The future hotel site, to the left and rear of the site. The Whole Foods and apartments are on the right. Ely Portillo
The future hotel site, to the left and rear of the site. The Whole Foods and apartments are on the right. Ely Portillo

Development

What’s new in commercial and residential real estate in the Charlotte region.

Development

A new, 10-story hotel is planned on a prominent site uptown

August 31, 2017 10:41 AM

A development company has bought the second hotel site at Crescent Stonewall Station for $4.5 million, and said Thursday that they’re planning to build a new, luxury hotel.

Mayfair Street Partners closed on the purchase of the 0.4-acre site on South Caldwell Street at Interstate 277 late Tuesday. The site is adjacent to the Whole Foods and 459-unit apartment building under construction by Crescent Communities. Another hotel, a Home2 Suites by Hilton, also with 181 rooms, will start construction next door at Stonewall and Caldwell streets in the next few months.

Mayfair Street Partners didn’t provide the brand of the hotel they’re planning to build, but a deed said it would be an EVEN. Parent company IHG says EVEN is intended to “ keep active, rest easy, eat well and accomplish more every day.” This will be the first EVEN hotel in Charlotte. They’re currently located in five states, none in the Southeast.

The 10-story hotel will include 181 rooms, and “will be Charlotte’s first upscale, select service hotel focused on wellness minded travelers,” Mayfair Street Partners said. According to the deed, the hotel will also include two restaurants on the ground floor, up to 8,000 square feet.

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“We are excited to be a part of Stonewall Station, and believe this investment will further enhance our growing portfolio of hotel assets in the Southeast,” said AJ Belt, a managing partner at the Atlanta-based company. The hotel will include “an expansive fitness center, healthy food and beverage offerings, and in-room exercise equipment.”

Crescent sold the adjacent, slightly larger, Home2 Suites site to that hotel’s developer last year for $3.5 million.

Kurt Schoenhoff, vice president of hospitality and brokerage services at Selwyn Property Group, served as a dual agent in this land transaction.

Crescent Stonewall Station is expected to open its apartments and Whole Foods next year.

Uptown is seeing a major boom in hotels, with about 1,000 new rooms set to open in a one-year span. That’s more than a 20 percent increase. After that, a new round of construction is set to start. The Grand Bohemian, a 254-room luxury hotel on West Trade Street next to the Carillon building, is planning to break ground by the end of the year. And a 270-room Intercontinental hotel is part of the Carolina Theatre renovation underway on North Tryon Street, expected to open in 2019.

Ely Portillo: 704-358-5041, @ESPortillo