HOSPITALITY TRENDS

Capital Square and Method Co. Announce Groundbreaking of New ROOST Apartment Hotel in Charleston

Capital Square | July 22, 2022 | Read time : 04:32 min

Capital Square and Method Co.
Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, and Method Co., a real estate management, development and design company rooted in hospitality, today held a groundbreaking ceremony for a new design-forward, 50-unit development bridging the boutique hotel experience with apartment-style living, located at 529 King Street in Charleston's historic downtown.

The $61 million project designed by acclaimed Morris Adjmi Architects will feature 52,700 square feet of space comprising a mix of studio, one-, two- and three-bedroom apartment hotel units, a rooftop lounge, and 27,700 square feet of rentable space. Method Co. will operate the property's rooftop lounge, drawing on significant experience in food and beverage operations to create a space that serves both as an amenity to guests and locals.

Attendees included Capital Square executives Louis Rogers, founder and CEO, and Whitson Huffman, chief strategy and investment officer; Method Co.'s CEO and co-founder, Randall Cook, and president and co-founder, David Grasso; and Kathy Crawford, regional director of the Office of U.S. Senator Tim Scott (S.C.). With construction now underway, the hotel property is slated for completion in early 2024.


"Capital Square is an active developer of luxury properties in growing markets within the Southeast and we couldn't be more pleased to begin construction on our inaugural project in Charleston, Charleston is a premier market, home to a growing community of high-income families and one of the nation's most popular tourist destinations. 529 King Street will contribute to this legacy and become a premier destination for local residents and tourists alike."

-Whitson Huffman, chief strategy and investment officer

The property will be the city's first high-design, extended-stay hotel concept blending the comfort and practicality of an apartment with the amenities and design of a boutique hotel, creating a temporary living environment ideally suited for a long-term stay.

"We are thrilled to break ground on our first ROOST Apartment Hotel in South Carolina and our second project in the city of Charleston, ROOST will offer guests in Charleston a comfortable stay in a beautifully designed apartment that feels like a home and the flexibility to stay a few nights or a few months. The building's design by Morris Adjmi Architects is outstanding; it will be a fitting complement to the classic architectural charm of Charleston."

-David Grasso, President and Co-Founder of Method Co.

Located in the highly sought-after "Upper King" section of downtown Charleston, which is home to a concentration of luxury retail stores, restaurants and nightlife, the new apartment hotel will serve as an ideal accommodation for the city's high volume of annual visitors. The Upper King Street neighborhood also supports a burgeoning tech and start-up scene and represents a growth corridor and exceptional demand generator for higher-end residential and hotel development.

About ROOST Apartment Hotel
ROOST Apartment Hotel is a high-design boutique extended-stay hotel concept, conceptualized by Philadelphia-based hospitality company Method Co. A first of its kind, ROOST introduces a fresh approach to hospitality by blending the comfort and practicality of an apartment with the amenities and design of a boutique hotel, creating a temporary living environment ideally suited for a long-term stay. Designed by Morris Adjmi Architects, ROOST offers studio, one and two-bedroom and penthouse apartments with full-sized kitchens and modern appliances in a beautifully appointed space, which features contemporary furnishings, antique elements, custom lighting, and unique artwork. Featured amenities include an artisanal coffee program curated by La Colombe, bike share program, and recurring resident receptions that partner with local vendors, while a dedicated 24-hour concierge desk and on-site services team further enhance and ensure a memorable guest experience. The first location, ROOST Midtown, opened in 2015 and features 28 fully furnished apartments; their second outpost, ROOST Rittenhouse, followed in 2016 featuring 27 apartments and a communal lobby; their third location, ROOST East Market opened in January 2019 with 60 apartments, an outdoor pool, and communal in Philadelphia's Midtown Village neighborhood. The fourth location is the first outside of Philadelphia – ROOST Cleveland, which opened in March 2022 and features 62 apartments located downtown within the historic May building, a restoration of the city's original 1915 department store, while their fifth location, ROOST Tampa, opened in July 2022 and includes 97 apartments within Asher, a residential building within the new Water Street development. ROOST has plans to open locations in other markets, including Detroit, Baltimore and Charleston. www.myroost.com

About Capital Square
Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust (REIT). In recent years the company has become an active developer of mixed-use multifamily properties in the southeastern US, with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $600 million. Since 2012, Capital Square has completed more than $6.0 billion in transaction volume. Capital Square's related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for four consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense's list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their "Best Places to Work in Virginia" report in 2019 and their "Fantastic 50" reports in 2019 and 2020. To learn more, visit www.CapitalSq.com.

About Method Co.
Method Co. is a Philadelphia-based hospitality, development, design and branding firm founded on the joining of historically compatible disciplines under one roof; the firm bridges the worlds of interior design and real estate development, while embracing the custom design of products, furniture, identities and experiences. Built from a team of individuals with extensive experience in the fields of finance, interior design, branding, architecture, urban planning and fine arts, Method company's diverse skill set forms the foundation of the firm's interdisciplinary practice. The team has been responsible for the design, staging and development of hotel, restaurant, and real estate projects, such as the ROOST Apartment Hotel brand, Whyle, Wm. Mulherin's Sons Restaurant & Hotel and HIROKI restaurant, along with the newly opened boutique property in Charleston, The Pinch, with plans to expand their concepts to other major markets within the US including Detroit and Wilmington, DE. www.methodco.com

Spotlight

A graphic account of lost baggage across international airports. Showcasing the reasons for lost baggage, the cost, the amount per region and airport size.

Spotlight

A graphic account of lost baggage across international airports. Showcasing the reasons for lost baggage, the cost, the amount per region and airport size.

Related News

INDUSTRY OUTLOOK

New Research by Roomex and GBTA Reveals Top Travel Management Challenges in 2022

Roomex | July 19, 2022

New research conducted by the Global Business Travel Association (GBTA), in partnership with Roomex, the workforce travel platform, has unveiled the state of business and project travel in 2022. Findings from the survey, completed by over 100 Travel Managers in the US and Canada between March 29 and April 15, 2022, has revealed the growth of business travel post-COVID and the methods top businesses are using to manage their staff travel. Demonstrating the resurgence of workforce travel post-COVID, the survey found that a third of businesses have some significant overnight accommodation needs, with between 25% – 100% of the workforce staying overnight at least once a week. Sixty six percent said between 1% – 24% of their workforce stay elsewhere overnight at least once a week, with only 1% saying they have no accommodation needs at this time. A third of businesses surveyed stated that their average room nights booked per month exceeded 500, with 13% booking between 200 – 500 and 18% booking 100 – 200 room nights per month. Project-based travel is particularly prominent, with 39% of businesses saying their organization engages in "a lot" of project travel. Rising costs featured prominently in the survey, with accommodation price featuring in 82% of travel managers' responses when asked: "What is most important when managing corporate travel?" Seventy nine percent of respondents called out visibility and reporting as an important feature, while 57% noted the importance of duty of care/safety. Just 32% highlighted the price of airline tickets. Compliance enforcement topped the poll in booking challenges, with 60% of travel managers admitting that getting their staff to stick to travel policy is a challenge their organization currently faces. Fifty one percent noted that traveler satisfaction is also a challenge, pointing to the importance of maintaining strong employee relations in the new post-COVID workplace. Keeping track of all company travelers (38%), keeping track of travel spend/budget (30%) and unsuitable accommodation types (17%) also ranked among the challenges travel managers face in 2022. "It is clear from the research that while workforce travel has returned for most businesses, the challenges facing travel managers and finance teams have changed. Rising costs and a renewed focus on traveler satisfaction mean that travel managers need a flexible, efficient and innovative solution to keep up with their organization's travel requirements. Roomex solves this problem and enables every travel manager to take that extra coffee break, safe in the knowledge that they've got the best rate and their travelers will be happy." -Garry Moroney, CEO of Roomex Christopher Ely, Research Director at GBTA, said: "In our ongoing GBTA research, we've seen a continued evolution in the challenges that travel managers are now facing. This data around project-based travel and high room night volumes provides insights on what travel managers are thinking about now for their employees and companies, and how they are navigating new considerations as a result of the pandemic and other factors." Listen to Darin Peterson, Sales Manager at Roomex, and Christopher Ely, GBTA Research Director, further discuss the research findings on GBTA's "The Business of Travel" podcast. About Roomex Roomex is the all-in-one travel and expenses platform built for businesses with a mobile workforce. Roomex helps you book, manage, pay and analyze all of your accommodation, rail and expenses in one place - saving both time and money. Founded in Dublin, Ireland with offices in Boston, London, and Munich, Roomex is on a mission to make workforce travel and spend management as seamless and cost-effective as possible. With two nominations for Accommodation Innovation and Payments Innovation at the Business Travel Awards Europe 2022, Roomex is pioneering seamless travel booking. To learn more, visit www.roomex.com. About GBTA The Global Business Travel Association (GBTA) is the world's premier business travel and meetings trade organization headquartered in the Washington, D.C. area with operations on six continents. GBTA's members manage more than $345 billion of global business travel and meetings expenditures annually. GBTA delivers world-class education, events, research, advocacy, and media to a growing global network of more than 28,000 travel professionals and 125,000 active contacts. To learn how business travel drives lasting business growth, visit www.gbta.org.

Read More

COMMERCIAL TRAVEL,INDUSTRY OUTLOOK

Travel Insured International Announces New Partnership with Blue Ribbon Bags

Travel Insured International | September 27, 2022

Travel Insured International is pleased to announce a new partnership with Blue Ribbon Bags, a leader in travel luggage retrieval. Travel Insured joins Blue Ribbon Bags' growing list of industry partners seeking to provide a better experience for their travelers. As a travel protection provider with plans containing insurance benefits for lost and delayed baggage, we're excited to offer this service to our customers throThis non-insurance service provided by Blue Ribbon Bags will be available to clients of large tour operators working with Travel Insured. Because each Travel Insured plan features insured benefits for Baggage and Personal Effects, Travel Insured can provide eligible payment up to a maximum benefit amount if baggage and personal effects are lost, stolen, damaged or destroyed during the trip or while checked with a common carrier. The added service of Blue Ribbon Bags will assist travelers in tracking their baggage claim via text. "Our job is to make that process a little bit better and to keep that communication with the customer as smooth as possible," says Menkin. With assistance from Blue Ribbon Bags, plan holders will also receive intermediary support in pursuing their lost baggage, which can be a tedious and time-consuming process." -Blue Ribbon Bags CEO, Gabriel Menkin, understands that airlines are doing their best to keep up with lost baggage claims. When somebody has a lost bag, we are sending them real time email, SMS, and WhatsApp notifications every time there's a change to the status of their bag, says Menkin. Travelers will be empowered to track the progress of their lost baggage claim and receive notifications to stay informed every step of the way. For the first 96 hours, Blue Ribbon Bags will track and expedite the return of a traveler's lost bag. If the bag is not recovered, the traveler can file a claim against their Travel Insured protection plan for their lost or delayed baggage and personal effects. Travel Insured partners with large tour operators that provide travel packages to customers, which can include air travel, ground transportation, local tours, and other services at one or more locations per trip. For travelers with varied trip types and multiple destinations on their itineraries, baggage protection may be more important than ever. "This partnership comes at a time when the travel industry is facing unique obstacles in transportation, like significant increases in lost baggage claims from top airlines, We're always seeking innovative ways to enhance our programs, so we're eager to offer this baggage tracking service to our wholesale customers. We strive to help travelers feel confident before, during, and after their trip." -Isaac Cymrot, VP of Strategic Partnerships About Travel Insured International As a leading travel insurance provider with more than 25 years in business, Travel Insured International provides trip protection to help each individual travel confidently. Travel Insured is owned by Crum & Forster whose parent company is Fairfax Financial Holdings Ltd., an insurance specialty company that consistently earns an A credit rating from AM Best. We're proud to partner with tour operators and help them to offer extensive travel protection with major travel insurance benefits as well as non-insurance assistance services. At Travel Insured, we remain steadfast in the commitment to providing dependable coverage, great value, and end-to-end satisfaction for our customers' travel insurance experience.ugh our plans to help ensure expedition of luggage claims through any major airline in the world.

Read More

TRAVEL TECHNOLOGY,DESTINATION AND TOURISM

SugarCRM and ResPax Partner to Launch First Fully Integrated CRM and Tour Booking Platform for the Travel and Tourism Industry

SugarCRM and ResPax | August 26, 2022

SugarCRM, provider of the award-winning AI-driven CRM platform and ResPax, a leading tour reservation system provider with thousands of customers worldwide reaching millions of travelers globally, today announced a strategic partnership offering the first fully integrated CRM and tour booking platform for the travel and tourism industry.The goals of the partnership are to help fuel travel and tourism industry growth through cutting-edge tools to scale operations, turbocharge visitor numbers, boost customer experience and loyalty, enhance job creation and drive revenues. With this powerful combination of technology, operators can achieve the benefits of a holistic view of customers, tight data integration and collaboration, and enhanced customer insights fueled by AI. The SugarCRM and ResPax partnership provides travel and tourism operators with world-class innovative technologies to streamline business operations, gain an enhanced understanding of visitor needs and preferences, provide a high-definition customer experience, and stay on top of shifting consumer habits and preferences.The combined offering will help travel and tourism operators to: Minimize busy work and enable tour operators to serve and target customers more efficiently; Remove roadblocks and accelerate customer engagement by enabling tour operators to perform preference-based targeting and gain a data-driven deeper understanding of customer needs and preferences to create highly personalized offers; and, Minimize blind spots and optimize customer journeys and user engagement, translating into better user experience, and improved brand loyalty and cross-selling and upselling opportunities. “The customer experience is at the beating heart of the travel and tourism industry,Together, ResPax and SugarCRM are making the hard things easier for tour operators and their guests by streamlining processes and engagement to help the tourism industry rebuild and embrace a period of new growth. -Craig Charlton, CEO, SugarCRM We are pleased to partner with ResPax, a well-respected company with deep roots and expertise in the travel and tourism sector to deliver a purpose-built solution to help tourism operators make the most of every interaction, to rebound following years of pandemic lockdowns, he said. “We are delighted to partner with SugarCRM, to bring the power of the company’s AI powered CRM to tour operators, ResPax and SugarCRM are both innovators and leaders in their respective fields and together we will provide an unparalleled experience for operators and guests. Tour operators can now revolutionize the guest experience and build even stronger and more profitable relationships, using rich customer insights to create unique experiences that resonate with clients.” -Tony Bridgewater, ResPax CEO About SugarCRM SugarCRM is how marketing, sales, and service teams finally get a clear picture of each customer to help businesses reach new levels of performance and predictability. Sugar is the CRM platform that makes the hard things easier Thousands of companies in over 120 countries rely on Sugar to achieve high-definition CX by letting the platform do the work. Headquartered in Silicon Valley, Sugar is backed by Accel-KKR. For more information about SugarCRM, visit: www.sugarcrm.com. About ResPax Since 1999, the team at ResPax has been developing enterprise-grade reservation software for leading brands, small operators, and forward-looking organizations in Asia Pacific, Europe, and the U.S. ResPax streamlines tourism operations, giving customers a single workflow to manage all their operations with online bookings, channel manager and enterprise-grade reservations system, so tour operators and travel agents can spend more time growing their business. ResPax is a leading tour reservation system provider that reaches millions of travelers globally, from small day tour operators to large multinational operators.Trinity Software Australia (ResPax) is a private company based in Cairns Australia.

Read More