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
COMMERCIAL TRAVEL,HOSPITALITY TRENDS
ROOMDEX | September 20, 2022
ROOMDEX, a pioneer in automated hotel upselling solutions, announces that Pandox, a leading hotel company that has ownership in 156 hotels across the globe, activated ROOMDEX’s Upgrade Optimizer software in two hotels, including:“We've always worked with a tool for upselling, but they all required some amount of human labor. So, we were looking for something else, something that was better,” said Jens Egemalm, Distribution Director for Pandox Operations Hotel, “One of my colleagues at the revenue center was doing research on upsell tools in the MEWS marketplace and found ROOMDEX. It was one of the few that was a fully automated system. We liked the simplicity of it, and that led to the first call.”
ROOMDEX Upsell Automation is a set-it-and-forget-it solution that delivers the lowest cost revenue a hotel can generate. ROOMDEX’s Upgrade Optimize combines 2-way integration with a proprietary algorithm to generate True Availability, forecasting inventory usage so there are no operational conflicts. With ROOMDEX, hotel can effortlessly sell and guarantee pre-arrival offers for Room Upgrades, Early Check-in, Late Departure and Guest Services (Breakfast, Parking, etc.).
“In terms of performance, we had high expectations because it was sold to us that it would perform well. And it did. We didn't have to wait one or two weeks before it started performing – it started performing directly. Within just a few days of one of the properties going live, we had more than €5000 worth of upsells. And it’s been consistent – we haven't gone any day without any upsells. Plus, our ROI is higher than what was promised or expected. We are very happy with that.”
ROOMDEX pilot hotels have reported an average of $75 of additional room product up-sell revenue per up-sold stay since using the hotel upsell tool. Upgrade OptimizerTM room revenue is improving RevPar and boosting ADR when hotels need it most.
“We have been very happy with our partnership with MEWS and their app marketplace,Hotel groups like Pandox, who are very experienced in both cloud technology and the upselling space, have found it very easy to run a free trial of ROOMDEX through MEWS. ”
-Jos Schaap, CEO and Co-Founder of ROOMDEX,
ROOMDEX’s hotel upsell software, “Upgrade Optimizer,” automates, monetizes and ultimately simplifies the hotel room upgrade process by putting the power of choice in the hotel guest’s hands. Automation is the cornerstone of our pioneering hotel optimization platform. ROOMDEX uses hotel reservation, guest data and its proprietary persona and price algorithms to deliver personalized digital offers, greatly enhancing the guest experience. The hotel upsell tool relieves hoteliers of the labor time required by other upselling solutions while delivering high margin revenue and a substantial ROI. The company was founded by Jos Schaap, Pierre Boettner and Denis Bajet, three industry veterans (Ex. MICROS-OPERA (now Oracle Hospitality), StayNTouch, Shiji and Nor1). ROOMDEX leverages that 90 years of hotel software innovation experience in PMS, integrations, revenue management, BI, mobile, self-service and upgrade optimization software. Since founding in spring of 2020, ROOMDEX has signed on more than 100 hotels with 9,000 rooms across the U.S., U.K. and Europe.
Pandox is a leading owner of hotel properties in Northern Europe with a focus on sizeable hotels in key leisure and corporate destinations. Pandox’s hotel property portfolio currently comprises 156 hotels with approximately 35,500 hotel rooms in 15 countries. Pandox’s business is organised into Property management, which comprises hotel properties leased on a long-term basis to market leading regional hotel operators and leading international hotel operators, and Operator activities, which comprises hotel operations executed by Pandox in its owner-occupied hotel properties. Pandox was founded in 1995 and the company’s B shares are listed on Nasdaq Stockholm. http://www.pandox.se
Optii Solutions | August 04, 2022
Optii Solutions, the leading hotel operations software, announced that it has added multiple new languages to its platform, to further support its European expansion. Several additional languages are also in development with release dates in the next 30 to 60 days.
With travel, tourism, and hospitality drawing a particularly diverse workforce from around the world, the need to seamlessly communicate across languages and avoid errors is critical. Optii is designed to break down gaps and lags in communication with the goal of increasing productivity and establishing a repeatable and scalable guest experience within a hotel. Language barriers can disrupt the gains hotel operations would otherwise achieve from the implementation of technology, because instructions or staff communication is missed or misunderstood. Seamless translation to 20 languages within the same technology platform avoids this. It also leads to a better work experience for the staff who can choose to work in the language they are most comfortable with.
The company has for some time supported core languages that are prevalent in the industry and workforce, but with shifting demographics, the need to add more languages is critical. This has proven true especially in the European market, where Optii is expanding with several new hotel group customers.
“As we grow into new markets, the make-up of the workforce looks different and we need to account for that. Being a customer-centric technology provider, a lot of our roadmap items come from our customers. This is the case with our latest expansion into several European markets. Not only will we deliver on the customer needs, but we can also play a small part in bringing their workforce together and breaking down barriers.”
-Katherine Grass, CEO, Optii Solutions
About Optii Solutions
Optii Solutions is a hotel operations solution that leverages smarter technologies such as artificial intelligence, analytics, messaging and mobility to improve the efficiency and effectiveness of housekeeping and service delivery departments. For further information, please visit: www.optiisolutions.com