Miami Condo Market and Lifestyle Updates
Hyatt Place Miami Airport construction begins

Hyatt Place Miami Airport construction begins

by Sep Niakan | December 16, 2013

18181991577148px; font-style: italic; background-color: rgb(255, 255, 255);">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

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