New $35 Million Dollar Hyatt House development coming to Huntsville, Alabama

PRESS RELEASE
July 26, 2019 

New $35 Million Dollar Hyatt House development coming to Huntsville, Alabama

Huntsville, AL – Date July 26, 2019 – NAI Chase Commercial, Development Coordinator, along with Visionquest Capital, its capital and financing partner, has entered into final negotiations with Hyatt Development Corporation for Southaven Associates, LLC of Birmingham, Alabama to develop the first Hyatt House hotel in Alabama.  The new hotel development located at the SE corner of Jefferson Street and Holmes Avenue is situated on a prominent downtown corner in Huntsville’s growing entertainment district.  The hotel will feature nine stories, 145 rooms, and will include a restaurant, rooftop pool and bar, and covered meeting event space.  Construction is slated to begin in early 2020 and will cost approximately $35 Million dollars to build.

Charlie Grelier, Jr., President of NAI Chase Commercial said, “Hyatt is one of the most widely recognized brands in the world. We are thrilled to be part of this exciting new downtown development. The hotel is expected to become a top choice for business and leisure travelers due to its ideal location in the heart of the Entertainment District.” According to Grelier, Hyatt House was rated the #1 upscale extended stay brand by Business Traveler.

Mark Elrod, Sr. VP of Retail at NAI Chase Commercial said “the restaurant space will be located at the lobby level in an open setting with access to a courtyard connecting the restaurant and hotel to the heart of the entertainment district with direct walkable access to additional retail, restaurants and pubs along with a newly constructed public parking deck.”

Michael Hanks Founder & Managing Partner of Vision Quest Capital added “Huntsville is the perfect emerging southeastern market for our capital investment and growth. We look forward to investing in its future.”

About NAI Chase Commercial
NAI Chase Commercial an Accredited Management Organization (AMO®) is recognized as one of the top full service commercial real estate companies in Alabama, with offices in both Birmingham and Huntsville, Alabama. It is a member of NAI Global, one of the world’s premier managed network of commercial real estate firms. The firm has been operating in Alabama and the Tennessee Valley since its founding in 1985. NAI Chase Commercial and its principals have over $320 million and 60 years of combined real estate experience, is a leading full-service real estate organization with the ability to handle all facets of real estate transactions. Services include Office, Industrial and Retail Leasing and Sales, Commercial Development, Property Management, Asset Management, Facilities Management, Investment Brokerage and Construction/Renovation. For more information on NAI Chase Commercial, please call 888-539-1686 or visit www.chasecommercial.com

About Hyatt Hotels
Hyatt Hotels Corporation is an American multi-national hospitality company that manages and franchises luxury hotels, resorts and vacation properties.  Hyatt has 777 properties in 54 Countries. www.Hyatt.com

About NAI Global
NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. Founded in 1978, today NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property. Supported by the central resources of the NAI Global network, Member firms deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.

NAI Global was acquired in 2012 by C-III Capital Partners, a commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, title services and multifamily property management.
To learn more, visit www.naiglobal.com.