MIAMI—With Downtown Miami poised to become a 24/7 city in this decade, hotel brands are beating a path into the Magic City. But what are the X factors? What will have the biggest impact on Miami hospitality in the near future?
GlobeSt.com caught up with CBRE Hotels‘ Christian Charre, whose Miami-based team focuses on serving owners and investors in Florida, the Caribbean, and Latin America, to get his insights. If you missed part one of this exclusive interview, Why Institutional Investors Like Miami Hotels, you can still read it online.
GlobeSt.com: Where is most of the growth in hospitality occurring?
Charre: Downtown Miami is becoming much more relevant. In the next five years, you’re going to see Miami transformed into a 24-hour city.
There is a fair amount of new supply being added to the market in the Brickell and downtown area, including a hotel component to Brickell CityCentre, the recently opened Aloft Miami-Brickell, the future 270-key Atton Hotel, a Chilean brand expanding in North America, and the famous SLS. There is a Homewood Suites in the planning stages for Brickell as well. This is in addition to the Miami World Center project downtown which will offer 1,800 rooms under Marriott brands.
GlobeSt.com: What will have the biggest impact on Miami hospitality in the near future?
Charre: The fundamentals are good and will continue to get better, even without gaming or David Beckham’s grand plans for a new soccer stadium. The redevelopment of the Miami Beach Convention Center would benefit all hoteliers, drawing more convention business to the city.
Another development that could have repercussions in Miami is Bahamar, the mega-resort in the Bahamas that opens in December. Direct flights from Asia to the Bahamas could bring a whole new wave of tourists to Miami. In conclusion, I believe there will be plenty of demand for Miami and Miami Beach to prosper and thrive, and the new lodging supply will be quickly absorbed.