The developer of a dual-branded hotel near Brickell City Centre has been issued a construction permit and obtained financing.
The 24-story hotel will have both the AC Hotel By Marriott and the Element By Westin. The combined count will be 264 hotel keys.
There will also be 23,000 square feet of retail, and 60 parking spaces. The developers have previously said it would be millennial focused.
A rooftop lounge is also planned.
Construction permits were issued by the city last week.
Construction financing from City National Bank ($67 million) and mezzanine financing from NYSE-listed Summit Hotel Properties ($29 million) were obtained by the developers earlier this month, for a total of $96 million.
Summit has an option to buy the hotel from the developer. At its option, Summit can buy 90% of the hotel upon completion, and the remaining 10% five years later.
Robert Finvarb is the developer. Arquitectonica is the architect.
Source: The Next Miami