LOS ANGELES — Real estate colleagues questioned Justin Palmer's purchase of a boarded-up, eight-story San Francisco office building for $17.7 million, almost double the price paid for it six years before. Then he told them his plan.
MIAMI—Aria Development Group, a New York and Miami-based real estate investment and development company, plans to develop a mixed-use tower, set to open in 2017. It will feature luxury apartments and Miami’s first Yotel hotel.
The U.S. hotel industry is in for all-time record levels of occupancy through 2017—if PKF Hospitality Research’s forecast plays out. For 2015, the research firm is predicting increases in demand (+2.6%), occupancy (+1.3%), average daily rate (+5.7%) and revenue per available room (+7.1%), among other metrics. Supply is also set to increase by 1.2%.
Miami’s Aria Development Group is partnering with Kuwait Real Estate Company AQARAT to build a 40-story hotel and residential tower in downtown Miami.