More than 1,100 hotel rooms are under construction and expected to open in Miami this year, up from 423 room openings in 2023.
An average of 1,700 rooms opened annually from 2020 through 2022.
Projects in Miami Beach account for more than half of the rooms opening in 2024. The 295-room Collins Park Hotel, an adaptive reuse of a collection of historic buildings within the Museum Historic District, is expected to open in the spring; and the 150-room luxury Thompson South Beach is expected to open in the fall.
The 168-room citizenM South Beach is also scheduled to open in the fall. It will be Miami's third new citizenM hotel in a two-year period, following the citizenM Miami World Center that opened in February 2023 and the citizenM Miami Brickell that opened in July 2022. The two previous citizenM hotels opened in downtown Miami.
Hotel openings in 2025 are concentrated in the downtown area, including the Dream Miami at Riverside Wharf. When the 165-room hotel opens in 2025, it will offer a private marina capable of accommodating mega yachts for VIP guests and a 30,000-square-foot rooftop pool deck and nightclub. The Dream Miami at Riverside Wharf will be the brand’s second Miami location, joining the Dream South Beach.
The 2025 pipeline includes hotels from two brands that will be new to Miami. The 191-room Treehouse Brickell and the 249-room Baccarat Hotel & Residences are both under construction in the downtown area.
Treehouse Hotels and Baccarat Hotels are operated by SH Hotels & Resorts, a hotel brand management company that also operates 1 Hotels and SH Collection properties. The first Treehouse in the U.S., Treehouse Sunnyvale in California, is scheduled to open in 2024, followed by Treehouse Brickell in 2025.
The Baccarat Hotel & Residences Miami will be the brand’s second location, joining the Baccarat Hotel New York which opened in 2015, and will be followed by Baccarat Hotel & Residences Dubai in 2026.
Two more new-to-Miami brands are expected to begin construction this year. The 219-room HOO Miami Legacy is projected to break ground in downtown Miami in 2024 and open in 2026. The hotel will be the first U.S. location for Morgans Originals, part of Accor’s Lifestyle by Ennismore collection.
Virgin Hotels Miami, the brand’s first Florida location, is also scheduled to begin construction in 2024 and open in 2026. The 250-room luxury hotel will be in a 40-story new-build tower in downtown Miami’s Brickell neighborhood.
However, the timelines for projects in development are subject to change given higher interest rates on construction loans and tighter lending standards. There is also some concern that rising costs for property insurance may deter some hotel development in Florida.