SOURCE: Aria Development Group

Aria Development Group

December 18, 2014 15:09 ET

Aria Development Group and AQARAT Announce New Downtown Miami Mixed-Use Project

YOTEL Hotel Is Set to Open in 2017

MIAMI, FL--(Marketwired - Dec 18, 2014) - Aria Development Group, together with AQARAT, announced its latest development in the heart of Downtown Miami's bourgeoning urban core. The mixed-use project, set to open in 2017, will feature 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 elegant tower. The joint venture was arranged by New York-based private equity firm Empire Square Group. Downtown is ripe for an exciting urban lifestyle with the addition of the Perez Art Museum, the Arsht Center, an emerging restaurant scene, a new Whole Foods and the Bloomingdale's-anchored Miami World Center, all within walking distance.

YOTEL delivers affordable luxury without the clutter through smart spaces, providing everything for a guest to relax, refresh, sleep and connect. The hotel will feature 250 cabins and state-of-the-art guest facilities including a hip restaurant and bar, pool deck and gym.

Aria Development Group also envisions luxury residential units located on the upper floors. Above the bustle of the city, each resident will have the choice of enjoying a tranquil urban retreat or popping by the hotel pool deck to meet friends for a drink.

"Downtown Miami is emerging as a high-energy place to live, shop and work," said David Arditi, Principal of Aria Development Group. "There is strong demand for urban-chic residential apartments, and Miami's appeal as an international destination is at an all-time high. The YOTEL brand, with distribution in New York, London, Singapore, Paris and San Francisco is a perfect fit for Downtown Miami." Fahad H. Al-Shamlan, Investment & Acquisitions Manager of AQARAT, commented: "Miami's urban core is currently undergoing an exciting transformation, making the area perfect for this kind of mixed-use development. YOTEL Miami will bring a unique hospitality experience to South Florida."

"Aria Development Group has an impressive track record in Miami, and we are delighted they have selected YOTEL to operate their latest project. It is a testament to YOTEL's successful business model and an important step in our expansion strategy in the U.S.," said Yotel's CEO Hubert Viriot. "We look forward to launching our brand in Miami, one of North America's best known tourist destinations and a hub to Latin America. Downtown is the ideal location for YOTEL, providing excellent accessibility and an exciting urban lifestyle."

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.

Details for the residential component at 227 NE Second Street will be revealed in late Spring 2015.

About Aria Development Group
Aria Development Group is a real estate development and investment firm with holdings in New York City, Washington, DC and Miami. Aria was founded in 2009 by partners David Arditi, Joshua Benaim and Timothy Gordon. Since its founding, Aria and its principals have committed in excess of $200 million in equity to a variety of investments. The firm marries a classic value investment strategy with the real estate principles of location, scarcity, and beauty. Aria focuses on building and acquiring premier multifamily and mixed-use properties. Aria holdings and projects include 321 Ocean in South Beach, The Bond in Washington DC and 465 Pacific in Boerum Hill, Brooklyn NY.

About Yotel:
YOTEL currently operates three airport properties at London Heathrow, London Gatwick and Amsterdam Schiphol airports and one city center hotel 2 blocks from Times Square in New York City.

YOTEL was created by YO! founder Simon Woodroffe OBE. Inspired by first class travel, he translated the language of luxury airline travel and Japanese influence into a small but luxurious cabin. Headquartered in London YOTEL has two regional offices in Boston and Dubai. Its largest shareholder is IFA Hotels & Resorts, a global real estate investment house listed on the Kuwait stock exchange.

YOTEL is currently undergoing a rapid, global expansion and will be opening new hotels in Brooklyn's Williamsburg (2016), San Francisco (2016), Paris Charles de Gaulle (2016), Singapore (2017) and Miami (2017). YOTEL is also actively pursuing opportunities in the US, Europe and Asia Pacific.

About AQARAT:
AQARAT (Kuwait Real Estate Company K.P.S.C.) is one of Kuwait's leading real estate companies. The company was the first real estate company to be listed on the Kuwait Stock Exchange, and has a forty year track record delivering value to its customers and stakeholders through integrity and innovation. The company pioneered a multitude of concepts in the local market which included Kuwait City's first mixed-use urban development, the country's first luxury seafront residential complex as well as its first public-private build-operate-transfer development with the Kuwaiti government. Today, AQARAT's global footprint spans throughout the Middle East, Africa, Europe and the United States.

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