Capital Square | July 22, 2022
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
TRAVEL TECHNOLOGY,BUSINESS TRAVEL
Sabre Corporation | June 28, 2022
Sabre Corporation, a leading provider of software and technology that powers the global travel industry, has completed the initial phase of its rollout of SynXis Retail Studio, which is designed to revolutionize the future of hotel retailing and deliver the personalized travel experience.
The latest solution added to the SynXis platform, SynXis Retail Studio, enables hoteliers to diversify into retailing goods, services, experiences, merchandise, and more by attribute at the point of distribution. This capability to sell almost anything creates more opportunities to generate additional revenue streams.
SynXis Retail Studio enables hoteliers to provide a customized guest experience by expanding customer options. As a result, hoteliers can concentrate on driving incremental revenue by expanding retailing options while creating a memorable, brand-specific guest experience.
"SynXis Retail Studio is a game-changer, With the development of this revolutionary technology, we seek to re-define the way hoteliers do business and place a greater focus on guest experience. At Sabre, we have been intensively focused on powering a wide array of integrated, efficient, and easy-to-use solutions that help unlock exceptional value and revenue for hoteliers. The results that we have seen through the pilot phase of SynXis Retail Studio show our success in achieving this and mark an important step towards our vision of truly personalized travel."
-Scott Wilson, President, Sabre Hospitality
To succeed in the competitive industry that we face today, it is crucial that hoteliers have the right technology in place to meet customers' expectations," said Tom Winrow, VP Product Management, Sabre Hospitality. "With SynXis Retail Studio, hoteliers can sell virtually anything. The right combination of ancillaries and services will better position hoteliers to reinforce their brand proposition during the guest booking. SynXis Retail Studio has already supported double-digit revenue increases for our pilot properties, and we are excited to see the benefits for the wider industry as we move beyond the pilot phase.
TRAVEL TECHNOLOGY,HOSPITALITY TRENDS
Agilysys | June 27, 2022
On June 23, Agilysys, a leading provider of next-generation SaaS and on-premise hospitality software solutions and services, announced that it was a Visa Ready certified partner. This partnership will give Agilysys hospitality clients, and their guests, a secure technology solution for payments. Visa’s ‘tap to pay’ payments for cardholders with a contactless chip card for mobile payment-enabled device is secure, touch-free and convenient. Visa Tap to Pay technology needs strict EMV requirements which Agilysys will follow for all its property management system (PMS) and point-of-sale (POS) applications that accept payments.
"As a Visa Ready for Tap to Pay certified partner, our merchant partners are able to provide their guests with a fast and convenient method of payment, greatly enhancing the guest experience, While Agilysys provides a comprehensive suite of innovative hospitality solutions, we remain focused on keeping pace with evolving payment needs of our hospitality partners and providing our merchant partners with secure payment solutions."
-Rohith Kori, Vice President Product and Corporate Strategy for Agilysys
We are proud to work alongside such an esteemed leader in digital payments," added Kori. "Our ability to offer fast, convenient and secure payment options will allow our clients to accept more transactions, and ultimately increase revenue in these outlets.
Tradition POS devices and mobile POS and PMS terminals, can easily process payments. Agilysys Pay supports all Visa contactless EMV requirements. Consequently, all Agilysys PMS and POS applications that accept payments will support these requirements.