Always good to see some positive news in the CRE market.
Thriving Construction: Miami is buzzing with activity as over 1,100 hotel rooms are currently under construction and slated to open this year. This impressive number marks a significant increase from the 423 room openings in 2023.
Consistent Growth: From 2020 through 2022, an average of 1,700 rooms opened annually, reflecting the city’s commitment to hospitality and tourism.
Miami Beach Spotlight: Miami Beach takes center stage, accounting for more than half of the rooms opening in 2024. Notable projects include:Collins Park Hotel: A 295-room gem, thoughtfully adapted from historic buildings within the Museum Historic District. It’s set to welcome guests in the spring.
Thompson South Beach: A luxury 150-room haven, promising an unforgettable experience when it opens in the fall.
citizenM Continues to Shine: The 168-room citizenM South Beach is scheduled to open in the fall. This marks Miami’s third new citizenM hotel in just two years, following the successful launches of citizenM Miami World Center (February 2023) and citizenM Miami Brickell (July 2022), both located in downtown Miami.
Dreaming Big for 2025: The downtown area gears up for exciting hotel openings, including the Dream Miami at Riverside Wharf. This 165-room beauty will boast a private marina for VIP guests, a sprawling 30,000-square-foot rooftop pool deck, and a vibrant nightclub scene.
New Brands on the Horizon:Treehouse Brickell: With 191 rooms, this Treehouse Hotel is making its Miami debut. It follows the success of Treehouse Sunnyvale in California (scheduled to open in 2024).
Baccarat Hotel & Residences Miami: The brand’s second location, joining the iconic Baccarat Hotel New York (opened in 2015). Expect 249 rooms of elegance and sophistication.
Miami’s skyline is evolving, and these upcoming hotels promise luxury, innovation, and unforgettable experiences for visitors. 🌴🌟
#Costar #hospitality #southfloridarealestate #economy #tourism #cre #cmbs
