MILLION RAND DINNERS: Miami hikes prices with F1 in town
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The F1 Grand Prix in Miami this weekend is expected to bag the city somewhere in the region of $400 million with visitors being made to pay a premium to enjoy the best the city has to offer.
Hotel’s have reportedly upped their rates with big-spending F1 fans hitting Miami.
The city expects to attract visitors from around the world but also across the United States with a growing number of Americans getting into Formula 1, thanks in part to Netflix’s Drive to Survive series.
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Would you pay R400k to watch the Miami Grand Prix?
The average price of tickets to the race itself is estimated to be around R30,000 while VIP hospitality packages are offered at obscene prices sometimes north of R400,000.
Many of the visitors are first-time race-goers and they are expected to be willing to splash the cash on their first F1 weekend experience.
Some ticket holders have taken to scalping their tickets at extortionate rates but they have still been able to find buyers.
According to CNBC, local hotels are especially leaning into luxury.
“The St. Regis Bal Harbour Resort is offering a $110,000 “Diamond Package” that includes an oceanfront villa, round-trip private jets, dinner and a bespoke piece of diamond jewellery from De Beers.
“The five-star Faena Hotel Miami Beach is offering its 4,500 square-foot Faena Suite for $120,000 a night during race weekend. The package includes access to the Red Bull team’s hospitality suite, which offers one of the best viewing areas of the race.”
The number of fans visiting the city will comfortably exceed the 80,000 capacity at the race track itself, leaving the rest to pack out bars, hotels and restaurants.
Miami Gardens will be the 11th different venue in the USA to host an F1 Grand Prix.
The 5.41km track sweeps around the Hard Rock Stadium – home to the Miami Dolphins and Miami Open tennis events.