For $500 a week, you can roam in and around the historic Miami River Inn, set to reopen this summer with a new name: Roam Miami.
Roam, a network of “co-living” properties, will manage the Miami hospitality property, which will mark its first location in the United States, The Real Deal has learned.
Built in the early 1900s, the 1.5-acre property has a been a boarding house and a hostel, and is considered the longest operating hotel in Miami. Now it will be a “co-living” property. Co-living generally refers to short-term weekly or monthly rentals of bedroom suites with access to communal kitchens, working spaces and more.
The Vagabond Group, led by developer Avra Jain, bought the 58-room inn about a year ago for $8.6 million and renamed it the River Inn Miami. Jain has since closed the property and completed a historic restoration – indoor and outdoor – down to each of its 176 windows, metal roofs and hardwood floors. “We brought it back to the level it should be,” she told TRD.
Jain, who’s known for redeveloping the Vagabond Hotel on Biscayne Boulevard, called the inn a “hidden gem.” She said the unveiling on May 12 will be just that, even to Miami locals.
The Miami location marks the second for Roam, which launched in Bali.
Roam properties include fully furnished private suites with bathrooms, co-working spaces, Wi-Fi, laundry facilities, common kitchens, and access to on-site food and beverage. Most have a pool, media room, library, and shared common spaces, according to the company’s website.
Roam Miami, at 118 Southwest South River Drive, will have 38 suites and the original pool, according to its blog. The property is located on the south side of the Miami River in East Little Havana.
Earlier this week, Roam announced it raised $3.3 million in seed funding led by CRV, a venture capital firm. Collaborative Fund, NextView, Corigin and angel investors such as SoundCloud founder, Eric Wahlforss, Chairman of Anthemis Group, Sean Park and CEO of Teleport, Sten Tamkivi also contributed funds, according to a press release.
The money will be used for new hires, new locations and the company’s online presence. Roam customers pay $500 a week or $1,800 a month for access to its locations. The startup, launched last year, is also looking to expand to Buenos Aires, London, Marrakech, Tokyo, Mexico City, Berlin and Lisbon, according to a spokesperson.