The Grand Hyatt Brand Selected as Flag for New Miami Beach Convention Center Hotel

MIAMI BEACH, Fla., Feb. 24, 2020 /PRNewswire/ -- The development team behind Miami Beach's new Convention Center hotel announced today that an 800-room property will be operated by Hyatt under the luxury Grand Hyatt brand, when it opens to guests in 2023. Grand Hyatt Miami Beach will create a new hospitality option for visitors attending events at the adjacent Miami Beach Convention Center, which underwent a $600 million renovation that was completed last year, and anchor the Convention Center District.

The hotel development is being led by David Martin of Terra and Jackie Soffer of Turnberry, whose plans for the hotel were overwhelmingly approved by Miami Beach voters in 2018. The 17-story hotel will be situated at the intersection of 17th Street and Convention Center Drive, within walking distance of the beachfront, Lincoln Road Mall, New World Symphony, The Bass Museum and The Fillmore Miami Beach.

"For years, Miami Beach has served as a global destination for arts, culture, shopping, dining and entertainment, but the City has lacked a true headquarters hotel for top-tier conventions and meetings," said Martin and Soffer. "South Florida's first Grand Hyatt hotel will maximize Miami Beach's investment in its re-imagined Convention Center while bridging the physical gap that exists between the Convention Center District and surrounding neighborhoods."

The new hotel will become only the second Grand Hyatt property in Florida, joining Grand Hyatt Tampa Bay. Grand Hyatt hotels are designed to connect guests with iconic experiences, landmarks and cultural touchstones in captivating destinations around the world. Hallmarks of the brand include bold and vibrant design and architecture, elevated amenities and welcoming service that creates moments of more.

"At Hyatt, we believe in growing with intent and expanding our footprint in markets that matter most to our guests and World of Hyatt members," said David Tarr, senior vice president, development, Americas, Hyatt. "Hyatt is proud to play an integral role in this project as hotel operator, under the luxury Grand Hyatt brand, which will help guests and locals alike celebrate the iconic, captivating city of Miami Beach."

Grand Hyatt Miami Beach will be designed by internationally acclaimed architect Bernardo Fort-Brescia and his firm, Miami-based Arquitectonica. The team also includes partner Craig Robins of Dacra, who is the visionary behind the Miami Design District and helped revive Miami Beach's Art Deco District in the 1990s; Stonehill Taylor, which is designing the hotel's interior lobby and lounges, ballroom and meeting rooms, hotel rooms and all common areas; EOA, which is designing the pool deck hospitality features of the hotel; and Arquitectonica GEO, which is creating lush pedestrian promenades and landscapes.

Hotel features are expected to include 12 floors of guest rooms offering views of Miami Beach, two floors of meeting spaces and ballrooms that will complement the Convention Center, a resort-style pool deck with panoramic views, and limited retail space that will activate the district at street level. An elevated skybridge will enable event attendees to move freely between the hotel and Convention Center in a climate-controlled, art-filled corridor. 

Plans also include landscaped pedestrian promenades on surrounding streets, bike sharing stations, connectivity with public transit routes, dedicated ridesharing pick-up and drop-off zones, and direct access between the Convention Center and Lincoln Road. The project's resiliency and sustainability measures include storm water management and reuse, flood risk mitigation, and the use of solar power – all of which are designed to ensure operational continuity during weather events.

"The Greater Miami Convention & Visitors Bureau (GMCVB) joins Terra, Turnberry and The City of Miami Beach in welcoming the Grand Hyatt Miami Beach as the newly named brand for the 800-room headquarter hotel connected to the Miami Beach Convention Center," said William D. Talbert, III, CDME, President of the GMCVB.  "Grand Hyatt Miami Beach makes it possible to better compete for citywide conventions which fuel jobs in our community and generates business for all of Greater Miami's hotels and merchants. We look forward to the hotel ground-breaking which once completed will finalize the Miami Beach Convention Center District." 

The term "Hyatt" is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates. 

About Grand Hyatt
Around the world, Grand Hyatt hotels bring travel dreams to life by celebrating the iconic in small details and magnificent moments. Located at the crossroads of local culture and global business within major gateway cities and resort destinations, each Grand Hyatt hotel is uniquely designed to be a captivating destination within a destination. Grand Hyatt hotels deliver welcoming and elevated service, first-class accommodations and an abundance of options within a multicultural backdrop of dramatic architecture and bold and vibrant design. Grand Hyatt properties boast inventive restaurants, luxury spas, fitness centers, and business and meeting facilities. For additional information or to make a reservation, please visit grandhyatt.com. Follow @GrandHyatt on Facebook and Instagram, and tag photos with #GrandHyatt.

About Terra
Terra is a Miami-based real estate development and investment company that creates communities, enhances neighborhoods and connects people. Led by David Martin, Terra was founded in 2001 and is involved in all facets of residential and commercial development, including realty, mortgage, marketing and construction. Terra owns and operates a carefully curated portfolio of real estate developments that elevate quality of life; maximize the way in which people work, live and entertain; and innovate the urban and suburban landscape with an eye toward resiliency and sustainability. Since its launch, Terra has developed more than 10 million square feet of residential, commercial, and mixed-use projects valued at $10 billion across South Florida. Terra thrives by assembling teams comprised of the world's most accomplished architects, designers, planners, engineers and builders who collaborate to bring the firm's development vision to life. Learn more at www.terragroup.com.

About Turnberry
Turnberry is a real estate and property management company that has developed more than $10 billion in commercial and residential assets, including approximately 20 million square feet of retail space, more than 7,000 apartments and condominium units, 1.5 million square feet of class "A" office space and almost 3,000 hotel and resort rooms. Led by Chairman and Chief Executive Officer Jackie Soffer, Turnberry owns and operates Aventura Mall, Town Center Aventura, Destin Commons, JW Marriott Nashville, and an array of select service hotels such as Residence Inn by Marriott Aventura Mall and Courtyard by Marriott Aventura. The company also is partnering with LeFrak to create Solé Mia in North Miami, a 184-acre project that includes plans for 12 residential towers and 500,000 square feet of retail and commercial space all anchored around Laguna Solé, a 7-acre swimmable Crystal Lagoon, the first in South Florida. For more information, visit www.turnberry.com.

Forward-Looking Statements
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about Hyatt's plans, strategies, outlook, occupancy, ADR and growth trends, market share, the number of properties Hyatt expects to open in the future, Hyatt expected adjusted SG&A expense, Hyatt estimated comparable system-wide RevPAR growth, Hyatt estimated Adjusted EBITDA growth, Hyatt expected net rooms growth, maintenance and enhancement to existing properties capital expenditures, investments in new properties capital expenditures, depreciation and amortization expense and interest expense estimates, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, Hyatt's actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by Hyatt and Hyatt's management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and the pace of economic recovery following economic downturns; levels of spending in business and leisure segments as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters such as earthquakes, tsunamis, tornadoes, hurricanes, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases or fear of such outbreaks; Hyatt's ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of Hyatt's third-party owners; the impact of hotel renovations and redevelopments; risks associated with Hyatt capital allocation plans and common stock repurchase program and other forms of shareholder capital return, including the risk that Hyatt's common stock repurchase program could increase volatility and fail to enhance shareholder value; Hyatt's intention to pay a quarterly cash dividend and the amounts thereof, if any; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of Hyatt customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and Hyatt's relationships with, third-party property owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access capital necessary to fund current operations or implement Hyatt's plans for growth; risks associated with potential acquisitions and dispositions and the introduction of new brand concepts; the timing of acquisitions and dispositions, and Hyatt's ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); Hyatt's ability to successfully execute on Hyatt's strategy to expand its management and franchising business while at the same time reducing Hyatt's  real estate asset base within targeted timeframes and at expected values; declines in the value of Hyatt's real estate assets; unforeseen terminations of Hyatt's management or franchise agreements; changes in federal, state, local, or foreign tax law;  the impact of changes in the tax code as a result of the Tax Cuts and Jobs Act of 2017 and uncertainty as to how some of those changes may be applied; increases in interest rates and operating costs; foreign exchange rate fluctuations or currency restructurings; lack of acceptance of new brands or innovation; general volatility of the capital markets and Hyatt's ability to access such markets; changes in the competitive environment in Hyatt's industry, including as a result of industry consolidation, and the markets where Hyatt operates; Hyatt's ability to successfully grow the World of Hyatt loyalty program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; violations of regulations or laws related to Hyatt's franchising business; and other risks discussed in the Company's filings with the SEC, including Hyatt's annual report on Form 10-K, which filings are available from the SEC. All forward-looking statements attributable to Hyatt or persons acting on Hyatt's behalf are expressly qualified in their entirety by the cautionary statements set forth above. Hyatt cautions you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. Hyatt does not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If Hyatt updates one or more forward-looking statements, no inference should be drawn that Hyatt will make additional updates with respect to those or other forward-looking statements.

SOURCE Terra

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