Downtown Miami’s hotel pipeline could more than double existing supply
Rendering: Waldorf Astoria in downtown Miami (Credit: ArX Solutions)
A study released by Miami Downtown Development Authority showed that the number of rooms planned and under construction in the areas of Brickell, downtown Miami, the Arts & Entertainment District, Edgewater, Midtown, Overtown, and Wynwood is totaling more than 12,000 hotel rooms spread across 43 projects, which would more than double the existing supply of only 8,121 rooms.
The increase in hotel construction is due to the residential boom in those areas, as well as the completion of large mixed-use projects such as Miami Worldcenter and Brightline’s MiamiCentral.
Currently, there are approximately 400 rooms under construction, including the AC Hotel by Marriot with 153 rooms in Edgewater and a Hotel Indigo in Brickell with 230 rooms. Besides, there are residential developments with hotel components such as YotelPad Miami and Waldorf Astoria Hotels & Resorts, both in Downtown Miami.
The Miami Market also has two large convention center hotels planned: an 800-key hotel next to the Miami Beach Convention Center and a 1,700-room hotel at the Miami Worldcenter.
1,700 Marriott rooms are coming to Miami Worldcenter
A 1,700 room Marriott Marquis hotel and convention center remains on the road to be built at the Miami Worldcenter.
In a recent interview, Nitin Motwani, Miami Worldcenter’s managing principal, was positive about the Miami hotel market, calling it ” a dream.”
Even with this statement, they’ve been losing the city’s momentum with the project delay.
The Marriott Marquis was first presented to the Miami Urban Development Review Board in 2014 as a 1,800-room project with 600,000 square feet of convention space estimated at $ 750 million. A franchise agreement was signed with Marriott in October 2017.
Last year, representatives from Worldcenter said the hotel was on track for early 2018.
Rendering: Worldcenter’s 1,700 Room Marriott