"As a result, we should see more interest among hotel brands who seek a presence here," she added.
The Brickell area has 1,844 hotel rooms, and many more are across the Brickell Bridge in downtown Miami, Robertson noted.
More hotel rooms will be added to the area when CityCentre is completed in 2015 a few blocks north of the PRH site. The $1.05 billion, 2.9 million-square-foot complex will include a 243-room hotel plus condos, retail and office space.
Having a hotel as part of a condo tower has its advantages, said Bo Ashbel, managing director at Aztec Group Inc., a Miami investment bank.
"Hotels create activity," said Ashbel, who is not involved in the project. "They create a buzz about a project."
He said a hotel, depending on the brand, can anchor a project and attract condo buyers.
"People like to say 'I live in the Four Seasons, or I live in the Ritz-Carlton,' " he said. "It creates a certain cache."
It is not clear what hotel flag Related would pick for its new project. But Ashbel doesn't expect a luxury brand for two reasons.
"The high-end hotel would want a Brickell Avenue address," he said. "Also, high-end hotels are not always comfortable being part of a larger project because they like to do their own thing."
But right now, the only way first-class hotels in the Brickell area can be financially feasible is as part of a condo project, said Christian Charre, senior vice president with CBRE Hotels. That way, the sale of the condos can subsidize the construction of the hotel.
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