Avison Young | US Hospitality’s Post

This was a complicated deal--we helped a #hotel redeveloper carve out the front of a large hotel #site, and sell off the frontage. The sale of the site capitalized the development loan for the hotel deal. The deal worked beautifully, and we worked with 7 Brew Coffee to take the front pad. We have a deal underway on the second pad, which should be announced soon. The lesson to me is that many businessowners have prime dirt under their feet that they can monetize in order to capitalize their businesses, and that you have to understand your client's ultimate goal--and help them achieve it. https://lnkd.in/eu8NkihN #hospitality #land #retail

https://ow.ly/Rg7750SYbOR When empty #offices & #malls are converting into #hotels, shall we worry that we add too many rooms to the #market? #HousingCrisis #Rennovation #Retail #Business #RealEstate #Economy #Hotel #PostPandemic

"Retail and Hotel Expansion Planned for Domain Apartments" Read the full article below..

We see this as a potential path for Natural Occurring Affordable Housing (NOAH). Likely the fastest way to add significant number of units to the Affordable Housing inventory in any submarket.

Downtown Knoxville is experiencing a surge in hotel developments, particularly around the new Covenant Health Park Knoxville Smokies Baseball. Here are some notable projects: SpringHill Suites by Marriott Hotels • Location: East Jackson Avenue, between Barley’s Taproom and the new multi-use stadium. • Details: A $22 million investment resulting in a 127-room hotel featuring a business and fitness center, swimming pool, and meeting/event spaces. • Developer: Old City Ventures, led by Nick Patel. • Land Owner: Old City Ventures. • Timeline: Expected to open in 2025 • Economic Impact: Anticipated creation of 100 construction jobs and 30 permanent positions upon opening. Tempo by Hilton • Location: Behind the YWCA Knoxville building, with frontage on West Church Avenue, Walnut Street, and Market Street. • Details: A nine-story hotel comprising 176 rooms, ground-level commercial space, including retail and restaurant areas, and a parking garage with nearly 300 spaces. • Developer: Vector Hospitality, Inc., based in Georgia. • Land Owner: Vector Hospitality. • Timeline: Construction expected to begin in early 2025, with completion anticipated in fall 2026. • Economic Impact: Aims to cater to the growing demand for quality accommodations in Knoxville’s transforming cityscape. AC Hotel by Marriott Hotels • Location: Between the Daylight Building on Union Avenue and the Langley Garage, with addresses at 427 Walnut Street and 416 Locust Street. • Details: A seven-story hotel featuring 162 rooms, including a rooftop bar, designed to offer premium, modern business accommodations. • Developer: Vector Hospitality, Inc. • Land Owner: Vector Hospitality. • Construction: Specific construction company details are not publicly available. • Timeline: Slated to open in fall 2025. • Economic Impact: Expected to enhance Knoxville’s hospitality scene by providing upscale lodging options for business and leisure travelers. These developments reflect a significant investment in Knoxville’s downtown area, aiming to accommodate the city’s increasing visitor numbers and economic growth. Read more about these new developments below: Plans Announced for Two New Hotels in Downtown Knoxville https://lnkd.in/eqXQnjaU Developer Speaks on Two New Hotels Planned for Downtown Knoxville https://lnkd.in/e5-FgUew Another Knoxville Hotel in the Works? Developer Shares Initial Plans https://lnkd.in/e336cKnJ #KnoxvilleDevelopment #DowntownKnoxville #HotelExpansion #CovenantHealthPark #UrbanGrowth #HospitalityIndustry #EconomicDevelopment

Hyatt is seeing the "exit of older hotels." Which means that the owners are not "renewing the flag." Most hotel franchises require mandatory upgrades after so many years, to keep a certain standard across the brand. These upgrades can cost millions of dollars on behalf of the franchisee. An increasing number of them seem to be saying no. Why do I care? Because...housing. Converting a hotel to multi-family can run as little as $30,000 per door. Costs per door for these buildings is frequently under $100,000. Which means that you can have housing on the ground in 6-12 months at sub $150k per door. Versus a minimum $250k per door for new built multi-family and $400-500k per door for office conversions. This is of course a very generalized numbers, but it helps for comparison's sake. Existing hotels represent one avenue by which I believe, we can start to address the housing crises. While the room sizes are small (300-500sqf typically), they generally have amenity spaces and laundries. Further, the MEP (Mechanical, Electrical, and Plumbing) are located in roughly the right area. Unlike with office conversions, where centralized plumbing stacks have to be drastically modified to accommodate multi-family. They also work well for student housing, elderly housing, and transitional housing as many have fully functional commercial kitchens that could provide meals, and most have elevators. Rooms can be combined to provide for family housing as well. I can't take credit for this idea; it was initially introduced to me by another member of the Affordable Housing Counsel at CREW. The more I look at it, the more it makes sense. If we are going to address this housing crises it will take a multi-pronged approach. This is one prong that deserves a little more attention than it's getting as we discuss housing policy for the upcoming administration, whoever they may be.

Four Seasons brings resort-style living to Austin... Turnbridge Equities, a real estate investment and development firm responsible for major Austin projects such as Music Lane and the CitizenM hotel, has joined the Four Seasons Hotels and Resorts-branded project as a development partner to build the Four Seasons Private Residences Lake Austin, a luxury housing development on Bridge Point Parkway with views of Pennybacker Bridge, the West Austin hills and the downtown skyline.                   Construction is expected to begin later this year, with an estimated opening by the end of 2027. This development will have 179 homes in connected buildings on top of a 380-foot hill, with nine standalone villas tucked into the hillside. Homes will range from 2,000 to 7,500 square feet. As of now, 40% are already spoken for. Residents will have access to a funicular that will transport them up and down the hillside from the homes to a 576-foot private marina along the property's 3,070-foot waterfront access. The impressive amenities covering more than 100,000 square feet include a clubhouse with a restaurant led by a Michelin-starred chef, a 96-seat theater, a 76,000-square-foot indoor sports club, and a spa and wellness center. Even though development has not yet occurred, future residents can use virtual reality headsets to explore homes, living spaces, and amenities. For more information, click on the link in the comments, and DM me with any questions. #austinrealestate #residentialrealestate #amyklinerealtor

There's a new Hyatt set to open in Leeds over the Autumn...and the Cosmopolitan's renovation (which will be an IHG Hotels & Resorts) will also be completed before UKREiiF which is the first time it'll be reopened since UKREiiF started. And today more hotel news as Whitbread announces plans to renovate an office in the city centre. This is in addition to active projects with planning approval for a new apart-hotel and a further 143-hotel close to Kirkgate. Great to see such a strong pipeline of new beds coming down into the city. It'll be welcomed I'm sure for UKREiiF attendees, and this is alongside us exploring partnerships with the likes of Airbnb (who now have over 2,000 properties in Leeds on the system), University of Leeds and Parklane Properties on other housing stock that can be brought forward ahead of UKREiiF 2025. From feedback of UKREiiF we know hotels is one of the key elements and that's why we're working hard our side alongside the city council, combined authority and numerous partners to free up more stock...but also great to see the hospitality industry are already ontop of this with numerous in the pipeline. https://lnkd.in/eg8sjWyu Keval Thakerar Belfont Hotels Hyatt Place & Hyatt House Leeds Marrico Asset Management dla architecture Luke Sach RIBA Matt Lawson MCIAT Jill Nichols Peter Dodd Aimbridge Hospitality James Anderson MCIPR

This week I spotlight Hotel-to-Multifamily conversion expert David Peters! David’s a pioneer in the hotel conversion space, and here are 5 takeaways from our many discussions over the years: 1. Be selective: Only certain room types will work for conversion, so be sure your asset has the right ones. 2. De-risk the conversion: Unless multifamily zoning is already in place, protect yourself by making closing contingent on obtaining all necessary zoning changes. 3. Be creative: Nothing requires you to convert the entire property to multifamily. Because a smaller hotel may be profitable, look out for opportunities where a partial conversion makes sense. 4. Pools, gyms, bars, and conference rooms are valuable: They can be repurposed as tenant amenities that compensate for small apartment sizes. 5. Make it appealing: Successful conversions depend not just on making apartments affordable, but on making them valuable to tenants - i.e., appealing living spaces at affordable prices. Who else is in the Hotel-conversion space? What tips would you add?

When it comes to apartment living, buyers of all kinds of lifestyles prioritise differently. Yet, no matter the lifestyle, most place a premium on community and location connectivity. It’s no wonder then that developers across the country curate their apartment developments with retail and dining offerings. Find out what they have to say below. #PradellaDevelopments | OSK Property | TP Dynamics Pty Ltd . . . . . #realestatenews #luxuryapartments #propertynews #offtheplan #offtheplanapartments