Five years ago, on the eve of a national real estate collapse, Pedro Villar completed the shell of a condominium building in Miami’s Brickell area but was worried about finishing the rest of the project.
Mulling his options while waiting out the industry downturn, Villar decided the project could be saved by partnering with hospitality veteran Francisco Arocha to construct a mid-priced hotel on the 1001 SW Second Ave. property. Villar’s Mary Brickell Village Hotel LLC in January secured $7.5 million in construction financing from City National Bank and is now close to completing Aloft Miami-Brickell, which will target younger business travelers.
