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Newly-Designed InterContinental Miami Will Evoke Miami's Arts, Cultural And International Appeal

Stocks in this article: BEE

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, and executives.

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.

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