Oakland California Marriott Hotel
EJF Capital LLC announced today that it has partnered with Tidewater Capital and Graves Hospitality to develop the first Marriott Hotel in Oakland, California, the largest hotel complex in the state of California. The hotel, led by real estate veteran Lew Wolff, will combine two Marriott brands into one hotel and use the opportunity - a program to promote economic development, according to a press release.
EJF Capital LLC and Graves Hospitality, LLC will soon begin construction of the first Marriott hotel in Oakland, California, the largest hotel complex in the state of California.
The hotel would be located at the corner of Jefferson and 14th and 15th Streets in Oakland, California, and Jefferson, 14th and 15th Streets. The hotel is located in the heart of the city, east of downtown Oakland and west of Oakland City Hall.
The high-rise hotel would be 18 floors high and would have 286 hotel rooms, a mix of studios and one-bedroom apartments, where the residence is geared toward those who stay longer. City planners have said the upper floors will be reserved for AC Hotels, which are aimed at millennial customers with shorter stays. The lower floors would have been for residences aimed at those who stay longer, with a mixed apartment - studio / one-bedroom apartment. It has been reported that a two-night stay at the hotel costs $2,500 a month for a family of four in a hotel room. Both Marriott Residency Inn and AC Hotel are part of the Marriott brand, as is Marriott International Hotel, a Marriott Group brand.
Such growth in ADR loans has proved a boon to hotel developers, who are also trying to capitalize on the booming tourism industry in the Bay Area. This summer, hotels opened in downtown and elsewhere in Oakland, while others that will open in the next few years are preparing to break ground. That means more hotel development is likely to come to the city, according to city officials and hotel managers.
The Moxy Hotel will be the first of its kind in the Bay Area and one of the largest hotel projects in Oakland history. The panel will include experts from the city's Department of Housing and Urban Development and the Oakland Housing Authority, as well as representatives of thousands of homes coming to Oakland. They are joined by other developers and designers to discuss the future of hotel development in San Francisco, San Jose, Oakland and other cities.
We are proud to support the greater Oakland community with this exciting hotel concept that will bring 50 permanent jobs to downtown. The hotel will also benefit the community by creating local food and drink and local arts from the lobby.
We invest with a team that is successful both locally and nationally in the area of real estate development in urban environments. We are proud to have found a site that utilizes one of the city's historic and historic buildings and fully exploits its hotel potential, "said John D'Agostino, Managing Principal at Tidewater Capital.
By providing environmental, economic and cultural benefits to local businesses, individuals and visitors, the project will engage the wider community and make a significant contribution to an already eclectic neighbourhood. The entertainment space on the street level is designed with regular events and exhibitions, which are primarily based on the diverse and diverse cultural and historical heritage of the city, as well as local and international visitors.
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Moxy is Marriott's new brand and a three-star boutique aimed at millennials who understand that style can be delivered at attractive prices. There are currently four Moxy hotels in the US and one in Canada, as well as two in Europe. Moxies are three-star boutiques aimed at millennials who understand the value of style and the attractive price they can offer.