Cornerstone Real Estate Advisers, one of the largest global real estate investment managers, acting on behalf of an institutional client, and Spectrum Properties today announced the development of a 17-story, 217-room lifestyle hotel at the corner of Third and Church Streets in Uptown Charlotte. The hotel will complement the previously announced 300 South Tryon, a 25-story, 600,000 square foot office building at Third and Tryon.
The project will be developed by Spectrum Properties and is scheduled to be completed October 2017. The hotel will be managed by Kimpton Hotels, which was acquired by Intercontinental Hotels Group in 2015.
Tom Finke, CEO of Babson Capital, Cornerstone's parent company, and the anchor tenant for the neighboring office building, said: "Charlotte has evolved remarkably in the past decade. The development of the Kimpton Hotel, with its expansive views of BB&T Ballpark, Romare Bearden Park and the city skyline will be another great attraction for local residents and business and leisure visitors. The quality of the hotel architecture, the thoughtful interior design and features, such as the rooftop lounge, will make it an instant attraction in uptown Charlotte."
Jim O'Shaughnessy, managing director of the hotel group at Cornerstone, stated: "We have a successful, twenty year relationship with Kimpton Hotels and are thrilled to work with Spectrum to introduce Kimpton's high quality and high-touch lifestyle hotels and restaurants to a dynamic city like Charlotte."
Jim Dulin, chairman of Spectrum also stated: "Cornerstone is making a significant investment in Charlotte, and we are thankful for that. We are also thankful for city leaders such as Michael Smith, our City Council, and our County Commission for creating a vibrant downtown that attracts this quality of investment."
The hotel will feature guest rooms with high-end décor, a well-equipped fitness center and 9,200 square feet of flexible meeting space, including a 4,000 square foot ballroom and five conference rooms. The hotel will also include a signature 180-seat restaurant, and a partially open-air, 7,500 square foot, 160-seat rooftop lounge that overlooks Romare Bearden Park.
About Cornerstone Real Estate Advisers
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group and, acting on behalf of its clients, has been a proven owner of office buildings and commercial real estate for decades in Charlotte. More information is at www.cornerstoneadvisers.com.
About Spectrum Properties
With offices in the Carolinas and Tennessee, Spectrum Properties, Inc. is a family of real estate service companies providing development, leasing, management, construction management, project maintenance, investment sales, tenant representation, and corporate services for institutional and private clients. The company's leasing and management portfolio totals 7.9 million square feet. More information is at www.spectrum-properties.com.