Onward And Upward

When developers Charlie Porchetto and Diego Colmenero launched Urbanica The Hotels 20 years ago, they had little inkling of the empire they’d someday build – one hotel at a time – in the heart of Miami’s hottest neighborhoods.

With two hotels currently open for business, another three slated to debut within the next couple years and their latest acquisition of a $40 million beachfront lot on Collins Avenue in North Beach, they’ve not only made their mark in town but are also looking toward expansion in other cities nationwide.

Not bad for a couple of 40-year-olds whose partnership began in their native Argentina when they met as business students at San Andres University.

First venturing into residential and commercial real estate development, Porchetto and Colmenero soon switched gears to the hospitality industry, opening The Suites Hotel and then The Libertador Hotel in Buenos Aires.

After moving to Miami six years ago, they launched their first U.S. project in 2016: The Meridian Hotel, a 71-room Art Deco property that houses an Italian deli and a chic speakeasy in the South of Fifth (SoFi) neighborhood. The nearby Euclid Hotel followed last October, while their third property in the area, The Fifth, is slated to open later this year.

Although Colmenero and Porchetto immediately fell in love with the authentic local flavor of SoFi, in part thanks to its location far from tourist traps, they’re also tapping into the potential of the burgeoning Edgewater area (the future site of The Biscayne) and North Beach.  

“These areas will undergo a tremendous amount of growth, and we believe in investing in them,” says Porchetto, who, like Colmenero, vacationed with family in Miami as a child and has witnessed the city’s evolution.

Another big benefit of developing in the Magic City is that it serves as a gateway to South America, Colmenero points out. 

“We also have a stable economy here, which is essential for building a profitable business in real estate and hotels,” he says.

Today, the business partners are both married, have two children each and live only 15 minutes apart – with Porchetto in Miami Beach and Colmenero in Coconut Grove. 

That’s because the work never stops for this dynamic duo. 

“I spend more time with Diego than with my own kids!” says Porchetto with a laugh. O