Two Newly-Constructed Hotels Hit Market

MIAMI—Two newly-constructed hotels in Doral are up for grabs. CBRE Hotels is marketing the 145-room boutique hotel Aloft, which opened in 2013, and the 139-room eco-friendly extended-stay hotel Element by Westin. Element is set to come to market in March.

“This exceptional portfolio is ideally situated in one of Miami's fastest growing submarkets, surrounded by a diverse pool of demand generators,” says Christian Charre, senior vice president of CBRE Hotels, who is marking the portfolio along with CBRE Hotels' Paul Weimer and Natalie Castillo. “Additionally, the site provides ample excess land and approvals for further development, such as a proposed seven-story office and retail building, and 422-space parking garage.”

Aloft Miami Doral ha been operating for nearly 24 months. The hotel's occupancy is above 92%. In the fourth quarter of 2014, the hotel posted an average daily room rate of about $120.

The extended-stay Element by Westin is a new concept in hotel visits and features a smart, environmentally friendly design influenced by nature. It sits on a prestigious corner on about 4.97 acres in Doral.

The hotels are within a five-mile radius of several billion dollars in office and retail and residential development. Both hotels are also within a five-minute drive of the Dolphin and Miami International Malls, as well as a dozen other demand generators, such as the Carnival Cruise Lines headquarters, Miami International Airport, and U.S. Southern Command.

Doral is hitting on all cylinders. Alta Developers and Terra Group in December closed on a $26 million loan. BCI Bank loaned the Miami-based developers the cash to build Neovita Doral, a townhouse and single-family home community in Doral. Doral is demanding more industrial and office developers are moving in. The retail market is also going strong.

“The suburban market of Doral has seen strong retail activity because of its booming residential base, with numerous new residential developments underway, and close proximity to Miami International Airport,” Jason Shapiro, managing director of Aztec Group, tells GlobeSt.com. “Doral rental rates are reaching the $40s per square foot mark in some centers, which we haven't seen in this market before.”