YOTEL Aria Development Group, together with AQARAT, is developing a new mixed-use project in Miami, set to open in 2017. The project will include luxury apartments and Miami's first Yotel hotel.
Aria Development Group, a New York and Miami-based real estate investment and development company, closed on a joint venture agreement with AQARAT, one of Kuwait's leading real estate companies, to develop the tower. The joint venture was arranged by New York-based private equity firm Empire Square Group. The hotel will have 250 cabins and guest facilities including a restaurant and bar, pool deck and gym.
The announcement comes at the heels of Aria Development Group's acclaimed development 321 Ocean, a beachfront condominium located on the sand in the exclusive South Beach enclave known as South of Fifth.