Richfield Picked to Manage Hotel Component of Marquis Residences
- Sep 15, 2011
Miami—Africa Israel USA has hired a new property manager for Tempo Miami, a 56-room luxury hotel that’s part of the 67-story Marquis Residences, a late-2000s Miami condo development. Denver-based Richfield Hospitality Inc. is taking the place of RockResorts, a subsidiary of Vail Resorts Inc.
The glass-and-steel Marquis Residences building, which includes 292 residential units, rises above downtown Miami and offers both homeowners and hotel guests access to sunrise and sunset pools, food and beverage outposts, and views of Biscayne Bay and the Atlantic Ocean. New York-based developer Africa-Israel USA completed the property in 2008, ahead of the contraction in Miami’s condo market.
Now the Miami condo market seems to be poised for a comeback, though there’s still something of an inventory overhang. According to Condo Vultures, which tracks the market, some 2,300 developer condos still sit unsold in greater Miami. There are also about 2,400 units currently on the resale market, according to the Florida Realtors Association.
Yet new condo development has started again in downtown Miami in the form of 23 Plaza Corp., a 100-unit tower being developed by a private equity group from South America. Reportedly 75 percent of its units have presold. As reportedly previously by MHN, newly wealthy South Americans, especially Brazilians, are in town in numbers looking for their own piece of Miami, a goal partly facilitated by a weak U.S. dollar.
About 70 percent of the condos at the Marquis Residences have been sold, with prices ranging from about $590,000 for a 1,477-square-foot, two-bedroom unit to $2.2 million for a 3,017-square-foot, two-and-a-half bedroom unit. The building, designed by Arquitectonica, features an 8,000-square-foot spa and fitness center overlooking the Biscayne Bay, a sky pool on the 14th story with Asian-inspired water gardens and, most distinctive of all, the Biscayne Beacon, a 16-story lighting fixture illuminating the Miami skyline.
The developers consider the Tempo Miami hotel component of Marquis Residences to be an important amenity for the property as a whole (and a good place for prospective Marquis Residences condo buyers to stay). Currently, Richfield and its affiliates manage about 550 hotels and resorts worldwide.