Newly-Designed InterContinental Miami Will Evoke Miami's Arts, Cultural and
Strategic Hotels & Resorts, Inc.'s $30.0 million investment positions flagship
hotel for Miami's rise as a global business and lifestyle destination
CHICAGO, Oct. 4, 2012
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,
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
The InterContinental Miami's transformationwill be visible before guests even
set foot inside.A 'digital canvas' encompassing thousands of LED lights will
tower highabove Miami's urban coreand will be visible from miles away. The
canvas will projectdigital images and animations on the hotel's east and west
facing facades, highlighting currentaffairs and community events. Interactive
functions will enable guests and the general public to curate content through
social media and online engagement.
Afully 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 enteringthe hotel's new lobby, guests will
beimmersed in a multimedia environment featuring18 LCD screens showcasing
streaming content ranging from digitalworks by local artists andinformation
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 thehotel'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 29^th 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– willremain as the centerpiece
of its newly-designed lobby.
Likewise, one of the hotel'schief assets– itsstatus as theonly downtown
Miami hotel located directly onBiscayne Bay – will continue to attract
visitors from around the world. The hotelis situated juststeps 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 Museumat
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
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.
Contact: Investors; Jonathan Stanner, Vice President, Corporate Finance and
Treasurer, Strategic Hotels & Resorts, +1-312-658-5746, OR Media (for the
Hotel); Tadd Schwartz, President, Schwartz Media, +1-305-807-3612
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