Second new hotel in 42 years to open in downtown Tucson
Scottsdale, Arizona--(Newsfile Corp. - March 23, 2021) - CaliberCos Inc., a fully integrated real estate company, in conjunction with Ryan Companies US, Inc., announced today the completion of the first and only hotel connected to the Tucson Convention Center. DoubleTree by Hilton Tucson Downtown began taking reservations March 7 and doors will open to guests beginning March 23, 2021. The opening of this hotel supports the City of Tucson's downtown re-visioning plan and will help accommodate the growing demand to accommodate visitors from around the world.
Commenting on the opening, Chris Loeffler, CEO and Co-Founder of Caliber stated, "This is a major development that was part one of our Opportunity Zones. As one of the top Opportunity Zone sponsors in the country, we are happy with the quality of this project, especially in the current environment. These funds are structured to attract attracts high net worth investors while simultaneously invigorating targeted neighborhoods." Mr. Loeffler continued, "There was a great amount of effort that went into this project from start to finish - we all collaborated and made it happen."
Construction of the new Convention Center hotel in the Rio Nuevo District created significant economic benefits and the impact is anticipated to extend far into the years ahead. The project provided approximately 130 construction jobs and 80 indirect construction jobs. The hotel and its lobby bar and restaurant will directly support about 100 jobs and 34 indirect jobs at other local businesses. Overall, the hotel is projected to generate an average annual economic impact of $12.1M or a total of $302.4 M over the next 25 years.
"At Ryan Companies, we strive to create places for people to thrive," said Chuck Carefoot, Ryan Companies senior vice president of construction. "We're honored to take part in the revitalization of downtown Tucson and the opening of this hotel marks an exciting milestone for the city."
The 104,316 square-foot hotel includes 170 rooms, four suites and one executive suite, and will feature several amenities including a second-story pool & bar, onsite restaurant - El Mezquite Grill & Taqueria, coffee bar and 4,000 square feet of meeting space. The project broke ground in May 2019 and was the first Opportunity Zone project in Arizona for Caliber and Ryan Companies.
Rio Nuevo is a Tax Increment Finance District (TIF) that was approved in 1999 to invest in projects that expand the city tax base and bring people and businesses to downtown Tucson. The funding for the district is generated from a share of state sales tax dollars, with hopes of being an engine for the future success of Tucson's economy.
For more information about DoubleTree by Hilton Tucson Downtown Convention Center, visit the DoubleTree by Hilton Tucson Downtown Convention Center website.
About Caliber - The Wealth Development Company
Caliber is a market leader in providing individual accredited investors and registered investment advisors with well-structured alternatives to traditional investments. The Company builds wealth by forming and managing real estate private equity investments, either through individual assets or multi-asset funds. The Company offers an approachable, full-service investment experience managing over $440M in fair value assets under management and an estimated $550M in assets under development in commercial, residential, multi-family, self-storage and hospitality real estate in AZ, CO, NV, UT and AK. Caliber's vertical integration of support services delivers a unique and efficient 360º approach to investing in real estate. The Company is headquartered in Scottsdale, AZ with business operations focused throughout the greater Southwest region. Visit www.CaliberCo.com for more information.
About Ryan Companies US, Inc.
Founded in 1938, Ryan Companies offers comprehensive commercial real estate services as a national developer, architect, capital investment consultant, builder and real estate manager with a focus on bringing lasting value to its customers and the communities in which it works. Ryan market depth includes retail, industrial, healthcare and senior living. Ryan development and corporate build-to-suit work spans a wide range of product types including office, mixed-use, hospitality, multifamily housing and mission critical facilities. Ryan has nearly 1,500 employees in 15 offices and has completed projects in 39 states. For more information, visit ryancompanies.com.
Contact Details:
Caliber
Victoria Rotondo
+1 480-295-7600
victoria.rotondo@caliberco.com
IRRealized, LLC
Mary Jensen
310-526-1707
mary@irrealized.com
Company Website:
https://www.caliberco.com/
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/78327
