US owner-operator takes on first Hyatt hotel with expansion plan

US-based hotel owner-operator MCR has acquired its first Hyatt Hotels Corporation site with a plan to overhaul the property.

Hyatt Place Miami Airport East is a six-storey, select service hotel with 135 rooms in Miami, Florida.

Capital improvement and expansion

Built in 2015, the hotel was purchased at over a 25% discount to MCR’s estimated replacement cost. The site now has a $5 million capital improvement and expansion plan underway.

Dining options include The Placery, a full-service restaurant and bar, and a grab-and-go market offering snacks and beverages.

Onsite amenities comprise an outdoor pool, a fitness centre, laundry facilities, a 24-hour business centre and a fire pit area.

Florida additions

This is MCR’s ninth hotel in Florida. The Hyatt Place brand itself also has an active pipeline of newbuilds which will join Hyatt Place Miami Airport East in operation.

These include Hyatt Place Melbourne Airport on the state’s east coast, imminently opening this March with 143 rooms; while Hyatt Place Fort Lauderdale/Coral Springs is due to bring 138 keys to south Florida in Q4 2023; and the 114-room Hyatt Place New Smyrna Beach should join it in the same quarter.