search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aPrivee Capital plans 12-unit waterfront condo in North BeachPrivee Capital plans 12-unit waterfront condo in North BeachTrump accused of making false statements about $50M Chicago tower loanTrump accused of making false statements about $50M Chicago tower loanMarty Burger’s new venture sputters on takeoffMarty Burger’s new venture sputters on takeoff
South Florida

Hyatt Place Miami Airport construction begins

Rendering of Hyatt Place Miami Airport
Rendering of Hyatt Place Miami Airport

Construction of the Hyatt Place hotel near Miami International Airport is underway.

MIA LeJeune, a joint venture between Miami-based Mayan Properties, Concord Hospitality and Travelers Hotel Group, started building the 135-room hotel at 3549 LeJeune Road, South Florida Citybizlist reported. Hyatt Place Miami Airport, the first Hyatt Place-branded hotel in Miami, is scheduled to open during the fourth quarter of 2014.

Sign Up for the undefined Newsletter

The project is expected to cost $21 million. Mayan Properties affiliate Aztec Group secured a $15 million construction loan and raised equity for the development. Raleigh, N.C.-based Concord plans to manage the hotel when it opens.

Hyatt Place is being built at a time when Miami’s hospitality market and airport are in growth mode. Passenger arrivals at Miami International Airport increased from 18.4 million to 19.4 million in 2013. [Citybizlist] — Eric Kalis

Tags
AirportsHyatt