Hotel developments and redevelopments can be foundations for turning depressed submarkets into hip, attractive destinations for travelers, local residents and other developers seeking building opportunities. Oxford Capital CEO John Rutledge has contributed to this trend in the nation’s hottest markets and talked to us about projects that’ll spur redevelopment.
John says Oxford loves being a catalyst for transitioning areas and tries to be in early on these developing neighborhoods, repurposing classic buildings for modern uses. He primarily focuses on the top 20 MSAs, with a heavy focus on urban submarkets, but will enter select tourist markets if a deal feels right. One key to being a transformative hotel: creating mixed-use that’s been lacking nearby. John always implements a mixed-use component, whether it’s retail offerings or added residential. John and his team are big believers in building “social hotels” with nice communal spaces, food and beverage components, and a heavy emphasis on rooftop bars. He also feels Oxford’s downtown projects work mainly due to their flexibility.
John sees a similar situation at the Lexington in Boston, where Oxford is working on its 240-key Godfrey Hotel (shown). He believes the Godfrey can be a linchpin in redeveloping Boston’s Downtown Crossing. He says Boston is one of the country’s most coveted, and most supply-constrained, markets. RevPAR growth there is higher than inflation. John tells us the $60M project is a classic Oxford deal: multidimensional and multifaceted, taking advantage of tax credits and emptying out an office for repositioning.
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