Yotel Miami

AQARAT has recently entered into a joint venture with an experienced local Miami developer, Aria Development Group, to develop a mixed-use, 40-story multifamily apartment and hotel project situated at 227- 235 NE 2nd Street in downtown Miami. Kuwait Real Estate Company is also in talks with “YOTEL” to develop a 300-key (“cabin”) hotel (“YOTEL Miami”) as part of the project, which is in the planning and design phase. KREC and its partners would act as developer and owner of the proposed YOTEL Miami, with YOTEL acting as third party manager of the property.

Based on initial discussions, the project is expected to utilize an area of around 360,000 square feet of which the hotel component would utilize approximately 105,000 square feet.

YOTEL is contemplating a 250-cabin (room) hotel which, including all public space and back of house, would utilize approximately 95,000 buildable square feet. The residences component of the project would consist of 100-110 apartments consisting of Studio, 1BR and 2BR apartments targeted to students as well as working professionals in the area.

Given that the project is a ground-up opportunity, YOTEL Miami is anticipated to have a typical 18-24 month development timeline, with a target opening in 2017.

YOTEL Downtown Miami would be operated under a third party hotel management agreement, the full detailed terms of which are outlined in the Letter of Intent (“LOI”) attached hereto. The management of a YOTEL in downtown Miami is ideally suited to Yotel’s ambitions of securing further development opportunities globally. YOTEL currently has numerous deals in its pipeline, having recently signed a management contract for a 600-cabin development on Singapore’s Orchard Road, and is in various stages on YOTEL Paris Charles De Gualle Airport, YOTEL London Clerkenwell, YOTEL Manchester, YOTEL Edinburgh, YOTEL Chicago, YOTEL Atlanta Airport, YOTEL Atlanta Downtown, YOTEL Boston and another two YOTELs in New York.

YOTEL Miami will be designed to fit into the downtown Miami neighborhood and provide a truly unique hospitality experience as well as deliver strong operating results and investment returns for Ownership.

AQARAT Ownership : 51%