Last year we learned 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 on Concourse E near Gate E7 on the third floor and will be approximately 14,000 square feet.
Chase has PROVIDED a 15-year lease in a deal expected to bring the airport nearly $94 million in revenue. As part of the deal it will pay for all capital improvements, 40% of gross revenue across applicable categories and an annual ‘privilege’ fee of $3.46 million. It seems that Chase massively outperformed the competition as others were offering:
- 13-25% of gross revenue and $120,000 per year (Capital One, offer was under PPL holdings)
- 13-26% of gross income and $100,000 per year (TAV)
Apparently lounges are getting as competitive as the airline game.
