Hotel Equities announced the execution of a Marriott franchise agreement to develop a new construction $52 million resort-style Residence Inn by Marriott in Miami Beach/Surfside, Florida. Hotel Equities will co-develop the 175-room one-of-a kind hotel in conjunction with Hotel Development Partners, a joint venture with IRE Capital. Allen O'Brien and Steve Smith, both of IRE Capital, serve as principals of Hotel Development Partners along with Fred Cerrone.

Groundbreaking is scheduled for January 2014 with opening anticipated in late spring 2015. The distinctive resort-style building with design touches that reflect the flavor of the area will make the hotel a favorite for both short and longer-term guests seeking upscale suites in the Miami Beach/Surfside market. Located in the northwest corner of the intersection of Collins Avenue and 92nd street in Miami Beach (Surfside), the hotel sits only four blocks south of the exclusive, Bal Harbour Shops.