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| Rendering of Hyatt Place Miami Airport |
Construction of the Hyatt Place hotel near Miami International Airport is underway.
MIA LeJeune, a joint venture between Miami-based Mayan Properties, Concord Hospitality and Travelers Hotel Group, started building the 135-room hotel at 3549 LeJeune Road, South Florida Citybizlist reported. Hyatt Place Miami Airport, the first Hyatt Place-branded hotel in Miami, is scheduled to open during the fourth quarter of 2014.
The project is expected to cost $21 million. Mayan Properties affiliate Aztec Group secured a $15 million construction loan and raised equity for the development. Raleigh, N.C.-based Concord plans to manage the hotel when it opens.
Hyatt Place is being built at a time when Miami’s hospitality market and airport are in growth mode. Passenger arrivals at Miami International Airport increased from 18.4 million to 19.4 million in 2013.
Source: therealdeal.com