HomeMy WebLinkAboutR-21-0442City of Miami
Resolution R-21-0442
Legislation
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 10947 Final Action Date: 10/28/2021
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENTS,
AUTHORIZING THE CITY MANAGER TO PROVIDE CONSENT, IN A FORM
ACCEPTABLE TO THE CITY ATTORNEY, TO THE ASSIGNMENT AND
ASSUMPTION OF THAT CERTAIN LEASE AND AGREEMENT FOR
DEVELOPMENT DATED AS OF SEPTEMBER 13, 1979 (AS AMENDED,
SUPPLEMENTED, AND ASSIGNED, "LEASE") BETWEEN THE CITY OF
MIAMI AND HYATT EQUITIES L.L.C. ("TENANT") TO HRM OWNER, LLC,
("ASSIGNEE"); FURTHER AUTHORIZING THE CITY MANAGER TO
NEGOTIATE AND EXECUTE ANY AND ALL OTHER DOCUMENTS, ALL IN
FORMS ACCEPTABLE TO THE CITY ATTORNEY, AS MAY BE NECESSARY
TO CONSENT TO THE ASSIGNMENT AND ASSUMPTION OF THE LEASE
FROM TENANT TO ASSIGNEE.
WHEREAS, the City of Miami ("City") owns the real property located generally at 400
Southeast 2nd Avenue, Miami, Florida 33131 ("Property"); and
WHEREAS, Hyatt Equities, L.L.C. ("Tenant") leases from the City a portion of the
Property wherein the Tenant currently operates the Hyatt Regency Hotel pursuant to a Lease
and Agreement for Development dated as of September 13, 1979 (as amended, supplemented,
and assigned, "Lease"); and
WHEREAS, in anticipation of pursuing a redevelopment or significant renovation of the
facilities, the Tenant desires to assign its interest in the Lease to a new entity, HRM Owner LLC
("Assignee"); and
WHEREAS, the Assignee will be a joint venture with fifty percent (50%) ownership by a
subsidiary of Hyatt Hotels Corporation and fifty percent (50%) ownership by a subsidiary of KA
Platform Holdco, LLC ("Gencom"), as more particularly depicted in the Proposed Organizational
Chart dated August 2, 2021, attached and incorporated as Exhibit "A"; and
WHEREAS, the joint venture between the Tenant and Gencom is more particularly
described in the Summary of Joint Venture Transaction dated September 14, 2021, attached
and incorporated as Exhibit "B"; and
WHEREAS, the Lease shall not be altered as to its terms, conditions, or obligations and
shall remain in full force and effect with a subsidiary of Hyatt Corporation, as affiliate of the
Tenant, continuing to operate the hotel and facilities as a Hyatt Regency Hotel; and
WHEREAS, the Tenant requires the City's consent to the assignment of the Lease;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
City of Miami Page 1 of 2 File ID: 10947 (Revision:) Printed On: 6/3/2025
File ID: 10947 Enactment Number: R-21-0442
Section 1. The recitals and findings contained in the preamble to this Resolution are
hereby adopted by reference hereto and incorporated herein as if fully set forth in this Section.
Section 2. The City Manager is hereby authorized1 to provide consent, in a form
acceptable to the City Attorney, to the assignment and assumption of the Lease from the Tenant
to the Assignee.
Section 3. The City Manager is further authorized' to negotiate and execute any and all
necessary documents, including amendments and modifications, all in forms acceptable to the
City Attorney, as may be necessary to effectuate the consent to the assignment and assumption
of the Lease from the Tenant to the Assignee.
Section 4. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
ndez, City Httor
10/19/2021
1 The herein authorization is further subject to compliance with all requirements that may be imposed by
the City Attorney, including but not limited to those prescribed by applicable City Charter and Code
provisions
City of Miami Page 2 of 2 File ID: 10947 (Revision:) Printed on: 6/3/2025