miami, Florida 76.7%75.6%1.5% 6 Toronto, Canada 76.1%75.3%1.1% 7 Beijing, China 75.6%73.7%2.6% 8 Paris, France 73.6%69.8%5.4% 9 Greater Madrid, Spain 72.7%70.6%3.0% 10 Rome, Italy 70.1%69.6%0.7% 11 Buenos Aires, Argentina 68.7%61.7%11.3% 12 Mexico City, Mexico 67.6%69.5%-2.7% 13 Sao Paulo, Brazil 59.9%58.1%3.1% GMCVB SELECTED GLOBAL HOTEL MARKETS ROOM RATE -US $ 2017 % Change RANK CITY 2017 2016 2017 vs 2016 1 Paris, France $266.80 $251.60 6.0% 2 Greater London, United Kingdom $193.85 $191.28 1.3% 3 Miami, Florida $188.81 $189.98 -0.6% 4 Dubai, United Arab Emirates $184.39 $191.92 -3.9% 5 Greater Sydney, Australia $177.05 $163.42 8.3% 6 Rome, Italy $169.67 $164.67 3.0% 7 Toronto, Canada $142.38 $128.00 11.2% 8 Mexico City, Mexico $130.40 $129.80 0.5% 9 Buenos Aires, Argentina $127.62 $123.63 3.2% 10 Greater Madrid, Spain $123.00 $103.71 18.6% 11 Greater Berlin, Germany $109.79 $103.97 5.6% 12 Sao Paulo, Brazil $101.57 $94.23 7.8% 13 Beijing, China $86.61 $84.46 2.5% GMCVB SELECTED GLOBAL HOTEL MARKETS REVENUE PER AVAILABLE ROOM -US $ 2017 % Change RANK CITY 2017 2016 2017 vs 2016 1 Paris, France $196.28 $175.55 11.8% 2 Greater London, United Kingdom $158.32 $155.81 1.6% 3 Greater Sydney, Australia $152.07 $138.77 9.6% 4 Miami, Florida $144.78 $143.59 0.8% 5 Dubai, United Arab Emirates $142.40 $147.53 -3.5% 6 Rome, Italy $118.91 $114.64 3.7% 7 Toronto, Canada $108.33 $96.41 12.4% 8 Greater Madrid, Spain $89.37 $73.23 22.0% 9 Mexico City, Mexico $88.12 $90.23 -2.3% 10 Buenos Aires, Argentina $87.62 $76.34 14.8% 11 Greater Berlin, Germany $84.23 $80.01 5.3% 12 Beijing, China $65.51 $62.29 5.2% 13 Sao Paulo, Brazil $60.81 $54.71 11.1% Source: Smith Travel Research 47 48 SECTION THREE: Tourist-Related Taxes Collected in Miami-Dade County Collected by: Miami-Dade County, Miami Beach, Bal Harbour and Surfside 49 GREATER MIAMI CONVENTION & VISITORS BUREAU 2016/17 Analysis of Miami-Dade Tourist Taxes Fiscal Year Tax Rate Tax Name Where Tax is Collected Who Collects Amount Collected GMCVB Allocation GMCVB % 3%Convention Development Tax*All of Miami-Dade except Bal Harbour and Surfside Miami-Dade County $79,783,962 $0 0% 2%Tourist Development Tax* All of Miami-Dade except Bal Harbour, Miami Beach and Surfside Miami-Dade County $26,170,790 $13,684,490 52% 1%Professional Sports Tax* All of Miami-Dade except Bal Harbour, Miami Beach and Surfside Miami-Dade County $13,085,395 $0 0% 2% Hotel Food & Beverage Tax: This tax is collected on all food and beverages sold in hotels. All of Miami-Dade except Bal Harbour, Miami Beach and Surfside Miami-Dade County $8,076,770 $7,617,452 94% 1% Non-Hotel Food & Beverage Tax: This tax is collected on food and beverages sold in restaurants not in hotels, with full liquor license and gross sales of over $400,000 annually. (The Homeless Tax) All of Miami-Dade except Bal Harbour, Miami Beach and Surfside Miami-Dade County $26,290,564 $0 0% 4%Resort Tax Miami Beach City of Miami Beach $53,626,903 $6,740,335 13% 2% Food & Beverage Tax: This tax is collected on food and beverages sold in restaurants in and out of hotels. This includes fast food establishments. Miami Beach City of Miami Beach $29,391,662 $0 0% 4% Room Tax 2% F&B Tax Bal Harbour reports its Room Tax and F&B Tax combined. Its Food & Beverage Tax is collected on food and beverages sold in restaurants in and out of hotels. This includes fast food establishments. Bal Harbour Village of Bal Harbour $3,393,400 $0 0% 4% Room Tax 2% F&B Tax Surfside reports its Room Tax and F&B Tax combined. Its Food & Beverage Tax is collected on food and beverages sold in restaurants in and out of hotels. This includes fast food establishments. Surfside Town of Surfside $1,306,790 $0 0% TOTAL TOURIST-RELATED TAXES COLLECTED $241,126,236 $28,042,277 Miami-Dade .5% Transit Tax** .5% Sales tax on all goods and services sold in Miami-Dade County which the state sales tax is collected on. All of Miami-Dade County Miami-Dade County $63,977,863 Miami-Dade .5% JMH Tax** .5% Sales tax on all goods and services sold in Miami-Dade County which the state sales tax is collected on. All of Miami-Dade County Miami-Dade County $63,975,713 TOTAL LOCAL SALES TAXES COLLECTED $127,953,576 GMCVB % OF TOTAL TOURIST TAX COLLECTIONS $28,042,277 12% *Miami-Dade County room taxes includes revenue collected from AirBnB as of May 1, 2017 **Tourist represent 25% of Half Penny Sales Taxes collected by Miami-Dade County 50 SECTION FOUR: Leisure and Hospitality Employment Source: Florida Department of Economic Opportunity 51 Leisure/ Hospitality Employment 12.4% Non -Leisure / Hospitality Employment 87.6% Total Leisure and Hospitality Employment Miami-Dade County 2017 MIAMI-DADE COUNTY JOBS 2016 2017 % CHANGE Total Non-Agricultural Employment 1,158,192 1,174,467 1.4% Total Leisure and Hospitality Employment 141,200 145,100 2.8% Total Leisure and Hospitality Employment as % of Total Employment 12.2%12.4%1.5% 52 MIAMI-DADE COUNTY LEISURE AND HOSPITALITY EMPLOYMENT TRENDS % CHANGE 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 17 vs 16 JANUARY 105.5 103.2 103.6 109.9 116.6 123.0 126.9 132.1 138.9 144.0 3.7% FEBRUARY 107.3 103.6 105.3 110.0 116.9 124.9 128.5 133.5 141.4 143.2 1.3% MARCH 108.4 104.3 106.9 111.3 119.6 127.0 131.0 135.5 143.5 143.5 0.0% APRIL 107.1 105.0 107.6 111.6 120.0 127.0 130.4 135.3 143.0 145.6 1.8% MAY 106.6 103.6 106.5 112.2 120.3 126.5 129.8 134.3 141.7 148.0 4.4% JUNE 105.4 103.3 106.3 112.6 119.7 125.5 129.4 133.5 139.6 145.6 4.3% JULY 102.0 101.1 104.5 110.1 118.7 123.5 127.3 132.6 138.5 145.9 5.3% AUGUST 102.7 101.8 105.7 109.3 118.7 124.1 127.6 133.5 138.3 145.6 5.3% SEPTEMBER 102.5 102.1 105.2 109.3 119.1 124.0 128.7 132.9 139.7 140.6 0.6% OCTOBER 103.1 104.0 106.8 111.5 120.0 125.3 130.1 133.5 141.2 144.7 2.5% NOVEMBER 105.6 101.9 108.0 113.0 120.4 127.3 132.5 135.0 144.1 146.6 1.7% DECEMBER 106.3 104.3 108.3 113.2 121.7 128.7 133.6 135.2 144.5 148.4 2.7% YTD Total 105.2 103.2 106.2 111.2 119.3 125.6 129.7 133.9 141.2 145.1 2.8% Source: Florida Agency for Workforce Innovation 132.0 134.0 136.0 138.0 140.0 142.0 144.0 146.0 148.0 150.0 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER MIAMI-DADE LEISURE AND HOSPITALITY EMPLOYMENT 2017 2016 Note: Reported figures are in thousands 53 54 ADDENDUM: 2017 Dashboard of Key Visitor Industry Indicators Prepared by: GMCVB’s Research Division 55 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2016/17 1,021,167 787,786 900,468 949,015 864,761 959,519 1,067,969 1,046,323 652,721 874,318 893,205 974,177 10,991,429 2,741,700 10,991,429 2015/16 1,004,826 819,899 948,242 871,173 845,785 878,008 1,070,203 1,014,592 776,551 834,907 857,273 1,023,465 10,944,924 2,715,645 10,944,924 % change 1.6%-3.9%-5.0%8.9%2.2%9.3%-0.2%3.1%-15.9%4.7%4.2%-4.8%0.4%1.0%0.4% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2016/17 952,462 887,937 1,052,576 973,521 992,408 956,479 1,030,077 942,467 602,356 922,537 952,978 1,066,897 11,332,695 2,942,412 11,332,695 2015/16 980,713 949,469 1,087,598 983,450 1,027,002 983,961 1,033,519 943,507 813,070 847,923 920,492 1,031,543 11,602,247 2,799,958 11,602,247 % change -2.9%-6.5%-3.2%-1.0%-3.4%-2.8%-0.3%-0.1%-25.9%8.8%3.5%3.4%-2.3%5.1%-2.3% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2016/17 1,973,629 1,675,723 1,953,044 1,922,536 1,857,169 1,915,998 2,098,046 1,988,790 1,255,077 1,796,855 1,846,183 2,041,074 22,324,124 5,684,112 22,324,124 2015/16 1,985,539 1,769,368 2,035,840 1,854,623 1,872,787 1,861,969 2,103,722 1,958,099 1,589,621 1,682,830 1,777,765 2,055,008 22,547,171 5,515,603 22,547,171 % change -0.6%-5.3%-4.1%3.7%-0.8%2.9%-0.3%1.6%-21.0%6.8%3.8%-0.7%-1.0%3.1%-1.0% MONTHLY DASHBOARD OF KEY VISITOR INDUSTRY INDICATORS Source: Miami -Dade Aviation 500,000 750,000 1,000,000 1,250,000 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 MIAMI AIRPORT INTERNATIONAL ARRIVALS 2016/17 2015/16Source: Miami International Airport 500,000 750,000 1,000,000 1,250,000 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 MIAMI AIRPORT DOMESTIC ARRIVALS 2016/17 2015/16Source: Miami International Airport 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 MIAMI AIRPORT TOTAL ARRIVALS 2016/17 2015/16Source: Miami International Airport 56 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2016/17 313,275 269,898 314,094 300,444 252,345 271,072 338,995 338,093 192,782 246,897 295,747 343,627 3,477,269 886,271 3,477,269 2015/16 268,219 234,546 276,112 228,325 220,193 204,143 260,038 274,464 212,247 197,808 243,568 293,440 2,913,103 734,816 2,913,103 % change 16.8%15.1%13.8%31.6%14.6%32.8%30.4%23.2%-9.2%24.8%21.4%17.1%19.4%20.6%19.4% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2016/17 1,071,079 1,056,727 1,259,404 1,140,837 1,051,986 1,052,619 1,148,029 1,059,905 706,967 971,678 1,083,752 1,214,115 12,817,098 3,269,545 12,817,098 2015/16 986,853 987,805 1,166,082 977,819 955,194 952,426 992,118 889,517 767,993 830,309 1,011,565 1,145,536 11,663,217 2,987,410 11,663,217 % change 8.5%7.0%8.0%16.7%10.1%10.5%15.7%19.2%-7.9%17.0%7.1%6.0%9.9%9.4%9.9% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2016/17 1,384,354 1,326,625 1,573,498 1,441,281 1,304,331 1,323,691 1,487,024 1,397,998 899,749 1,218,575 1,379,499 1,557,742 16,294,367 4,155,816 16,294,367 2015/16 1,255,072 1,222,351 1,442,194 1,206,144 1,175,387 1,156,569 1,252,156 1,163,981 980,240 1,028,117 1,255,133 1,438,976 14,576,320 3,722,226 14,576,320 % change 10.3%8.5%9.1%19.5%11.0%14.4%18.8%20.1%-8.2%18.5%9.9%8.3%11.8%11.6%11.8% 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 FORT LAUDERDALE AIRPORT INTERNATIONAL ARRIVALS 2016/17 2015/16Source: Broward Aviation 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 FORT LAUDERDALE AIRPORT DOMESTIC ARRIVALS 2016/17 2015/16Source: Broward Aviation 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 FORT LAUDERDALE AIRPORT TOTAL ARRIVALS 2016/17 2015/16Source: Broward Aviation 57 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2017/18 76.8%83.3%85.7%80.7%74.4%72.8%80.9%75.4%59.3%74.6%78.6%78.0%76.7%77.1%76.7% 2016/17 80.7%83.9%84.0%80.4%76.4%71.3%78.0%73.7%68.1%67.0%72.7%72.3%75.6%70.7%75.6% % change -4.8%-0.7%2.1%0.4%-2.6%2.1%3.7%2.3%-13.0%11.3%8.1%7.9%1.5%9.1%1.5% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2017/18 $215.48 $232.23 $233.20 $207.27 $170.38 $146.91 $159.07 $145.01 $144.48 $161.94 $180.18 $248.47 $188.81 $196.86 $188.81 2016/17 $237.48 $249.32 $250.78 $203.48 $173.80 $148.32 $157.77 $143.64 $140.53 $158.98 $175.75 $219.24 $189.98 $184.66 $189.98 % change -9.3%-6.9%-7.0%1.9%-2.0%-1.0%0.8%1.0%2.8%1.9%2.5%13.3%-0.6%6.6%-0.6% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2017/18 $165.49 $193.52 $199.86 $167.20 $126.79 $106.96 $128.68 $109.32 $85.61 $120.79 $141.64 $193.70 $144.78 $152.04 $144.78 2016/17 $191.63 $209.17 $210.66 $163.50 $132.84 $105.80 $123.02 $105.80 $95.73 $106.58 $127.78 $158.50 $143.59 $130.95 $143.59 % change -13.6%-7.5%-5.1%2.3%-4.6%1.1%4.6%3.3%-10.6%13.3%10.8%22.2%0.8%16.1%0.8% 20% 40% 60% 80% 100% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 GREATER MIAMI OCCUPANCY 2017/18 2016/17Source: Smith Travel Research $50 $100 $150 $200 $250 $300 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 GREATER MIAMI ROOM RATE 2017/18 2016/17Source: Smith Travel Research $40.00 $80.00 $120.00 $160.00 $200.00 $240.00 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 GREATER MIAMI REV PAR 2017/18 2016/17Source: Smith Travel Research 58 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2017/18 54,676 54,863 55,126 55,241 55,353 55,421 55,502 55,598 55,112 54,514 54,652 54,816 55,096 54,661 55,170 2016/17 52,192 52,192 52,590 52,855 53,079 53,022 53,426 53,489 53,915 54,264 54,540 54,823 53,233 54,542 53,452 % change 4.8%5.1%4.8%4.5%4.3%4.5%3.9%3.9%2.2%0.5%0.2%0.0%3.5%0.2%3.2% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2017/18 1,301,759 1,280,095 1,464,618 1,336,833 1,276,949 1,210,489 1,391,845 1,299,346 979,651 1,260,440 1,288,860 1,324,705 15,440,558 3,874,005 15,440,558 2016/17 1,305,532 1,226,033 1,369,435 1,274,103 1,257,642 1,134,626 1,291,387 1,221,273 1,101,795 1,127,726 1,189,728 1,228,660 14,746,349 3,546,114 14,746,349 % change -0.3%4.4%7.0%4.9%1.5%6.7%7.8%6.4%-11.1%11.8%8.3%7.8%4.7%9.2%4.7% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2017/18 4.00%4.03%4.01%3.61%3.36%3.13%3.50%3.41%2.61%3.32%3.67%4.06%3.56%3.68%3.56% 2016/17 4.12%3.92%3.68%3.46%3.39%3.01%3.30%3.27%3.04%3.38%3.56%3.97%3.51%3.64%3.51% % change -2.9%2.8%9.0%4.3%-0.9%4.0%6.1%4.3%-14.1%-1.8%3.1%2.3%1.4%1.3%1.4% 45,000 47,500 50,000 52,500 55,000 57,500 60,000 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 GREATER MIAMI LODGING ROOM INVENTORY 2017/18 2016/17Source: Smith Travel Research 750,000 1,000,000 1,250,000 1,500,000 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 GREATER MIAMI HOTEL ROOMS SOLD 2017/18 2016/17Source: Smith Travel Research 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 2017/18 2016/17 GREATER MIAMI'S HOTEL ROOMS SOLD SHARE OF TOP 25 MARKETS 59 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2016/17 780,000 629,900 721,200 686,200 580,600 676,600 662,700 691,000 454,200 575,900 604,600 735,200 7,798,100 1,915,700 7,798,100 2015/16 754,800 640,100 742,900 616,800 559,200 609,800 646,700 652,900 528,300 540,300 574,200 758,200 7,624,200 1,872,700 7,624,200 % change 3.3%-1.6%-2.9%11.3%3.8%11.0%2.5%5.8%-14.0%6.6%5.3%-3.0%2.3%2.3%2.3% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2016/17 727,600 710,300 843,300 702,900 665,300 673,900 639,300 622,600 419,300 606,700 644,600 806,100 8,061,900 2,057,400 8,061,900 2015/16 736,900 742,400 851,300 695,500 678,000 682,100 623,800 607,500 552,100 549,100 617,100 764,200 8,100,000 1,930,400 8,100,000 % change -1.3%-4.3%-0.9%1.1%-1.9%-1.2%2.5%2.5%-24.1%10.5%4.5%5.5%-0.5%6.6%-0.5% - - - - - - - - - - - - Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2016/17 1,507,600 1,340,200 1,564,500 1,389,100 1,245,900 1,350,500 1,302,000 1,313,600 873,500 1,182,600 1,249,200 1,541,300 15,860,000 3,973,100 15,860,000 2015/16 1,491,700 1,382,500 1,594,200 1,312,300 1,237,200 1,291,900 1,270,500 1,260,400 1,080,400 1,089,400 1,191,300 1,522,400 15,724,200 3,803,100 15,724,200 % change 1.1%-3.1%-1.9%5.9%0.7%4.5%2.5%4.2%-19.2%8.6%4.9%1.2%0.9%4.5%0.9% 300,000 400,000 500,000 600,000 700,000 800,000 900,000 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 GREATER MIAMI DOMESTIC VISITORS 2016/17 2015/16Source: Ipsos Research 200,000 400,000 600,000 800,000 1,000,000 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 GREATER MIAMI INTERNATIONAL VISITORS 2016/17 2015/16Source: Ipsos Research 750,000 925,000 1,100,000 1,275,000 1,450,000 1,625,000 1,800,000 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 GREATER MIAMI TOTAL VISITORS 2016/17 2015/16Source: Ipsos Research 60 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2016/17 $7,592 $8,386 $9,199 $7,729 $6,577 $5,414 $6,616 $5,467 $4,384 $5,790 $7,015 $8,718 $82,887 $21,523 $82,887 2015/16 $8,707 $8,879 $9,588 $7,269 $6,175 $4,839 $5,844 $5,041 $4,440 $4,912 $6,065 $7,387 $79,146 $18,364 $79,146 % change -12.8%-5.6%-4.1%6.3%6.5%11.9%13.2%8.5%-1.3%17.9%15.7%18.0%4.7%17.2%4.7% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2016/17 $2,554.4 $2,800.4 $3,072.2 $2,368.9 $2,176.3 $1,782.0 $2,086.0 $1,762.8 $1,788.8 $2,189.6 $2,563.9 $2,737.5 $27,882.8 $7,491.0 $27,882.8 2015/16 $2,917.9 $2,997.9 $3,065.6 $2,265.0 $1,987.2 $1,578.2 $1,987.2 $1,630.1 $1,482.2 $1,682.5 $2,119.0 $2,285.6 $25,998.4 $6,087.1 $25,998.4 % change -12.5%-6.6%0.2%4.6%9.5%12.9%5.0%8.1%20.7%30.1%21.0%19.8%7.2%23.1%7.2% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2016/17 $743.7 $804.6 $814.0 $775.7 $724.0 $603.5 $610.9 $505.1 $414.4 $612.6 $676.3 $791.1 $8,075.9 $2,080.0 $8,075.9 2015/16 $828.0 $826.2 $810.6 $782.1 $697.2 $566.4 $561.3 $478.5 $498.2 $556.7 $690.1 $750.3 $8,045.6 $1,997.1 $8,045.6 % change -10.2%-2.6%0.4%-0.8%3.8%6.6%8.8%5.6%-16.8%10.0%-2.0%5.4%0.4%4.2%0.4% $0 $1,500 $3,000 $4,500 $6,000 $7,500 $9,000 $10,500 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 MIAMI-DADE COUNTY CONVENTION DEVELOPMENT TAX (000) Activity Month 2016/17 2015/16 CDT Tax is a 3% tax on hotel room rate collected in all hotels exclusive of Bal Harbour and Surfside. This revenue is for bui lding and maintain public facilities Source: Miami-Dade Tourist Tax Collectors $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 MIAMI-DADE TOURIST DEVELOPMENT TAX (000) Activity Month 2016/17 2015/16 Miami-Dade Resort tax is a 2% tax on hotel room rate, excluding Bal Harbour, Miami Beach and Surfside properties. This money fun ds the GMCVB and TDC Source: Miami-Dade Tourist Tax Collectors $200 $400 $600 $800 $1,000 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 MIAMI-DADE 2% HOTEL FOOD & BEVERAGE TAX (000) Activity Month 2016/17 2015/16 Miami-Dade 2% F& B Tax is charged on food and beverages purchased in hotels excluding Bal Harbour, Miami Beach and Surfside. Source: Miami-Dade Tourist Tax Collectors 61 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2016/17 $2,203.5 $2,171.6 $2,429.9 $2,357.8 $2,255.3 $2,124.0 $2,259.6 $1,918.5 $1,869.0 $2,094.3 $2,270.3 $2,584.4 $26,538.2 $6,949.0 $26,538.2 2015/16 $2,096.5 $2,197.1 $2,290.6 $2,265.2 $2,082.6 $2,106.9 $2,147.2 $1,885.0 $2,097.0 $1,891.0 $2,131.3 $2,391.0 $25,581.4 $6,413.3 $25,581.4 % change 5.1%-1.2%6.1%4.1%8.3%0.8%5.2%1.8%-10.9%10.8%6.5%8.1%3.7%8.4%3.7% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2016/17 $1,277.2 $1,400.2 $1,536.1 $1,184.45 $1,088.15 $891.0 $1,043.0 $881.4 $894.4 $1,094.8 $1,282.0 $1,368.8 $13,941.4 $3,745.5 $13,941.4 2015/16 $1,459.0 $1,499.0 $1,532.8 $1,132.5 $993.6 $789.1 $993.6 $815.1 $741.1 $841.3 $1,059.5 $1,142.8 $12,999.2 $3,043.6 $12,999.2 % change -12.5%-6.6%0.2%4.6%9.5%12.9%5.0%8.1%20.7%30.1%21.0%19.8%7.2%23.1%7.2% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2016/17 $7,707.1 $8,458.2 $9,658.0 $8,307.9 $6,676.9 $5,670.9 $6,899.3 $5,578.7 $3,609.9 $5,430.3 $6,048.5 $9,413.6 $83,459.2 $20,892.4 $83,459.2 2015/16 $8,600.9 $8,170.3 $9,271.8 $8,467.4 $6,880.6 $5,832.2 $6,478.0 $5,453.3 $4,633.8 $5,160.2 $6,286.9 $7,980.6 $83,216.0 $19,427.7 $83,216.0 % change -10.4%3.5%4.2%-1.9%-3.0%-2.8%6.5%2.3%-22.1%5.2%-3.8%18.0%0.3%7.5%0.3% *The City of Miami Beach increased its hotel room Tax from 3% to 4% as of December 1, 2015 $0 $500 $1,000 $1,500 $2,000 $2,500 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 MIAMI-DADE 1% PROFESSIONAL SPORTS TAX (000) Activity Month 2016/17 2015/16 Miami-Dade Sport Tax is 1% tax on the hotel room rate exclusive of Miami Beach, Surfside and Bal Harbour. This money is used to build and maintain professional sports facilities Source : Miami-Dade Tourist Tax Collectors $1,200.0 $1,500.0 $1,800.0 $2,100.0 $2,400.0 $2,700.0 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 MIAMI-DADE 1% RESTAURANT FOOD AND BEVERAGE TAX (000) Activity Month 2016/17 2015/16Source: Miami-Dade Tourist Tax Collectors Miami-Dade 1% F& B Tax is charged on food and beverages purchased in restaurants not in hotels excluding Bal Harbour, Miami Beach and Surfside. $2,000 $4,000 $6,000 $8,000 $10,000 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 2016/17 2015/16 MIAMI BEACH RESORT TAX (000) Activity Month Miami Beach Resort Tax includes 4% tax on hotel rooms and 2% tax on food and beverage sold in restaurants and hotels 62 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2017/18 144.0 143.2 143.7 146.8 148.0 145.6 145.9 145.6 140.6 144.7 146.6 148.4 145.3 146.6 145.3 2016/17 138.9 141.4 143.5 143.0 141.7 139.6 138.5 138.3 139.7 141.2 144.1 144.5 141.2 143.3 141.2 % change 3.7%1.3%0.1%2.7%4.4%4.3%5.3%5.3%0.6%2.5%1.7%2.7%2.9%2.3%2.9% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2017/18 584,547 486,579 553,292 560,175 340,478 361,367 417,090 334,105 286,584 358,363 452,815 612,415 5,347,810 1,423,593 5,347,810 2016/17 531,886 434,868 485,418 462,479 361,541 351,261 403,836 334,281 329,221 378,278 454,534 573,530 5,101,133 1,406,342 5,101,133 % change 9.9%11.9%14.0%21.1%-5.8%2.9%3.3%-0.1%-13.0%-5.3%-0.4%6.8%4.8%1.2%4.8% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2016/2017 Calendar YTD 2016/17 482,404 449,383 490,186 369,829 173,035 186,641 446,463 196,601 148,951 206,141 406,892 497,077 4,053,603 4,053,603 4,053,603 2015/16 555,948 458,667 489,630 384,737 167,368 154,638 194,668 157,759 131,476 214,571 412,231 506,545 3,828,238 3,828,238 3,828,238 % change -13.2%-2.0%0.1%-3.9%3.4%20.7%129.3%24.6%13.3%-3.9%-1.3%-1.9%5.9%5.9%5.9% Starting in 2016, Port of Miami no longer has day cruises 200,000 400,000 600,000 800,000 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 PORT MIAMI PASSENGERS 2017/18 2016/17 Source: Port of Miami 115.0 120.0 125.0 130.0 135.0 140.0 145.0 150.0 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 MIAMI-DADE LEISURE & HOSPITALITY EMPLOYMENT (000) 2017/18 2016/17Source: Florida Dept. of Labor 75,000 175,000 275,000 375,000 475,000 575,000 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 PORT EVERGLADES PASSENGERS 2016/17 2015/16Source: Port Everglades 63 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2016/17 441,874 391,304 455,869 378,733 362,985 364,911 457,489 314,831 178,640 179,525 227,081 358,700 4,111,943 943,946 4,111,943 2015/16 452,740 409,314 469,968 360,698 345,700 356,011 465,875 311,098 232,000 215,000 275,250 422,000 4,315,654 1,144,250 4,315,654 % change -2.4%-4.4%-3.0%5.0%5.0%2.5%-1.8%1.2%-23.0%-16.5%-17.5%-15.0%-4.7%-17.5%-4.7% Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2016/17 17,973 19,751 23,007 28,714 27,800 27,800 30,189 30,699 29,697 28,106 21,741 10,764 296,242 10,764 235,511 2015/16 17,663 19,250 23,663 27,227 26,551 27,097 29,831 31,262 29,115 28,680 21,336 13,625 295,300 13,625 234,724 % change 1.8%2.6%-2.8%5.5%4.7%2.6%1.2%-1.8%2.0%-2.0%1.9%-21.0%0.3%-21.0%0.3% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2017/18 1.25 1.24 1.25 1.29 1.28 1.30 1.31 1.29 1.34 1.32 1.34 1.35 1.30 1.33 1.34 2016/17 1.42 1.39 1.44 1.46 1.46 1.34 1.32 1.31 1.30 1.22 1.50 1.23 1.37 1.31 1.32 % change -12.0%-10.8%-13.2%-11.6%-12.3%-3.0%-0.8%-1.5%3.1%8.2%-10.7%9.8%-5.1%0.9%1.5% 1.2 1.4 1.6 1.8 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 BRITISH POUND TO AMERICAN DOLLAR 2017/18 2016/17Source: Yahoo Finance 100,000 200,000 300,000 400,000 500,000 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 GREATER MIAMI ATTRACTIONS PAID VISITORS 2016/17 2015/16 This is a representative sampling of major attractions in Greater Miami 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 GREATER MIAMI VISITOR CENTER'S TRAFFIC FIGURES 2016/17 2015/16 This is a representative sampling of visitor centers' foot traffic in Greater Miami. 64 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2017/18 1.07 1.06 1.07 1.09 1.12 1.14 1.17 1.19 1.18 1.16 1.19 1.20 1.14 1.18 1.20 2016/17 1.08 1.09 1.13 1.14 1.11 1.11 1.12 1.12 1.12 1.10 1.06 1.05 1.10 1.09 1.06 % change -0.9%-2.8%-5.3%-4.4%0.9%2.7%4.5%6.2%5.4%5.5%12.3%14.3%3.1%8.6%13.3% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2017/18 0.76 0.76 0.75 0.73 0.74 0.77 0.80 0.80 0.80 0.78 0.78 0.80 0.77 0.79 0.79 2016/17 0.72 0.74 0.77 0.80 0.76 0.77 0.77 0.77 0.76 0.75 0.74 0.74 0.76 0.75 0.74 % change 5.6%2.7%-2.6%-8.8%-2.6%0.0%3.9%3.9%5.3%4.0%5.4%8.1%2.0%5.3%6.8% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Rolling 12 Months Fiscal Year 2017/2018 Calendar YTD 2017/18 0.32 0.30 0.32 0.31 0.31 0.30 0.32 0.32 0.32 0.31 0.31 0.30 0.31 0.31 0.31 2016/17 0.25 0.28 0.28 0.29 0.28 0.30 0.31 0.31 0.31 0.31 0.29 0.31 0.29 0.31 0.30 % change 28.0%7.1%14.3%6.9%10.7%0.0%3.2%3.2%3.2%0.0%6.9%-3.2%6.2%2.0%1.7% 1 1.1 1.2 1.3 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 EURO TO AMERICAN DOLLAR 2017/18 2016/17Source: Yahoo Finance 0.5 0.6 0.7 0.8 0.9 1 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 CANADIAN DOLLAR TO AMERICAN DOLLAR 2017/18 2016/17Source: Yahoo Finance 0 0.1 0.2 0.3 0.4 0.5 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 BRAZILIAN REAL TO AMERICAN DOLLAR 2017/18 2016/17Source: Yahoo Finance 65 66 67 68 © Greater Miami Convention & Visitors Bureau — The Official Destination Sales & Marketing Organization for Greater Miami and the Beaches. 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