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South Florida

Developers rush to finish hotels amid Zika, overbuilding and more

A rendering of the 296-room Triptych, which developer HES is building in Downtown Miami’s Design District.
A rendering of the 296-room Triptych, which developer HES is building in Downtown Miami’s Design District.

From the fall issue: Swank new hotels are rising up in the Magic City, thanks to the money that developers from far and wide have poured into boutique projects and grand high-rises alike.

With thousands of new rooms slated to hit the Miami market over the next two years, observers have been increasingly vocal in their worries about oversupply.

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“It’s one of the markets we’re concerned about, certainly in terms of relative performance,” said Stephen Boyd, a senior director in the real estate division of Fitch Ratings.

Some 9,132 new keys are planned for Miami, according to an analysis done by The Real Deal in September that included planned and proposed projects, as well as hotels that were under construction. The largest of these projects, the Marriott Marquis planned as part of the Miami Worldcenter development in downtown Miami, would add a whopping 1,800 rooms. [more]