Hotel Operator Signs 49-Year Lease For Hyatt At Panorama Tower

An affiliate of Tibor Hollo’s Florida East Coast Realty has signed a lease with the operator of a hotel on the lower levels of Panorama Tower, Miami’s tallest building.

Concord Aztec Brickell LLC will have the exclusive rights to operate a hotel in the building, and no other short term leases (less than a month) will be allowed by the landlord elsewhere in the building.

In total, the lease covers about 157,000 square feet of space on levels 2-19 of the 85-story tower.

The deal runs for 49 years, with a 25 year option to the tenant. The tenant also has the right of first refusal to purchase the property.

The company has previously said that the hotel will be a 208-key Hyatt Centric with a Havana theme.