CHICAGO, Oct. 4, 2012
/PRNewswire/ -- With Miami's
emergence as an international hub for business and leisure travel
in full swing, the InterContinental Miami is rolling out
$30.0 million in upgrades that will
transform the guest experience and breathe new life into one of the
Magic City's most recognized hotels. From a 19-story 'digital
canvas' that illuminates the downtown skyline each night and
multimedia features that showcase Miami's cultural vibrancy throughout the
hotel, to fully-renovated suites designed by tennis star
Venus Williams' V Starr Interiors
and Toro Toro, a Pan-Latin
steakhouse by celebrated chef Richard
Sandoval, the InterContinental Miami will set new standards
for luxury, technology and guest interaction in Miami. The improvements, set to debut this
fall, are the brainchild of hotel owner Strategic Hotels &
Resorts, Inc. (NYSE: BEE).
"When our guests walk through the doors of the new
InterContinental Miami, they will be stepping inside a hotel that
captures the pulse of this city," said Robert Hill, General Manager of the
InterContinental Miami. "Miami's
brand evokes international style, arts and culture, luxury
lifestyle, and an urban sophistication. The InterContinental Miami
will embody all of these traits along with the high caliber of
service that has come to define our hotel for nearly the past
thirty years."
Rising 34-stories in the heart of downtown Miami with views of the Atlantic Ocean,
Biscayne Bay, and adjacent Bayfront Park, the InterContinental
Miami features 641 luxury guest rooms, including 34 suites and 33
meeting rooms with more than 101,000 square feet of conference and
exhibition space. A flagship property within the Strategic Hotels
& Resorts portfolio, the InterContinental Miami is a hotel of
choice among heads-of-state, public figures, celebrities, and
executives.
The hotel upgrades come as Miami gains ground as a destination for
visitors from around the world. Passenger traffic at Miami International Airport was up nearly
seven percent in the first half of 2012 and total passenger
arrivals are expected to eclipse 40 million this year for the first
time, according to the Miami-Dade Aviation Department. More than
9.5 million international visitors arrived in the first six months
of 2012, accounting for an eight percent annual increase.
This uptick in volume is having a positive impact on the area's
hotel market. Miami now ranks
among the top five U.S. cities for hotel revenue per available room
(RevPAR) ($129.79, up 8.2 percent
over 2011), average daily room rate ($167.02, up 7.1 percent), and overall occupancy
(77.7 percent, up 1.1 percent), according to the Greater Miami
Convention and Visitors Bureau.
The InterContinental Miami in particular stands out for its
strong performance. The hotel's occupancy rate for 2012 is on pace
to be 4.0-5.0 percent higher than its peak year in 2007. In
addition, the InterContinental Miami is averaging 6.0 – 12.0
percent annual RevPAR growth since 2010.
"The InterContinental Miami has long been one of the
best-performing assets in our portfolio and we expect that
trajectory to continue as Miami
solidifies its status as a global business, leisure and lifestyle
destination," said Laurence Geller,
President and Chief Executive Officer of Strategic Hotels &
Resorts, Inc. "With downtown Miami
now recognized as one of the world's most dynamic urban centers, we
are making proactive investments that will ensure the
InterContinental Miami remains a market leader for the foreseeable
future."
The InterContinental Miami's transformation will be visible
before guests even set foot inside. A 'digital canvas'
encompassing thousands of LED lights will tower high above
Miami's urban core and will
be visible from miles away. The canvas will project digital
images and animations on the hotel's east and west facing facades,
highlighting current affairs and community events. Interactive
functions will enable guests and the general public to curate
content through social media and online engagement.
A fully renovated entrance area will feature customizable
lighting and sound elements, along with a Times Square-style LED
marquee to welcome guests, large groups, and special
events. Upon entering the hotel's new lobby, guests will
be immersed in a multimedia environment featuring 18 LCD
screens showcasing streaming content ranging from
digital works by local artists and information about
Miami-area attractions. Touch
screen coffee tables throughout the lobby will allow guests to
order cocktails, plan local outings, book dining reservations
and spa appointments, and more. Nearby, a live camera feed
will display real-time video of Biscayne Bay.
Upstairs, each of the hotel's 641 guest rooms and suites
are being remodeled to keep pace with the latest trends in modern
sophistication, amenities, technology and comfort. The guest room
transformation includes new carpeting, new furniture, new bedding,
linens, bathroom fixtures, wallpaper, and motorized window
treatments. Additional upgrades have also been made to the
hotel's corridors, elevator landings, meeting spaces and other
common areas. The project marks the hospitality debut for V Starr
Interiors, tennis star Venus
Williams' interior design firm, which has redesigned the
hotel's two Presidential Suites and enhanced the designs of six
Executive Suites and the hotel's 29th floor Club
Lounge.
The InterContinental Miami will also become a dining destination
on Miami's culinary map with the
introduction of its exciting new restaurant and bar concept.
Located on the main lobby level, Toro
Toro is celebrated chef/restaurateur Richard Sandoval's creative, Pan-Latin
interpretation of a contemporary steakhouse. The menu is
varied, featuring rodizio selections, an array of small plates (his
upscale take on the buffet classically found at a rodizio
restaurant), steaks served a la carte and composed
main-plates.
Toro Toro will also feature a
buzz-worthy bar, emphasizing craft cocktails made with
ultra-premium Latin spirits, perfect for the cocktail
crowd. Slated to open late-October
2012, this sophisticated and sexy concept, perfect for
Miami's evolving,
internationally-inspired culinary and nightlife scene, is
positioned to be the region's new must-try dining
destination.
While the InterContinental Miami is introducing a series of
changes, its most popular amenities will remain in place, including
mySpa Miami, the hotel's luxury
spa and fitness center, and its rooftop pool deck overlooking the
bay. Additionally, the InterContinental Miami's signature work of
art – Henry Moore's 18-foot, 70-ton
'Spindle' sculpture – will remain as the centerpiece of
its newly-designed lobby.
Likewise, one of the hotel's chief assets –
its status as the only downtown Miami hotel located directly on Biscayne
Bay – will continue to attract visitors from around the world. The
hotel is situated just steps from Bayfront Park,
AmericanAirlines Arena, the Adrienne Arsht Center for the
Performing Arts, and the future homes of the Miami Art Museum and
Miami Science Museum at Museum Park.
About InterContinental Miami
Celebrating over 25 years as an icon of the Downtown Miami skyline, the InterContinental
Miami is located at the crossroads of Miami's Business and Arts & Entertainment
districts. A beacon for business and leisure travelers alike, the
hotel rises 34 stories over the city with breathtaking views of the
Atlantic Ocean, Biscayne Bay and the Port of Miami. The hotel features 641 luxury guest
rooms, including 34 suites; 33 meeting rooms with over 101,000
square feet of meeting and exhibition space, including a
spectacular Grand Ballroom; three restaurants, including Table
40, the only Chef's Table in Downtown
Miami; full-service fitness center and spa at mySpa
Miami; and rooftop pool deck with
gardens. The InterContinental Miami is a proud corporate citizen of
the Miami-Dade community, invested
through its annual InterContinental Miami Make-A-Wish Ball, and its
corporate social responsibility program. For more information or to
make reservations, contact the InterContinental Miami, 100 Chopin
Plaza, Miami, Florida 33131, at
305-577-1000 or by visiting www.icmiamihotel.com. The hotel is
owned by Strategic Hotels & Resorts, Inc., and operated by
InterContinental Hotels Group PLC.
About Strategic Hotels & Resorts
Strategic Hotels & Resorts, Inc. is a real estate
investment trust (REIT) which owns and provides value-enhancing
asset management of high-end hotels and resorts in the United States, Mexico and Europe. The Company currently has ownership
interests in 18 properties with an aggregate of 8,271 rooms and
851,600 square feet of multi-purpose meeting and banqueting space.
For a list of current properties and for further information,
please visit the Company's website at
http://www.strategichotels.com/
This press release contains forward-looking statements about
Strategic Hotels & Resorts, Inc. (the "Company"). Except for
historical information, the matters discussed in this press release
are forward-looking statements subject to certain risks and
uncertainties. Actual results could differ materially from the
Company's projections. Factors that may contribute to these
differences include, but are not limited to the following: ability
to obtain, refinance or restructure debt or comply with covenants
contained in our debt facilities; volatility in equity or debt
markets; availability of capital; rising interest rates and
operating costs; rising insurance premiums; cash available for
capital expenditures; competition; demand for hotel rooms in our
current and proposed market areas; economic conditions generally
and in the real estate market specifically, including deterioration
of economic conditions and the extent of its effect on business and
leisure travel and the lodging industry; ability to dispose of
existing properties in a manner consistent with our disposition
strategy; delays in construction and development; demand for hotel
condominiums; the failure of closing conditions to be satisfied;
risks related to natural disasters; the effect of threats of
terrorism and increased security precautions on travel patterns and
hotel bookings; the outbreak of hostilities and international
political instability; legislative or regulatory changes, including
changes to laws governing the taxation of REITs; and changes in
generally accepted accounting principles, policies and guidelines
applicable to REITs.
Additional risks are discussed in the Company's filings with
the Securities and Exchange Commission, including those appearing
under the heading "Item 1A. Risk Factors" in the Company's most
recent annual report on Form 10-K and subsequent quarterly reports
on Form 10-Q. Although the Company believes the expectations
reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurance that its
expectations will be attained. The forward-looking statements are
made as of the date of this press release, and we undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
SOURCE Strategic Hotels & Resorts, Inc.