by Lisa A. Grimaldi | May 26, 2015
The Miami Beach City Commission has approved plans for an 800-room hotel to be built adjacent to the Miami Beach Convention Center, according to press reports. Other property features include 95,210 square feet of meeting space, a fitness center, a spa, a business center, and five food-and-beverage outlets. Portman Holdings, the developer, will privately fund the $405 million project and pay the city 4 percent of the hotel's gross revenues under a proposed 99-year lease. The property is expected to debut in November 2018, pending approval of the lease by Miami Beach voters.