MIAMI—Hotels are a key component of Brickell City Centre and Miami Worldcenter, but that's not stopping other developers from getting in on a hot market. Aria Development Group, a New York and Miami-based real estate investment and development company, is also betting on the demand for hotels in the urban core.

Aria is building a hotel in Downtown Miami that's set to open in 2017. The mixed-use tower will be located at 227 Northeast Second Street and feature luxury apartments and Miami's first Yotel hotel.

“Downtown Miami is emerging as a high-energy place to live, shop and work,” says David Arditi, principal of Aria. “There is strong demand for urban-chic residential apartments, and Miami's appeal as an international destination is at an all-time high. The Yotel brand, with distribution in New York, London, Singapore, Paris, and San Francisco is a perfect fit for Downtown Miami.”