Developer says Hyatt-Dream Hotel deal won’t change Miami River project

A hotel that’s part of a $185 million megaproject coming to a city-owned site along the Miami River has a new operator.

Driving the news: Hyatt Hotels recently agreed to acquire the Dream Hotel Group, which has a hotel in South Beach in addition to the one coming to the river, for up to $300 million, the Real Deal reports.

Yes, but: The co-developer of the Miami River entertainment project told Axios that the deal wouldn’t significantly alter the development.

• Coral Gables-based Driftwood Capital, which is developing the Riverside Wharf project with MV Real Estate Holdings, will maintain control of most aspects of the project. The only change is that Hyatt will play a role in operating the hotel, Driftwood CEO Carlos Rodriguez Sr. said.
• “I only see it as a positive,” he said, noting that Hyatt has robust marketing and reservations systems in place.

Catch up fast: In 2016, voters gave the OK for the city to lease land to Riverside Wharf for restaurants and event spaces for 30 years, with two possible 10-year extensions.

• Before the developers built anything, they expanded their plans, adding the hotel and other features — which required taking over additional city land and extending the lease for another 50 years.
• This August, Miami voters approved the revised plan.

Details: The hotel is slated to consist of two towers with 165 rooms, plus an expanded version of Wharf Miami — the trendy hangout currently on the site. New restaurants, a nightclub and a private marina are also planned.

• The project is estimated to open in 2025.