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The Miami Mandarin Oriental will close as a hotel only and reopen as a $1 billion, two-tower hotel/condominium combination. The hotel will close later this month as it prepares to be demolished and redeveloped, laying off 430 workers in the process. Swire Properties is the project developer.

The first tower, approximately 800 feet tall, will house 228 luxury-branded Mandarin Oriental Residences. The second tower, approximately 400 feet tall, will feature what will be the new North American flagship Mandarin Oriental Hotel, along with additional private Residences for sale. The hotel is slated to have 120 rooms.