Miraflores, a district of Lima, Peru, is experiencing a surge in commercial and hospitality development, fueled by both domestic and international investment. New licensing data from the Municipality of Miraflores indicates a robust expansion across multiple sectors, particularly restaurants, hotels, and multi-family housing, with significant projects slated for completion in the coming years.
Commercial Activity on the Rise
According to Eduardo Azabache, Head of Economic Development and Oversight for the Municipality of Miraflores, the number of business operating licenses issued in 2025 surpassed those of 2024, reversing a contraction seen in the previous year. A total of 2,346 licenses were granted, an 8% increase from the 2,169 issued in 2024. The majority of these licenses were for administrative offices (635), restaurants (246), and beauty-related businesses (210).
While the growth in restaurant licenses was more moderate – only seven more establishments than the prior year – the sector remains a significant component of Miraflores’ commercial landscape. Approximately 12,160 of the district’s 31,425 active licenses are held by restaurants, dwarfing the 72 licenses currently held by hotels.
Azabache emphasized the municipality’s careful review of licensing applications, particularly those related to multi-family buildings. “We are being very meticulous in the case of licenses, as we are very attentive to the licenses that are requested within a multi-family building because many times they do not have a door to the street and we have some complaints about the type of service they offer there,” he stated.
Hotel Sector Expansion
The hotel sector is experiencing notable growth in Miraflores, with several new projects underway. In 2025, the district welcomed the InterContinental Real Lima Miraflores and Hotel Indigo Lima Miraflores, representing a combined investment of approximately S/ 50 million (approximately $13.7 million USD based on current exchange rates). The Nhow Lima hotel also opened, with an investment exceeding S/ 60 million ($16.4 million USD).
Two additional hotel projects are currently in the pipeline: the Humano hotel, operating under Marriott International’s Tribute Portfolio brand, and a Conrad Hotels &. Resorts property, a luxury brand within the Hilton Worldwide portfolio. These developments represent a combined investment of S/ 47.3 million ($12.9 million USD). The Marriott project, located at the intersection of Balta and Revett streets, is slated for completion in mid-2026 and will feature 157 rooms, three event spaces, and a rooftop area. The Hilton property, situated on the Malecón de la Reserva, is expected to be completed in November 2026 and will comprise two towers with a total of 217 units, currently 16% complete.
Real Estate Development Continues
Despite restrictions on social housing projects and sustainable housing initiatives, multi-family residential development in Miraflores remains active. 83 construction licenses were issued for multi-family housing in 2025. Currently, 105 new multi-family buildings are under construction in the district.
Azabache refuted claims that the elimination of social housing incentives had halted construction, stating, “Contrary to what some developers claimed, the elimination of VIS in Miraflores did not stop construction.” He added that the district now only approves projects that adhere to existing height restrictions, which allow for up to 10 stories in commercial zones.
Cencosud’s Boutique Mall Project
Chilean retail group Cencosud is planning to develop a boutique shopping center in Miraflores, known as Centro Comercial Shopping Angamos. The project, located at the intersection of Petit Thouars and Angamos avenues, has been submitted to the municipality for approval. If approved, construction is expected to begin this year and take between 1.5 and 2 years to complete.
Cencosud had previously considered another shopping center project on Avenida Benavides with La Merced, but that initiative has been put on hold. However, the company is moving forward with the Vivanda supermarket project, developed by Intercorp, which is currently 6% complete and expected to open in the first half of 2027. The project will include 14 floors, with the first two dedicated to the supermarket and the remaining floors housing an apart-hotel.
The ongoing development activity in Miraflores signals a continued confidence in the district’s economic potential and its appeal to both businesses, and investors. The combination of commercial expansion, hotel development, and residential projects is poised to further solidify Miraflores’ position as a premier destination in Lima.