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JOINT VENTURE BREAKS GROUND ON HYATT PLACE MIAMI AIRPORT

MIAMI — A joint venture between Mayan Properties, Concord Hospitality and Travelers Hotel Group has begun building the Hyatt Place Miami Airport, a 135-room hotel in Miami. The hotel is located at 3549 LeJeune Road near Miami International Airport. The joint venture expects to open the hotel in the fourth quarter of 2014. The $21 million hotel is the first Hyatt Place hotel in Miami to be constructed from the ground up, according to Mayan Properties. Aztec Group, an affiliate of Mayan Properties, recently secured a $15 million construction loan and raised additional equity for the project. Concord Hospitality will manage the hotel once construction is complete. The project team includes general contractor RCI Inc. and architects PFVS Architecture, Israel Bigelman and MoniOmi Design. The new hotel will include 42-inch TVs in the guestrooms, a pool deck, outdoor terrace, fitness center and a market featuring Starbucks Coffee, bars and dining options.

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