Search
 

Le Meridien Picks Up Management Contract for Beach Resort

SUNNY ISLES BEACH-The agreement makes this project, M Resort Residences, the London-based company's first beach resort in the US. It is also Miami developer Fortune International's first hospitality project.

By Melissa Bogdany | Updated on March 01, 2004

SUNNY ISLES BEACH-Le Meridien Hotels & Resorts has signed a deal with Miami-based developer Fortune International to manage the company’s 25-story condominium-hotel project under construction here. The tower will be London-based Le Meridien’s first beach resort in the US and Fortune International’s first venture into the hospitality sector.

The 210-unit oceanfront property has been called M Resort Residences; however, to reflect the new relationship, the name will change to Le Meridien Beach Resort & Spa, Miami/Sunny Isles Beach. Pavarini Construction Co. began construction on the resort last summer and the developer plans a December opening, just a little behind the originally planned date of this fall. The project, located at 18683 Collins Ave., just north of Miami, has an expected sell-out value of $82 million.

Robert Riley, CEO of Le Meridien, says in a statement that the company is adding the property as part of its efforts to grow its brand in the Americas.Edgardo Defortuna, president of Fortune International, notes that the prestige of the hotel company will benefit the project. “Le Meridien’s expertise in managing world-class beach resorts in places like Bora Bora, Rio de Janeiro and Cancun will bring a great deal to the partnership,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.