“We pick and choose the properties we work on and we like this one because it’s new and fresh and well positioned in the
market,” Lyle Stern, president of the Koniver Stern Group, tells GlobeSt.com. “The best use of this space is restaurants.
There’s an opportunity here to continue to ramp up the neighborhood causal dining.”
Casual dining might be the most appropriate use of the space, considering the Hampton Inn’s status as a mid-range hotel.
According to Miami Downtown Development Authority research, about 55% of the market is high-end properties. Put another
way, mid-range rooms account for only 1,000 of Downtown Miami’s 6,500 rooms. The Hampton Inn is filling a void in the
market, and casual restaurants could complement the mid-range hotel brand.
As Stern sees it, Downtown Miami and the Brickell Financial District are experiencing a classic case of retail
following rooftops. With more and more people moving into the area and the number of visitors in Downtown Miami on
the rise, he says there are multiple drivers luring retail businesses to the area.
“The Hampton Inn & Suites property offers a pedestrian-friendly location, convenient on-site parking, and a strong
built-in customer base,” Stern says. “It’s an ideal setting for a mid-range restaurant in a submarket that has seen
Property features include a 210-space parking garage offering parking for restaurant patrons, the availability of
monument signage fronting SW 12 street, and close proximity to public transit options, including MetroRail and
MetroMover. The hotel will feature a modern, upscale interior design reminiscent of a luxury property.
Bernard Wolfson, president of Miami-based Hospitality Operations—and developer of the Hampton Inn & Suites project—says
the hotel’s “mid-market appeal and the Brickell area’s emergence as a hotbed of residential and commercial growth,
means our street-level storefronts offer big business opportunity for restaurateurs seeking a presence in the area.”