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It is the largest hotel deal in Miami this year.
The process took months - but the project has finally broken the ground.
It comes with a caveat for developers though.
Avison took a look at Fort Lauderdale and West Palm Beach as well.
Brazilians view the region as a "second home."
The excess of supply for the most part drove up vacancies in South Florida.
Office operates are re-evaluating their footprint, according to Avison Young.
The company plans on dealing with liabilities and returning capital to shareholders.
It is the second largest office deal in Florida history.
The mixed-use Miami Worldcenter has big plans for multifamily and residential units too.