Jan
14
Art Basel Boosts Miami Hospitality
ByFounded in 1970 in Switzerland, the Modern and contemporary art fair landed in South Florida in 2002. It has improved hospitality demand, CBRE research shows, with unprecedented increases recorded in December 2017.
Art Basel, the largest global Modern and contemporary art fair, now draws an estimated 80,000 people to Miami, making it one of the major stops among art dealers around the world. Founded in 1970 in Basel, Switzerland, the fair first came to Miami Beach in 2002, attracting 160 galleries and 30,000 attendees as the event’s first international outpost.
Last year, Art Basel took place in early December and, according to CBRE research, the impact on Miami’s hotels was unprecedented. The fair’s effect on Miami’s hospitality sector is second only to the Christmas Holiday season. Demand for rooms increased significantly during the Art Basel week, up 79 percent compared to the prior week, with a maximum spike north of $296 across the Miami area…
