#hotel-development

#hotel-development

Excitement on the ground is only exceeded by the facts, after a record-setting summer that saw downtown hotels finally beat pre-pandemic occupancy rates. Convention business is booming with the new Summit building complete, and cruise and concert travelers are back in full force. The average room now fetches north of $300 a night-a sign that demand has rarely been higher. And yet much higher it will go, with optimism running at a fever pitch ahead of the 2026 FIFA World Cup.

City Realty submitted the application for the 96-room hotel on an approximately 8,000-square-foot site to the Boston Planning and Development Agency on Aug. 11. According to the application, the developers hope to cater to diverse visitors, specifically families visiting students at nearby universities, business travelers, and tourists. The building will include four covered temporary parking spaces and a valet service at the rear.

After six years of stalled development, the Raleigh hotel project in Miami Beach could change hands for around $275 million, as Nahla Capital has reportedly won the bidding process.