The hotel developer is Wichita, KS-based LodgeWorks LP and equity backer Open Hospitality Partners of New York City, which have claimed the spot for the brand's fourth hotel. The eight-year-old LodgeWorks also is in talks to put another one of its flags, possibly a Hyatt Place, into one of Trademark's Fort Worth developments.
"This is the first of many. We have hotels working for every other project," Terry Montesi, CEO of the Fort Worth-based Trademark, tells GlobeSt.com. "We think the best mixed-use projects have people living, working, sleeping, shopping and dining there." The building will have four floors of suites atop street-level retail, with the developers planting it across the street from a parking garage in the interior of the 34-acre Market Street at 9595 Six Pines Dr.
Montesi and Trademark senior partner Tommy Miller began searching for a hotel developer nearly 18 months ago. LodgeWorks' ingenuity in working with the site's limitations on hotel size set it apart from its competitors, Miller says.
"They were willing to do something out of the box," Miller explains. "It's not just a cookie-cutter hotel flag that you see everywhere."
Miller estimates the AVIA and extra retail will add $15 million to $17 million of build-out value to the 500,000-sf Market Street, owned by Trademark and New Hyde Park, NY-based Kimco Realty Corp. "This is going to be a high-end boutique," he says, adding the Woodlands has several "nice" full-service hotels, but not one lifestyle hotel. The upcoming groundbreaking will allow the hotel-retail project to open in fall 2009.
 Hotel Lobby |
"Market Street-Woodlands is an ideal market for AVIA," B. Anthony Isaac, LodgeWorks' president, says in a press release that will be distributed today. He says the location "puts us in touch with the kind of refined, yet eclectic customer we best serve."
Miller says the team hopes to seat a restaurant in the project and fill the balance of the new space with fashion and sports shops. With the targeted retail mix and the AVIA brand, he says it will add spice and "bring in a nice flow of new customers."
Market Street's existing space is pushing 93% occupancy. The roster sports names like HEB Central Market, Tommy Bahama, Jaspers, Sur la Table and Orvis.
LodgeWorks launched the AVIA brand in September 2007. To date, it's planted flags in Long Beach and Napa, CA and Savannah, GA.
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