Urbanica expands Miami Beach, Fla., investment with $40M buy

Urbanica The Hotels, already set to expand its presence in the Miami area in the next year, revealed plans to develop a new 20-story, 200-room hotel in Miami Beach, Fla. The company bought the undeveloped, 0.98-acre lot where it plans to open the hotel from China City Construction late last month for $40 million.

Slated to open in approximately two years, the hotel will include a signature restaurant helmed by the brand’s partner Fernando Trocca, an indoor bar and a pool bar. According to Urbanica The Hotels, the land it bought for the property is the last undeveloped beachfront lot in Miami Beach’s North Beach neighborhood.

Urbanica The Hotels plans to open three additional hotels in the Miami area by the end of 2020. The Euclid Hotel, a 30-room property with a bar and grill, is slated to open this fall in Miami Beach. The Fifth is slated to open in Miami Beach in mid-2020 with 52 guestrooms, a pool and a restaurant. The company plans to open its first property in Miami proper in late 2020. Called The Biscayne, that hotel will include 200 guestrooms, approximately 5,000 square feet of ground-floor retail space, a rooftop pool, a restaurant, a bar and a game room.

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“Urbanica currently employs 200 people, and with our latest acquisitions we have aggressive plans to double our staff and bring new job opportunities to this community soon,” Diego Colmenero, one of the two founders, said in a statement.

Urbanica The Hotels launched in Argentina in 2000. It opened two hotels in the country before debuting its first U.S. property—a 71-room Miami Beach property called The Meridian Hotel—in 2016. The Kaskades Hotel, which Urbanica manages as an independent operation, followed earlier this summer in Miami Beach. The company plans to expand beyond the Miami area to other major cities like Chicago, New York and Los Angeles soon.