Miami and its billion dollar rooms
A collection of major developments has brought Miami back into the US hotel construction spotlight. Miami has always been perceived as a key expansion market, with easy access to and from NYC, Central & South America and Europe. So it comes as no surprise when super deluxe properties like 1 Hotel, Edition Hotel, Faena Hotel and Brickell City Centre came knocking on the city’s doors.
After South Florida’s luxury-condo market collapsed in 2008, international hoteliers saw an opportunity to offer an alternative for upscale lodging in the magic city. Brickell City Centre, arguably Miami’s most costly addition at $1 billion dollars, is a mixed-use complex of luxury condo towers, class-A office buildings, a five-star hotel, and a sprawling high-end shopping center. Many of these hotel projects aim to transform formerly forsaken areas of the city into live, work, shop and dining destinations.
Nearly 3,000 hotel rooms opened in the Miami area in 2015, with 62% of those in Miami Beach, according to Greater Miami & the Beaches Association.