Treasure and Space Coasts, FL Hospitality Market Report
Port St. Lucie Market Overview
The hotel market in Port St. Lucie is notable for its small number of hotels, with only 108 hotel buildings. However, this totals around one-third of hotel inventory in Florida’s Central South region. Hotels here average 72 rooms, which is below the national norm of 90 rooms in each hotel.
Port St. Lucie Market Performance
Occupancy was led by the upscale and upper midscale segment, with 67.2% occupancy over the last 12 months. RevPAR performance in Port St. Lucie has slowed down, decreasing by 14.8% over the past 12 months. No properties are underway, but 410 rooms delivered during the past three years.
Together with slow hotel transaction volume nationally, investments in Port St. Lucie also slowed down. Three properties have transacted so far during 2024. The largest sale was for Sebastian Gardens Inn & Suites. The property is made up of 46 rooms and is in the economy segment.
Port St. Lucie By the Numbers
- Occupancy: 60.2%
- RevPAR: $89.82
- ADR: $149.21
Last 12 Months | Source: CoStar Group
Melbourne Market Overview
The Melbourne hotel sector is also small, with 57 hotel buildings. The average hotel has 87 rooms, which is consistent with hotels across the U.S. However, the metro has noted an increase in developments over the past few years, with several projects delivering around 490 rooms in the metro.
Melbourne Market Performance
Upscale and upper midscale hotels noted the largest increase in occupancy at 69.0% over the past 12 months. Upscale hotels are also leading in construction, with 67% of current deliveries belonging to this segment. Three upscale properties are underway, and one will be delivered this year with the rest coming to market in 2025. Most supply will be delivered in central Melbourne, and one hotel is targeting Satellite Beach.
There have only been two sales so far this year. Melbourne All Suites Inn and La Quinta Inn & Suites by Wyndham Melbourne Viera both transacted in May. These properties belong to the economy and upper midscale segments, respectively.
Melbourne By the Numbers
- Occupancy: 66.8%
- RevPAR: $85.48
- ADR: $128.01
Last 12 Months | Source: CoStar Group
Cocoa Beach Market Overview
Cocoa Beach’s hotel sector is made up of 5,900 rooms in 61 properties. A typical hotel here totals around 97 rooms. Construction activity is picking up here, with 310 rooms in the current pipeline.
Cocoa Beach Market Performance
The current occupancy rate of 66.9% is on par with previous market averages, demonstrating the market’s continued success. RevPAR has also remained steady above nearby Melbourne as it is currently at $107.35. There are currently two midscale select service properties underway that will deliver in Cape Canaveral. The Hilton Garden Inn and Hyatt Place Cape Canaveral will deliver in November and March 2025, respectively.
There have been three sales during the past 12 months, with two transactions so far this year. The Siesta Motor Inn and Residence Inn Cape Canaveral Cocoa Beach both changed hands earlier in 2024, contributing to the midscale and upscale sectors.
Cocoa Beach By the Numbers
- Occupancy: 66.9%
- RevPAR: $107.35
- ADR: $160.39
Last 12 Months | Source: CoStar Group
