Extended Stay didn't disclose the construction cost of the new unit but construction industry estimators familiar with the product and the southwest Miami submarket tell GlobeSt.com on condition of anonymity the estimated value is at least $10 million or a hard construction cost of about $100,000 per room.
The company last reported a net gain of $16.6 million, or 17 cents per diluted share, on revenue of $134 million for the three months ended March 31, compared with net of $11.3 million, or 12 cents a share, on revenue of $114 million for the same period in 2000.
The company now owns and manages 28 hotels in Florida and 402 throughout the United States. News of the hotel's development comes as the company recently secured a rank for the second consecutive year on the Fortune magazine list of the 100 Fastest-Growing Companies in the United States.
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