"While this has been a somewhat prolonged process, all involved parties have banded together to ensure a strong, successful opening and we look forward to welcoming our guests," Hyatt's president Scott Miller says of the recent announcement. "We greatly appreciate everyone's involvement and perseverance in making this long-awaited vision into a reality." Indeed, there are many parties involved in this project, which will carry the distinction of being the first full-service luxury resort on the state's popular Eastern Shore. The state of Maryland just authorized a $6 million loan to the partnership for the acquisition of furnishings, the final necessity for the opening.

Come Labor Day weekend, the six-story resort's doors will open to reveal its 400 guestrooms, a 24,000-sf conference center, a 15,000-sf fitness facility, an 18-hole championship golf course, and a 150-slip marina, and 35,000-sf of meeting space and ballrooms. The hotel is just one phase of a $150 million, three-part plan that will ultimately include 350 residences and a Hyatt Vacation Club vacation ownership development on the 400-acre parcel bordering the Choptank River. Chesapeake Resorts acquired the Dorchester County property, formerly the home of Eastern Shore Hospital Center, in 1997 from the Maryland Economic Development Corporation (MEDCO) for $5 million. The resort and golf course portions of the land were later leased back to MEDCO, which is the resort's owner. Hyatt will serve as the property's manager.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.