YOTEL Aria Development Group, together with AQARAT, announced its latest development in the heart of Downtown Miami's burgeoning urban core. The mixed-use project, set to open in 2017, will feature luxury apartments and Miami's first YOTEL hotel.

Aria Development Group, a New York and Miami-based real estate investment and development company, closed on a joint venture agreement with AQARAT, one of Kuwait's leading real estate companies, to develop the elegant tower. The joint venture was arranged by New York-based private equity firm Empire Square Group. Downtown is ripe for an exciting urban lifestyle with the addition of the Perez Art Museum, the Arsht Center, an emerging restaurant scene, a new Whole Foods and the Bloomingdale's-anchored Miami World Center, all within walking distance.

YOTEL delivers affordable luxury without the clutter through smart spaces, providing everything for a guest to relax, refresh, sleep and connect. The hotel will feature 250 cabins and state-of-the-art guest facilities including a hip restaurant and bar, pool deck and gym.

Aria Development Group also envisions luxury residential units located on the upper floors. Above the bustle of the city, each resident will have the choice of enjoying a tranquil urban retreat or popping by the hotel pool deck to meet friends for a drink.

"Downtown Miami is emerging as a high-energy place to live, shop and work," said David Arditi, Principal of Aria Development Group. "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." Fahad H. Al-Shamlan, Investment & Acquisitions Manager of AQARAT, commented: "Miami's urban core is currently undergoing an exciting transformation, making the area perfect for this kind of mixed-use development. YOTEL Miami will bring a unique hospitality experience to South Florida."

"Aria Development Group has an impressive track record in Miami, and we are delighted they have selected YOTEL to operate their latest project. It is a testament to YOTEL's successful business model and an important step in our expansion strategy in the U.S.," said Yotel's CEO Hubert Viriot. "We look forward to launching our brand in Miami, one of North America's best known tourist destinations and a hub to Latin America. Downtown is the ideal location for YOTEL, providing excellent accessibility and an exciting urban lifestyle."

The announcement comes at the heels of Aria Development Group's acclaimed development 321 Ocean, a beachfront condominium located on the sand in the exclusive South Beach enclave known as South of Fifth.

Details for the residential component at 227 NE Second Street will be revealed in late Spring 2015.

ABOUT YOTEL

With 22 properties in sought-after locations globally, YOTEL is for people on the move. People who are experiencing, doing and achieving; Non-Stop. From buzzing cities to bustling airports YOTEL exists to challenge the status quo of the hospitality industry and deliver a different experience for guests through smart design, creative technology, and awesome people. YOTEL is the pit stop for the Non-Stop.

The global hospitality brand is based in London with regional offices in the US and Asia and has a portfolio of three brands: YOTEL (city centre hotels), YOTELPAD (extended stay option) and YOTELAIR (airport hotels). The company operates fourteen city centre hotels in New York, Boston, San Francisco, Washington D.C., Miami, Singapore, Edinburgh, London (2), Amsterdam, Porto, Glasgow, Manchester, and Park City, and six airport hotels in London Gatwick, Amsterdam Schiphol, Paris, Charles de Gaulle, Istanbul Airport (2), and Singapore Changi.

YOTEL's major shareholders include a controlled affiliate of Starwood Capital Group, the Talal Jassim Al-Bahar Group, United Investment Portugal, and Kuwait Real Estate Company (AQARAT).

YOTEL was originally created by YO! founder Simon Woodroffe OBE who took inspiration from the experience of first-class travel and translated that ethos, language and design into small but beautifully designed rooms. www.yo.co.uk.