MIAMI BEACH, FL—Hotel Equities has inked a franchise agreement to develop a new construction $52 million resort-style Residence Inn by Marriott in Miami Beach/Surfside, FL.
Hotel Equities will co-develop the 175-room hotel in conjunction with Hotel Development Partners, a joint venture with IRE Capital. Groundbreaking is scheduled for this month with opening anticipated in late spring 2015.
“Once open, the upscale Residence Inn, in the very exclusive area of Miami Beach, will be a flagship property for Hotel Equities and real win for our associates, guests and investors,” said Fred Cerrone, president and CEO of Hotel Equities, “The distinctive resort style building with design touches that reflect the flavor of the area will make the hotel a favorite for both short and longer-term guests seeking upscale suites in the Miami Beach/Surfside market.”