Last year we learnt that Miami Airport (MIA) would be getting a new lounge, OMaaT is now reporting that Chase has won that spot over Capital One and TAV. The new Chase Sapphire Lounge will be located in Concourse E near gate E7 on the third floor and be roughly 14,000 square feet.
Chase has secured a 15 year lease in a deal that is expected to bring the airport nearly $94 million in revenue. As part of the deal chase will pay for all capital improvements, 40% of gross revenues across applicable categories and an annual ‘privilege’ fee of ~$3.46 million. It seems that Chase massively outbid the competitors as the others were offering:
- 13-25% of gross revenue & $120,000 annually (Capital One, bid was under PPL holdings)
- 13-26% of gross revenue & $100,000 annually (TAV)
Looks like lounge spots are becoming as competitive as airline slots.
