Construction Begins on 135-key Hyatt Place Miami Airport

A Joint Venture of Mayan Properties, Concord Hospitality & Travelers Hotel Group

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. December 13, 2013

Miami, FL - December 13, 2013 - With Miami experiencing record-levels of international tourism and hotel operators from around the world entering the market through new development and acquisitions, construction is beginning on a new Hyatt Place property near Miami International Airport (MIA). The 135-room hotel, which is located at 3549 LeJeune Road near the intersection of State Road 112, becomes the first Hyatt Place to be developed in Miami from the ground up. Hyatt Place Miami Airport is expected to open in the fourth quarter of 2014.

While much of Miami's new hotel development has been fueled by in-bound investment on the part of some of the largest hospitality developers around the world, the new Hyatt Place is the brainchild of locally-based MIA LeJeune, LLC, a joint venture led by one of Miami's most active private real estate investment firms, Mayan Properties. The Coconut Grove-based firm has teamed up with Concord Hospitality, one of the nation's leading hotel owners, operators and developers, and Travelers Hotel Group to finance and build the $21 million project. Aztec Group, a Mayan Properties affiliate, recently secured a $15 million construction loan and raised additional equity for the project. Raleigh, NC-based Concord Hospitality will manage the property once open.

"We have been bullish on the Miami International Airport market for the past 20 years and the timing was just right to develop this project," says Mayan Properties Principal Boaz Ashbel. "Hyatt Place has carved a niche in the select service category nationally, yet Miami-Dade is lacking a Hyatt Place property that was built from scratch. Our new hotel's location, amenities, and mid-range price point will appeal to business and leisure travelers looking for a comfortable, convenient and stylish place to stay within close proximity of MIA."

Construction of the new Hyatt Place comes as Miami cements its ranking among the nation's strongest markets, with 13.4 million hotel room nights sold in 2012, a 2.5 percent increase over the previous year, according to the Greater Miami Convention and Visitors Bureau. Most of this growth has been triggered by growing activity at Miami International Airport, which saw passenger arrivals rise from approximately 18.4 million in 2012 to 19.4 million in 2013. The airport recently expanded service to Canada with the addition of WestJet service to Calgary, Canada. Earlier this year, Brussels Belgium became the 14th European city with non-stop service to Miami and Qatar Airways, serving the Middle East, will begin four weekly non-stops to Doha, Qatar in 2014.

"The Miami International Airport submarket is experiencing average occupancy rates in excess of 80 percent, which is strong by any measure," notes development team member Steven Marin, principal with Travelers Hotel Group. "The development of a new Hyatt Place will raise the quality standards for the airport market and introduce a new top-tier brand that will raise the average daily rates."

Leading the management of the Hyatt Place Hotel is Concord Hospitality, which manages over 90 hotels and 13,000 guest rooms and suites in the US and Canada.

"The secret to developing in well-established markets like Miami is identifying the unmet need and finding the right brand to address it," said Mark Laport, president of Concord Hospitality Enterprises. "Hyatt Place, with its integrated high-tech touches, is exactly the right brand for any airport submarket, but especially for Miami, with its high volume of international travelers and cruise passengers."

The new Miami hotel joins a network of more than 180 Hyatt Place hotels around the world. Inspired by multitasking travelers' 24/7 lifestyle, Hyatt Place combines stylish design and practical amenities with forward-thinking technology. The property's spacious guestrooms will feature Hyatt Grand beds, multiple areas to work and relax, and a state-of-the-art media centers equipped with 42-inch high definition TVs. A pool deck and outdoor terrace will be available for events and meetings. Additional features will include complimentary wireless internet access, a StayFit@Hyatt fitness center and a market offering everything from Starbucks coffee to wine and cocktails. A complimentary a.m. Kitchen SkilletTM hot breakfast will be served daily.

RCI, Inc. is serving as the project's general contractor. The property's design team is comprised of PFVS Architecture in conjunction with local architect Israel Bigelman, and MoniOmi Design, which is creating the hotel's stylish interiors.