ME Miami evidence of hot South Florida hotel market

Miami /
Sep.September 11, 2014 12:45 PM

Analysts say the redevelopment of Casa Moderna into a ME by Melia property – a Spanish brand – is evidence of South Florida’s increasingly hot hotel market.

In August, developer CGI Merchant Group scored $53 million in financing for the construction of a hotel and restaurant at Casa Moderna. When it opens next spring, the hotel will feature 129 rooms – up from 56.

And since then, several major hotel sales have gone down, including a $460 million deal with Thayer Lodging Group for the Westin Diplomat Resort & Spa in Hollywood; Claremont’s $21.65 million purchase of Il Lugano Hotel & Residences in Fort Lauderdale; Blackstone Group’s $12 million acquisition of Marriott’s Residence Inn Boca Raton; and the $57.5 million deal for b2 Miami Downtown Hotel and a neighboring retail center.

“When you have that kind of growth on the top line, it’s really almost exaggerated on the bottom line,” Richard Lillis, executive vice president in the Miami-Fort Lauderdale offices of Colliers International Hotels, told the Daily Business Review. “You have pretty remarkable profit growth. That’s why you’re seeing developers now.”

ME Miami will be Melia Hotels International’s first South Florida hotel.

“Their presence in North America has been shy,” said Mario Suarez, partner at Zyscovich Architects in Miami. “But they’re beginning to look with a lot of interest.” [Daily Business Review] Christopher Cameron


Related Articles

arrow_forward_ios
The Holiday Inn at 340 Biscayne Boulevard in Miami and attorney Linda Worton Jackson
Bankruptcy could lead to redevelopment of downtown Miami Holiday Inn
Bankruptcy could lead to redevelopment of downtown Miami Holiday Inn
Ronny Finvarb with the proposed hotel (GEK Architecture)
Sunset Harbour’s new zoning district bans Ronny Finvarb’s planned hotel, allows taller offices
Sunset Harbour’s new zoning district bans Ronny Finvarb’s planned hotel, allows taller offices
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
Rendering of the proposed Bulgari Hotel (Bulgari)
Setai Miami Beach owners and condo association sue city over Bulgari hotel height increase
Setai Miami Beach owners and condo association sue city over Bulgari hotel height increase
Louis Puig and 333 Jefferson Avenue in South-of-Fifth (Google Maps)
Former Club Space owner buys South Beach apartments for short-term rentals
Former Club Space owner buys South Beach apartments for short-term rentals
Nadim Ashi of Fort Partners with the hotel (Four Seasons, Fort)
Fort Partners buys Four Seasons Brickell hotel for $130M
Fort Partners buys Four Seasons Brickell hotel for $130M
Steven Witkoff and 700 North Miami Avenue (Google Maps)
Witkoff, Monroe pay $94M for site of canceled Marriott hotel at Miami Worldcenter
Witkoff, Monroe pay $94M for site of canceled Marriott hotel at Miami Worldcenter
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...