Planned Miami convention center hotel a no go

Miami Beach Convention Center

A planned 800-room hotel adjacent to the Miami Beach Convention Center has been axed. Voters backed the proposal for the construction of the hotel, but failed to reach the required margin for the city to go ahead with the development.

The hotel failed to garner the 60-percent support needed to facilitate the development, securing only 54 percent. Portman Holdings of Atlanta originally proposed the $405-million, 800-room hotel in May, and was supported by the Greater Miami Convention and Visitors Bureau and Collins Park Neighborhood Association, among others.

However, opposition to the project mounted, claiming the space set aside for the hotel was too small and would attract too much traffic to the area. 

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Today, a solid majority of Miami Beach residents cast their votes in favor of the Miami Beach Convention Center Hotel, but we unfortunately came up short of the very high 60 percent threshold required for the project to move forward," said Portman Holdings vice chairman Jack Portman in a statement.

"From the outset Portman crafted a proposal designed to benefit the people who live here, in addition to those who visit," he continued. "Our proposal would have been 100 percent privately funded and provided for specific public benefits. While we are disappointed in this outcome, we wish the city and its residents only the best going forward, and we thank them for their consideration."

Suggested Articles

Ahead of the Israel Hotel Investment Summit, Christian Michel, VP of development for Wyndham Hotels & Resorts, talks about the value of brands.

Meliá Hotels International still expects to see a “moderately positive year end” after EBITDA drop, pulled down by lower capital gains against 2018.

As a rapidly rising hotel investment market, Italy is attracting interest from a range of companies—most recently, France's Covivio Hotels.