Swire Hotels, the Hong Kong-based company, will expand its holdings into the U.S. market with the opening of EAST, Miami at Brickell City Centre. The hotel will be located within its $1.5 billion mixed-use development, which will open its doors to guests next year.
Miami has successfully made the switch from a resort market to a “global gateway city” and has seen an expansion of business, industry and trade and, consequently, of interest from property investors. More than 10 upscale hotel brands were in the running for the project but Swire Hotels won out.
EAST, Miami will have 263 luxury guest rooms, as well as 89 serviced apartments, known as EAST Residences. The latter will appeal to long-term visitors. The 41-storey building will offer guests the largest average room size among hotels in the city where there is a ready market for guest rooms and serviced apartments.
Mr. Cohan made the point that there are numerous guests who need to travel to Miami for a week or more at a time, several times a year. Some people travel to the city for a week every month.
According to a report prepared by PKF Hospitality Research, Miami is one of six cities that are expected to see an increase in room inventory of over four per cent over the next two years.
This rate will not be enough to oversaturate the market and, despite the new additions to the city, PKF forecasts that the Miami hotel market will continue to perform above its average through to 2018.
