Latest news with #ConcordHospitality
Calgary Herald
2 days ago
- Business
- Calgary Herald
City cuts ribbon on first office-to-hotel conversion project downtown
Just in time for Calgary Stampede and the 2025 summer festival season, the city's first downtown office-to-hotel conversion project is complete. Article content City officials were joined Thursday by representatives of Concord Hospitality, PBA Group of Companies and the Calgary Hotels Association to cut the ribbon on Element Calgary Downtown by Westin, a 226-suite hotel at 833 4th Avenue S.W. Article content Article content Article content The property was previously the Canadian Centre, a 12-storey downtown office building that was vacated in 2022. The Canadian Centre was built in 1982 and served for many years as the home of Mount Royal College before it relocated to its present campus site in Lincoln Park. Article content Article content Shortly afterward, PBA Group, a local real estate firm, acquired the building, with the goal of converting it into a sustainable hotel. Article content The new hotel boasts 226 suites and two culinary offerings, including a ground-level cafe and a rooftop lounge and restaurant. Article content The project is a 'shining example' of adaptive reuse to fuel economic growth, Phillips added. Article content 'Just months ago, this was a vacant office tower,' she said. 'Like many buildings in the Calgary downtown core, it sat empty, but full of potential. Today, we can see what this potential looks like fully realized.' Article content Article content The conversion of 170,000 sq. ft. of former office space was made possible thanks to $9.9 million from the city's downtown development incentive program, which provides successful applicants up to $60 per square foot of convertible space to support conversion costs. Article content The incentive program is a component of the city's downtown strategy, which seeks to revitalize vacant or underused office buildings into more active uses, including residential dwellings, commercial operations, or post-secondary satellite campuses. Article content Council approved the initial $200-million strategy in 2021, in response to downtown's worsening office vacancy rate. According to CBRE's figures from the end of 2024, the vacancy rate is currently hovering around 30 per cent. Article content Article content At Thursday's event, Mayor Jyoti Gondek said since the downtown strategy was put into practice, the city has approved or launched more than 20 conversion projects to stimulate the city's core, particularly in the west end.
CTV News
2 days ago
- Business
- CTV News
Calgary transforms old, empty office building into new 226-room hotel
The Bow and Bend Rooftop Bar & Lounge atop Element Calgary Downtown, a new 226 room hotel that opened Thursday. Calgary turned an old office building into a new hotel Thursday. A once-vacant office tower on the west side of downtown has been transformed into Element Calgary Downtown. It's the city's first-ever office-to-hotel conversion under the city's downtown development incentive program. Local developer PBA Group of Companies partnered with Concord Hospitality to convert 170,000 square feet of Fourth Avenue office space into 226 hotel suites and the Bow and Bend Rooftop Bar and Lounge. Element Calgary Downtown Element Calgary Downtown, a new 226 room hotel opened in downtown Calgary Thursday. It was the city's first office-to-hotel conversion. (City of Calgary) The conversion was part of the city's downtown development incentive, which offers developers up to $60 per square foot to convert unused office space for hotel use. 'The Element Hotel is a powerful example of what downtown revitalization can look like,' said Mayor Jyoti Gondek, in a media release. 'As Calgary's first office-to-hotel conversion, it reflects our commitment to breathing new life into the core and creating dynamic, mixed-use spaces that bring people and energy back downtown.' The hotel fits into the city's vision for revitalizing Eighth Street S.W., offering easy access to nearby multi-use river pathways, the Bow River and public transit. Bow and Bend Rooftop Bar & Lounge The Bow and Bend Rooftop Bar & Lounge is part of the new Element Calgary Downtown on 4 Avenue S.W. (City of Calgary) 'The Element Hotel not only offers guests something truly unique, it injects fresh energy into our downtown core and helps shape Calgary's evolution as a dynamic, future-ready city,' said PBA CEO Patricia Phillips. 'We're excited to officially open our doors and welcome a new group of guests to Calgary's downtown West End, as we continue to lead the way in building community and driving positive change across the city.' The downtown development incentive is currently supporting 21 office conversions, converting more than 2.68 million square feet of office space into 2,628 new homes, 226 hotel rooms and a hostel. To learn more, go here.
Skift
09-06-2025
- Business
- Skift
Marriott Chases Lower Price Points With $100-a-Night Rooms
Marriott has realized it has been been leaving money on the table by primarily catering to expense-account travelers and vacationers in the luxury and upscale segments. Marriott opened its first mid-market extended stay hotel last week, a milestone in its bid to capture budget-conscious travelers seeking apartment-style accommodations. It also pits the company against established players like Extended Stay America and Choice Hotels, as well as newer entrants like Hilton. The 124-room StudioRes property in Fort Myers, Florida was developed by Concord Hospitality for approximately $13 million with help from private equity firm Whitman Peterson. It offers studio-style rooms, full kitchens, and designated work areas. "We just feel really good about the momentum that should build off of this opening in less than a year from announcing the brand and from the others that are already under construction," Noah Silverman, Marriott's global development officer for the U.S. and Canada, told Skift. Marriott plans 40 more StudioRes properties through 2027, and said it is in talks for hundreds of potential deals across 150 U.S. markets.
Hospitality Net
02-06-2025
- Business
- Hospitality Net
Marriott International, Concord Hospitality and Whitman Peterson Officially Open Doors of First-Ever StudioRes Hotel in Fort Myers, Florida
Today, Marriott International, Inc. (Nasdaq: MAR), announced the landmark opening of StudioRes Fort Myers, the first-ever StudioRes hotel and the company's debut in the midscale extended stay segment. The all-studios hotel is now accepting reservations for stays, almost two years to the day since Marriott unveiled the concept. A newly created brand within the Marriott Bonvoy portfolio, StudioRes was thoughtfully designed to cater to a wide variety of travelers, including those on long-term work trips and assignments, construction projects, relocations, and more. StudioRes marks Marriott's strategic entry into the dynamic midscale extended stay market, and Marriott anticipates strong growth for StudioRes in the coming years, with over 40 properties across the U.S. and Canada anticipated to open by the end of 2027. With a pioneering, fast-to-market construction prototype, StudioRes offers owners and developers a compelling turnkey opportunity with a bundled fee model, and is expected to become Marriott's most affordable cost-per-key product to develop and build. Since unveiling StudioRes only two years ago, we have been thrilled by the reception among owners and franchisees, and we are proud to celebrate this milestone with Concord Hospitality and Whitman Peterson, said Marriott International Chief Financial Officer and EVP, Development Leeny Oberg. We designed StudioRes to provide terrific value for customers with an innovative room design and highly efficient operating model for long-term stays. The fast adoption of the brand also demonstrates the power of the Marriott Bonvoy ecosystem and the importance of our strong developer relationships, while underscoring our continued commitment to providing lodging options for every traveler, price point and trip purpose. Consistent with the brand's approach to long-term stays with modern comfort, StudioRes Fort Myers offers a smart extended stay experience for independent travelers seeking comfort, routine, and flexibility. This 124-key property offers studio-style rooms complete with one or two beds, a lounging area, and a kitchen with a stovetop, microwave, and full-sized refrigerator. Guests can also enjoy communal spaces, outdoor patios, and fitness centers. Convenient food and beverage vending, fast Wi-Fi, streaming access, and casual workspaces also allow guests to stay connected throughout their stay. A short drive to the Southwest Florida International Airport and the area's top attractions, StudioRes Fort Myers invites hotel guests to enjoy Fort Myers and the historic surrounding areas, including Sanibel and Captiva Island, nature and wildlife at Manatee Park, Lakes Park and The Caloosahatchee River, as well as nearby dining, shopping and family activities. Available for booking, nightly rates at StudioRes Fort Myers are expected to be around $100 per night. Marriott celebrates this opening with developer Concord Hospitality and their long-time partner Whitman Peterson. Concord currently operates nearly 80 properties within the Marriott Bonvoy portfolio and expects to develop 40+ StudioRes properties, spanning several dozen submarkets in major U.S. cities. Concord Hospitality's longstanding relationship with Marriott has been defined by strategic alignment, mutual trust and a shared commitment to quality, said Mark Laport, CEO & President of Concord Hospitality. Our role in supporting the shaping of Marriott's next-generation hotel prototypes speaks to the strength of that relationship. The grand opening of the first-ever StudioRes property is a significant milestone—not only for Marriott, but for Concord as we continue to lead in developing high-performing, scalable hospitality assets that meet the evolving needs of today's extended-stay traveler and deliver long-term value for our investment partners. We are proud to have collaborated with Marriott in the development of its newest brand and in bringing the very first StudioRes to life, said Paul Novak, Partner at Whitman Peterson. The opening of StudioRes Fort Myers marks my fourth inaugural Marriott brand opening—following Courtyard by Marriott, Fairfield Inn by Marriott, and the first U.S. Aloft Hotel—and it's a privilege to continue that legacy. Whitman Peterson is very confident in StudioRes' high-growth potential, with several others in our pipeline. StudioRes properties will participate in Marriott Bonvoy®, Marriott International's award-winning travel program - allowing members to earn and redeem points for their stay across Marriott Bonvoy's extraordinary portfolio of brands. Note on forward-looking statements This press release contains 'forward-looking statements' within the meaning of United States federal securities laws, including statements related to expected future hotel openings and portfolio growth; brand debuts in certain markets; expectations regarding the StudioRes brand operating model and development costs; expected daily rates; development plans and opportunities; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risk factors that we identify in our U.S. Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release. We make these forward-looking statements as of the date of this press release and undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. About StudioRes StudioRes is Marriott's newest affordable midscale extended stay brand, meticulously designed to provide reasonably priced, modern comfort for guests in the U.S. and Canada. Opening in 2025, StudioRes is specifically tailored for travelers in search of affordable, flexible accommodations for extended stays, including those of 20 nights or more. Primarily a new build offering, StudioRes offers consistent environments that enable guests to accomplish their goals while away from home for extended periods of time. StudioRes is proud to participate in Marriott Bonvoy®, the global travel program from Marriott International. The program offers members an extraordinary portfolio of global brands, exclusive experiences on Marriott Bonvoy Moments and unparalleled benefits including free nights and Elite status recognition. To enroll for free or for more information about the program, visit To learn more about StudioRes, visit us online. About Marriott International Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 9,500 properties across more than 30 leading brands in 144 countries and territories. Marriott operates, franchises, and licenses hotel, residential, timeshare, and other lodging properties all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform. For more information, please visit our website at and for the latest company news, visit In addition, connect with us on Facebook and @MarriottIntl on X and Instagram. Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at or Marriott's news center website at which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the U.S. Securities and Exchange Commission, and any references to the websites are intended to be inactive textual references only. About Concord Hospitality Concord Hospitality is an award-winning hotel development and management company that has grown over the past three decades to become the preferred partner of leading hotel brands such as Marriott, Hilton, and Hyatt. Concord Hospitality boasts a stellar reputation known for combining the experience of a big company with the high-touch service of an independent operation to every partner property. The company specializes in developing and managing full-service and select-service hotels across North America. As part of the company's continued growth, it recently launched Opus Collection by Concord, a lifestyle hotel management division for full-service properties. With the brightest talent, the most innovative processes, and a commitment to giving back to the communities where associates live and work, Concord Hospitality is committed to being a great place to work for all. Learn more at About Whitman Peterson Whitman Peterson is a real estate private equity company investing in and actively managing opportunistic real estate investments of large institutional investors. Since late 2010, Whitman Peterson has raised five institutional funds and has invested in the acquisition or development of more than 300 properties, in transactions with an aggregate capitalization of more than $35 billion. The firm has investments across 30+ markets in the US and has investments in London. Whitman Peterson and Concord Hospitality have a long-standing, strategic partnership, involving the development and acquisitions of high-quality hotels across the country, as well as a broad-based, national development strategy in the economy extended stay (short-stay rental) segment. For more information, please visit
