Comment about Kurt and his quote (see below for details and context):
Kurt Schoenhoff, vice president of hospitality and brokerage services at Selwyn Property Group, represented both MSP and Crescent Communities in the land transaction.
“It was a difficult challenge to prepare for a hotel on less than a half-acre site,” Schoenhoff said. He declined comment on what flag is planned for the site.
Full Article:
The second of two planned hotel sites at Crescent Communities’ mixed-use development project in uptown Charlotte has been acquired.
Mayfair Street Partners, headquartered in Cumming, Ga., purchased a roughly 0.4-acre site on the block where Crescent’s apartments, 47,000-square-foot Whole Foods Market and parking deck have already topped out. MSP acquired the site for $4.5 million on Aug. 30, according to Mecklenburg County real estate records.
Mayfair will develop a 10-story, 181-room hotel on the site in a joint venture with Sefira Capital, a real estate private equity group based in North Miami Beach, Fla. The hotel is described by Mayfair as an “upscale, select-service hotel” focused on “wellness-minded” travelers but a specific flag or hotel company was not disclosed.
Sources have previously told the Charlotte Business Journal that Even Hotels, a concept by InterContinental Hotels Group (NYSE: IHG), was pegged for the second Stonewall Station hotel site. The Triad Business Journal, a sister publication of the CBJ, reported last week that Mayfair would be using modular construction for a Hyatt Place hotel in Winston-Salem and that the firm is currently building “a modular 181-room Even Hotel in Charlotte.”
The hotel will include an expansive fitness center, healthy food and beverage options, and in-room fitness options, according to MSP. Even is described by IHG as a wellness-focused brand, with features like in-room training zones, group fitness classes and a health-food market concept called Cork & Kale.
Kurt Schoenhoff, vice president of hospitality and brokerage services at Selwyn Property Group, represented both MSP and Crescent Communities in the land transaction.
“It was a difficult challenge to prepare for a hotel on less than a half-acre site,” Schoenhoff said. He declined comment on what flag is planned for the site.
A.J. Belt, managing director and a partner at MSP, declined comment on the hotel’s flag but said the hotel would be developed with modular construction.
“It’s a byproduct of construction costs rising dramatically but not wanting to compromise on quality,” Belt said, adding that all of MSP’s ground-up hospitality development will now be built with modular construction.
The hotel will have a concrete base, with the rest of the development to be modularly constructed with steel. Belt estimated groundbreaking would begin in about six months and that the hotel will open within 18 months, or the first half of 2019.
Marc Shuster, Isaac Marcushamer, Mitchell Goldberg and Iryna Ivashchuk at Berger Singerman worked on behalf of Sefira Capital to close the transaction.
A spokeswoman for Berger Singerman said the joint venture vehicle will develop an Even Hotel on the Stonewall site, adding the deal was “particularly complicated” because of terms in the agreements prior to Sefira’s involvement that needed to be renegotiated.
The first hotel confirmed for Stonewall Station was a 160-room Home2 Suites by Hilton. An affiliate of Yedla Management Co., based in Huntsville, Ala., acquired the 0.6-acre site at the site’s hard corner of Stonewall and Caldwell streets last year. That hotel is expected to break ground within the next few months.
MSP’s hotel will be developed on a site immediately south of the Home2 Suites, facing Caldwell Street and Interstate 277.
Ashley Fahey
Staff Writer
Charlotte Business Journal
