Grupo Posadas and Bighorn Capital teamed up to bring Live Aqua, Posadas' luxury boutique hotel brand, to five U.S. cities.
Bighorn Capital invested $450 million to develop an initial five properties targeted in U.S. gateway cities: Chicago, Miami, Los Angeles, Houston and Washington, D.C. The move marks the first international expansion for Mexico’s largest hotel operator. The hotels are expected to comprise an average of 250 to 300 units.
The first development will be an 82-story high-rise in Chicago’s West Loop area and is dual-branded with the Live Aqua and Dream Hotels brands. It is targeted for completion in 2017.
The Début Hotel Group, which owns and operates hotel brands including Dream Hotels, Night Hotels and Time Hotels, will manage the Live Aqua hotels in the U.S.