The Real Deal Miami

PMG adds hotel to apartment high-rise in downtown Miami

32-story, 464-unit tower is 50% leased
By Katherine Kallergis | August 14, 2018 11:30AM

X Miami and Ryan Shear

Property Markets Group is bringing a hotel component to X Miami, its newly completed apartment tower in downtown Miami.

The Guild Hotels, a tech-oriented, boutique hotel group, is opening on four floors with 64 units of the 32-story, 464-unit building at 240 Northeast Fourth Street. Hotel guests will have access to X Miami’s amenities, which include a gym, sky dog park, screening lounge, co-working lab, pool deck, a covered bar, grilling area, mini market, courtyard, and coffee and cocktail lounge in the lobby.

The hotel is set to open in September, according to a spokesperson, who declined to provide hotel rates. PMG delivered the apartment tower earlier this year, and it’s about 50 percent leased. Alliance is handling the majority of leasing with ISG’s Alex Vidal and Joe Azar. Rents range from the $1,300s and go up to about $3,000. The building offers rent-by-bedroom options.

X Miami is part of PMG’s X Social Communities portfolio of apartments. The New York and Miami developer has about 10,000 rental units in its pipeline, including X Las Olas, a redevelopment of the Las Olas Riverfront with about 1,200 multifamily units.

The Guild Hotels is based in Austin and operates 10 properties in Texas. The company describes itself as a collection of hotels with virtual check-ins and check-outs.