AQARAT has recently entered into a joint venture with an experienced local Miami developer, Aria Development Group, to develop a mixed-use, 40-story multifamily apartment and hotel project situated at 227- 235 NE 2nd Street in downtown Miami. Kuwait Real Estate Company is also in talks with “YOTEL” to develop a 300-key (“cabin”) hotel (“YOTEL Miami”) as part of the project, which is in the planning and design phase. KREC and its partners would act as developer and owner of the proposed YOTEL Miami, with YOTEL acting as third party manager of the property.
Based on initial discussions, the project is expected to utilize an area of around 360,000 square feet of which the hotel component would utilize approximately 105,000 square feet.
YOTEL is contemplating a 250-cabin (room) hotel which, including all public space and back of house, would utilize approximately 95,000 buildable square feet. The residences component of the project would consist of 100-110 apartments consisting of Studio, 1BR and 2BR apartments targeted to students as well as working professionals in the area.
Given that the project is a ground-up opportunity, YOTEL Miami is anticipated to have a typical 18-24 month development timeline, with a target opening in 2017.
YOTEL Downtown Miami would be operated under a third party hotel management agreement, the full detailed terms of which are outlined in the Letter of Intent (“LOI”) attached hereto. The management of a YOTEL in downtown Miami is ideally suited to Yotel’s ambitions of securing further development opportunities globally. YOTEL currently has numerous deals in its pipeline, having recently signed a management contract for a 600-cabin development on Singapore’s Orchard Road, and is in various stages on YOTEL Paris Charles De Gualle Airport, YOTEL London Clerkenwell, YOTEL Manchester, YOTEL Edinburgh, YOTEL Chicago, YOTEL Atlanta Airport, YOTEL Atlanta Downtown, YOTEL Boston and another two YOTELs in New York.
YOTEL Miami will be designed to fit into the downtown Miami neighborhood and provide a truly unique hospitality experience as well as deliver strong operating results and investment returns for Ownership.
AQARAT Ownership : 51%
Aqarat has invested in Yotel New York, which is located on 42nd Street and 10th Avenue in Times Square, New York. The Yotel development consists of 668 rooms in the heart of Manhattan, New York City. The flagship property is designed by Rockwell Group of New York in collaboration with Softroom of London and features 12,000 sqft of dynamic and flexible space known as the Sky Lobby, and the largest outside terrace space featuring a restaurant, several bars, lounges, a terrace, exercise room etc.
The hotel's 668 rooms offer a beautifully designed space in which to relax, refresh, connect and sleep. On the fourth floor is a restaurant, the stunning living room/outdoor terrace space, a deluxe lounge and bar with private meeting rooms, a gym, a studio space for a range of events, a lounge space for working or relaxing, workstations to catch up on email and elevators to the 19 floors of guest rooms.
Yotel New York is the first city centre hotel of the Yotel chain of hotels. Yotel has previous hotels in airports of London Heathrow, Gatwick as well as in Amsterdam Schipol.
Ownership : 29.26%
In line with AQARAT’S strategy in the US, to invest in development projects in the U.S. Aqarat has recently entered into an investment in the upcoming Yotel San Francisco located on Market Street , San Francisco, California.
Along with IFA and Synapse Capital, Aqarat has recently acquired 1095 Market Street, an eight story , 76,000 sqft historic corner retail and office building centrally located on San Francisco’s Market Street. Located on a historic corner retail and office building, 1095 Market Street is currently vacant and fully entitled for hotel use including over 8,500 square feet of F&B which includes a rare, approved roof top bar. The building is prominently located in one of San Francisco’s rapidly improving neighbourhoods and offers an excellent opportunity to acquire, upgrade, and reposition a beautiful historic San Francisco building. The site will be developed into a 215-key YOTEL San Francisco (the brand’s first West Coast hotel), a truly unique offering in the market.
Expected opening is anticipated in 2017.
AQARAT Ownership: 40%
Aqarat has successfully completed the acquisition of a 86 unit, 281 bed multifamily rental apartment located close to several major universities including Georgia Tech,, Georgia State University as well as Atlanta’s 138 acre mixed use development – Atlantic Station.
All of the apartments at The Flats come fully furnished. The building offers two, three & four bedroom student apartments with a variety of layouts and floor plans to choose from. A full-size washer and dryer are included in every apartment, as are built in microwaves and upgraded WiFi.
Ownership : 96%