MIAMI— In a move that boosts its presence in the Americas to 14 properties, Le Méridien Hotels & Resorts inked a deal with Miami-based condominium developer Fortune International to manage the M Resort Residences on Sunny Isles Beach here. The 25-story, 210-unit project on Sunny Isles Beach, just north of Miami, is currently under construction and set to open this December ‘04. The announcement will likely be the last for several months from the upscale hotel chain, which is currently going through a financial restructuring with its primary lender Lehman Brothers and Starwood Hotels. “We are delighted to add this high quality, high-style resort to the Le Méridien portfolio as we focus on growing our brand in the Americas,” said Robert Riley, CEO of Le Méridien. The deal consists of a long-term management agreement, through which Le Méridien will control and manage the rental of the condominiums. The agreement was more than one year in the making, according to Glen Aeppel, executive vp/business development, The Americas, for Le Méridien. “Fortune approached us after we announced our dedication to the Art + Tech concept. They loved it and wanted to differentiate themselves with an eclectic, contemporary physical asset,” Aeppel said. Representing Fortune’s first hotel project, the company was eager to align the M Residences with a brand that was unique, particularly in the Miami market. The project represents not only Le Méridien’s first property in Florida, but also its first resort property within the United States. “We are extremely excited to announce our affiliation with this prestigious hotel group,” said Edgardo Defortuna, president of Fortune International. “Le Méridien’s expertise in managing world class beach resorts in places like Bora Bora, Rio de Janeiro and Cancun will bring a great deal to the partnership.” “Our business philosophies are a perfect match,” said Alejandro Aparicio, Fortune‘s executive vp/hospitality. “Le Méridien’s high-style, service-intensive management complements our concept for this resort.” According to Aparicio, Fortune selected Le Méridien as the brand for the project because they wanted a flag that would bring something different to the building— in design and name. “I saw what they were doing with Art + Tech and it was a great fit. In addition, they were different— a luxury hotel chain from Europe not very well known in the U.S.” And although the company seemed to be going through some financial difficulties, their dedication to growth in the U.S. was attractive to Fortune. “Now they are in a solid position, with Lehman and Starwood, to do just that,” he said. The new Le Méridien Beach Resort and Spa will offer a strong modern atmosphere that is both European in style and also functional. Besides featuring a full-service, 6,300-square-foot boutique spa and fitness center, the Le Méridien resort will also be the newest venue for BiCE restaurant, known for its fine Italian cuisine at locations around the world. Offering both indoor and outdoor dining for 250 guests, the restaurant will also feature a 30-seat lobby lounge. Other facilities will include 561 square feet of meeting space, an infinity-edge swimming pool, a tropical pool bar and poolside jacuzzi, beach cabanas, hammocks and a full service business center. Le Méridien has a strong track record in resort locations, said Aeppel. “We hope this latest resort addition will keep the momentum going for our brand,” she said. However, it is very unlikely any more deals will be announced in the near term, since the reality is that the company is focusing on its capital restructuring at the moment, Aeppel said. “I don’t anticipate consummating any more deals in the imminent future, or at least for the next four months or so,” Aeppel said. “Obviously, we are taking a sort of slight pause right now while things get sorted out.” But that does not mean Le Méridien will stop working on its pipeline, she said. In fact, Aeppel
