MIAMI—Strategic Hotels & Resorts is investing $30 million into The InterContinental Miami. The upgrades on the 34-story iconic hotel will debut this fall.
The timing is excellent, given the state of Miami's hospitality market. Indeed, the hotel upgrades come as Miami gains ground as a destination for visitors from around the world. Passenger traffic at Miami International Airport was up nearly 7% in the first half of 2012 and total passenger arrivals are expected to eclipse 40 million this year for the first time, according to the Miami-Dade Aviation Department.
GlobeSt.com caught up with Robert Hill, general manager of InterContinental Miami, to get his take on Miami's hospitality market, how it compares to other markets nationally, and some of the largest success factors. Hill also shares more about InterContinental Miami's recent investment.
GlobeSt.com: How do you think Miami's hospitality market is faring right now and how does this compare to other markets nationally?
Hill: With ties to international trade and commerce, increased sophistication through art, entertainment and culinary excellence, and its position as a domestic and international tourist destination, Miami is outperforming national averages and standing out as one of the top investment markets for hospitality in the United States.
In fact, a 2012 investment report by Jones Lang LaSalle shows that Miami has been among the most active markets in the U.S. when it comes to capital investment in hotels, with over $3.4 billion in transaction volume occurring since 2000. Last year saw a 13% increase in activity over 2011, with an estimate of $650 million in deal volume.
GlobeSt.com: What are some of the biggest factors contributing to the sector's current success locally?
Hill:Miami has a number of things going for it that other cities simply can't offer: a thriving business sector, diversity of marketplace, proximity to Latin America, and a vibrancy of cultural amenities—all against the backdrop of a breathtaking tropical waterfront. Combined, this is creating a formidable force for investors looking to tap into strong, high-performing assets, and visitors looking for an unforgettable experience.
GlobeSt.com: Tell me a little about the InterContinental Miami's recent investment and why the hotel's ownership came to this decision?
Hill: With Miami's emergence as an international hub for travel in full swing, the InterContinental Miami recently completed $30 million in upgrades that has transformed the guest experience and breathed new life into one of the Magic City's most recognized hotels. The fresh redesign merges art and technology, in the form of two exterior LED Digital Canvases 19-stories tall that can be seen from miles across downtown Miami, Biscayne Bay, and PortMiami; a renovated porte-cochere with customizable lighting and sound; an exterior Time Square-style LED marquee with video and new media capabilities; and an interactive lobby that offers unique customer experiences.
Additionally, each of the hotel's 641 guest rooms and suites have been remodeled to keep pace with the latest trends in modern sophistication, amenities, technology and comfort. The guest room transformation includes new carpeting, furniture, bedding, linens, bathroom fixtures, wallpaper, and motorized window treatments. The project marks the first stateside location of Toro Toro by Chef Richard Sandoval and the hospitality debut for V Starr Interiors, tennis star Venus Williams' interior design firm, which has redesigned the hotel's two Presidential Suites and enhanced the designs of six Executive Suites and the hotel's 29th floor Club Lounge. Additional upgrades have also been made to the hotel's corridors, elevator landings, meeting spaces and other common areas.
Given Downtown Miami's emergence as a major international destination for commerce and tourism, now was the perfect time to undertake this investment. The InterContinental Miami has been a fixture of the Miami skyline for decades and has taken steps to keep pace with Miami's changing brand—from a sand-and-surf only city to one that exudes international style, arts and culture, luxury, and urban sophistication.
Be sure to come back this afternoon for part two of this exclusive interview. In the meantime, sound off on Hill's perspectives on the market. Do you agree? Disagree?
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