Miami Beach is getting into the hotel business. Miami-Dade County Commissioners approved a measure that would allow the county to incur up to $92.5 million in debt to allow a development team to build the Miami Beach Convention Center Headquarters Hotel. Terra Group and Turnberry Associates will oversee the hotel’s design, construction, and operation.

The Convention Center Hotel, also known as Grand Hyatt Miami Beach, will utilize a 99-year ground lease structure. The city will maintain ownership of the land while the developer constructs and operates the hotel. The project is expected to open by 2027.

Current plans state the business-focused accommodation will feature a skybridge to the convention center, five food and beverage outlets, and 100,000 square feet of meeting space. The property will also get a gym, two pools and 320 parking spaces.

The total project cost is now estimated at approximately $600 million. The $92.5 million outlined in the resolution is designed to bridge a financial gap caused by rising construction expenses and interest rates.

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