Hyatt Centric Hotel Seizes on Miami Spillover Demand in Fort Lauderdale

Courtesy of Kolter Hospitality.A Hyatt Centric is under building and construction on Las Olas Boulevard in Fort Lauderdale, Florida, in exactly what would be the city’s highest building and the very first brand-new hotel on the signature street in more than 80 years as the city ends up being more popular as a cheaper alternative to Miami.

Not that long back, the 38,325-square-foot parcel was simply a piece of dirt admired by Scott Webb, president of Kolter Hospitality, a division of West Palm Beach-based developer Kolter Group.

Hotel development is flourishing throughout Fort Lauderdale with the included visitors passing up Miami as they think about expense. Webb, a hockey fan, considers the site neglecting the New River as “center ice.”

” Sincere to God, it was the place that drew me there,” he told CoStar News. “We simply had to get our hands on it.”

In 2015, Kolter bought the land from a Texas company for $17.25 million, public records show, and started planning exactly what it considers a defining mixed-use job in downtown Fort Lauderdale.

Kolter’s 100 Las Olas features the 238-room hotel, in addition to 113 condominiums priced from the high $800,000 s to about $3 million a piece. The tower, spanning 46 stories and 499 feet, is on speed to open in early 2020, a number of months ahead of schedule, Webb said.

Credit: Paul Owers for CoStar Group Inc.Hotel spaces will be on floors seven through 15. The condominiums start on the 16th floor of the tower. The building will have a ground-floor restaurant

in addition to a parking lot, swimming pool deck and meeting space. Las Olas Boulevard, the city’s main artery downtown

, includes a mix of bars, restaurants and shops that will be easily available for hotel visitors and apartment locals excited to explore the city. Chicago-based Hyatt Hotels Corp. launched the Hyatt Centric brand in 2015, targeting millennials” who want to be in the middle of the action.” The hotel room rates have not yet been set, however Webb stated they will top $200 a night and most likely average between$ 225 and $250.” We’re not aiming to compete with the Ritz and all the things down on the [beach]

,” Webb said. As of completion of July, more than 6,000 hotel spaces in 38 projects are under construction or in the pipeline in Fort Lauderdale

, inning accordance with STR, a data and analytics company for the travel industry. Regardless of all the building, no hotel has actually been developed on Las Olas because the Riverside Hotel opened in

1936. The Riverside, at 620 E. Las Olas Blvd., touts an old Florida charm and modest rates starting at $139 a night.” The downtown has needed a quality hotel for quite a while,” stated Scott Brush, a Miami-based hotel specialist.

” The Riverside is good, however it’s not truly a high-end property.” Kolter chooses pedestrian-friendly places and discovered the perfect spot, Brush included. “They want to remain in a walkable community, and certainly Las Olas is a walkable neighborhood,” he said. Paul Owers, South Florida Market Press Reporter CoStar Group.

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