MIAMI, FL - Aria Development Group, together with AQARAT, announced its latest development in the heart of Downtown Miami's bourgeoning urban core. The mixed-use project, set to open in 2017, will feature luxury apartments and Miami's first YOTEL hotel. Aria Development Group, a New York and Miami-based real estate investment and development company, closed on a joint venture agreement with AQARAT, one of Kuwait's leading real estate companies, to develop the elegant tower. The joint venture was arranged by New York-based private equity firm Empire Square Group. Downtown is ripe for an exciting urban lifestyle with the addition of the Perez Art Museum, the Arsht Center, an emerging restaurant scene, a new Whole Foods and the Bloomingdale's-anchored Miami World Center, all within walking distance.
YOTEL delivers affordable luxury without the clutter through smart spaces, providing everything for a guest to relax, refresh, sleep and connect. The hotel will feature 250 cabins and state-of-the-art guest facilities including a hip restaurant and bar, pool deck and gym.
Aria Development Group also envisions luxury residential units located on the upper floors. Above the bustle of the city, each resident will have the choice of enjoying a tranquil urban retreat or popping by the hotel pool deck to meet friends for a drink.
"Downtown Miami is emerging as a high-energy place to live, shop and work," said David Arditi, Principal of Aria Development Group. "There is strong demand for urban-chic residential apartments, and Miami's appeal as an international destination is at an all-time high. The YOTEL brand, with distribution in New York, London, Singapore, Paris and San Francisco is a perfect fit for Downtown Miami." Fahad H. Al-Shamlan, Investment & Acquisitions Manager of AQARAT, commented: "Miami's urban core is currently undergoing an exciting transformation, making the area perfect for this kind of mixed-use development. YOTEL Miami will bring a unique hospitality experience to South Florida."
"Aria Development Group has an impressive track record in Miami, and we are delighted they have selected YOTEL to operate their latest project. It is a testament to YOTEL's successful business model and an important step in our expansion strategy in the U.S.," said Yotel's CEO Hubert Viriot. "We look forward to launching our brand in Miami, one of North America's best known tourist destinations and a hub to Latin America. Downtown is the ideal location for YOTEL, providing excellent accessibility and an exciting urban lifestyle."
The announcement comes at the heels of Aria Development Group's acclaimed development 321 Ocean, a beachfront condominium located on the sand in the exclusive South Beach enclave known as South of Fifth.
Details for the residential component at 227 NE Second Street will be revealed in late Spring 2015.