MIAMI—Miami is the second-fastest growing destination in the United States for overseas visitors as tourists continue to flock the Magic City. That's according to a report the U.S. Department of Commerce recently issued.

In 2014, the report revealed, international visits to Miami increased by 21%. That's a new record. Overall, Miami had the second most visitors from overseas in the U.S., in front of Los Angeles and behind only New York City.

Noteworthy is the fact that visitors to New York only increased by 2% for the year. Although New York remained firmly in first place, Miami is growing at a much faster rate, evident with the residential condo boom, Millennial migration and arts and cultural renaissance—all factors to attracting world-class hoteliers.