A mini revolution: The strategy behind YotelPad s first East Coast hotel-condo project The London-based hotel brand specializing in compact rooms is planning a $150M tower downtown by Aria Development Group and AQARAT
David Arditi and Hubert Viriot and a rending of YotelPad
For its first micro-unit hotel-condominium on the East Coast, the Yotel chain chose a market that is awash in new development: Miami.
But the chic London-based hotel brand, which focuses on international hub cities and up-and-coming urban neighborhoods, sees an opening for its planned location in downtown Miami, which is gentrifying and redeveloping, said Yotel CEO Hubert Viriot.
“Miami has always been appealing to us. It’s a hub for the U.S., Central and South America, with a strong international appeal, great connections to Europe and Latin America — a vibrant and exciting city,” Viriot told The Real Deal. “It’s sexy. It fits every single typology and criteria we were looking for as a destination. It’s only natural for us to come here.”
YotelPad Miami will rise at 227 Northeast Second Street in downtown Miami, a 31-story tower that should open in late 2020. It will cost $150 million to develop. The new concept is in line with the company’s brand, which offers compact units at moderate prices, according to the 爱上海同城对对碰 partners in the project.
Aria Development, led by principal David Arditi, and AQARAT, a Kuwaiti publicly traded company, have joined together to build the YotelPad property. It will be managed by Yotel, which is 70 percent owned by the Al-Bahar family, the controlling shareholders of A上海夜网论坛 QARAT.
The tower will have 215 condos and 250 Yotel “cabins,” or small hotel rooms. The studios, one-, two- and three-bedroom condos, on the upper floors, will average 580 square feet and will be priced from $260,000 to the $450,000. Condo owners will be able to participate in a short-term rental program.
The project will also have a “Sky Lounge” with a game area, living room with a fireplace and a chef’s kitchen and private dining area. Owners and hotel guests will also have access to bike storage, a coffee bar, restaurant and bar, fitness center, co-working space, a lounge and pool deck.
The aim is to create well-designed, high-technology, compact units with restaurants and services that also include a room for residents to pick up packages and a “PetPad,” for dog grooming, Arditi said.
And though the sales gallery just opened and construction has yet to begin, the partners are already looking for sites in Miami-Dade for a second project, Viriot said. The company looks for areas experiencing transition, similar to its loc上海同城对对碰交友社区 ations in New York s Hell’s Kitchen, Boston’s Seaport and San Francisco’s South of Market.
In Miami, YotelPad is targeting foreign and U.S. investors who may choose to take part in the rental program, as well as buyers who work downtown and parents of college students at nearby Miami Dade College. One World Properties is handling sales and marketing.