WaterWalk Hotel Apartments executed an agreement with a Rockford Development Group venture, led by Paul Roberts of Rockford and hotel industry veteran Rob Mossburg, to initially develop eight WaterWalk franchises. The properties will be located in San Antonio, Denver, Dallas and Austin, with construction of the first San Antonio property targeted for April of this year. Along with this announcement, Rockford Construction of Grand Rapids, Michigan was named the preferred builder for WaterWalk corporate properties and the WaterWalk franchise system.
WaterWalk Hotel Apartments was created by entrepreneur Jack DeBoer, the founder of Residence Inn, Summerfield Suites, Candlewood Suites and Value Place, and co-founder, along with Mossburg and other partners, of Summerfield Suites. The system’s first property in Wichita, Kansas, opened in November 2014.
“This announcement comes on the heels of a $100-million deal we completed with U.K.-based investment firm, Henley,” said David Redfern, president, WaterWalk Real Estate & Franchise Development. “And this deal is further evidence that WaterWalk is an attractive opportunity for investors to add strong assets to their real estate portfolios as they provide the revenue potential and returns associated with upscale extended-stay hotels and the capital structure and valuation of apartments. With this latest agreement, we now have 27 WaterWalk properties in various stages of development.”
WaterWalk’s hybrid hotel and apartment model combines traditional hotel services within a gated, apartment-like community, and offers upscale amenities such as all-inclusive pricing, full-sized appliances in a modern kitchen, high-speed Internet, DirecTV with premium channels and DVR, housekeeping, fitness memberships, a communal bicycle program, local transportation and a free, customized breakfast.
Earlier, WaterWalk signed a $100-million deal with Henley to build five WaterWalk Hotel Apartments on sites in Albany, Charlotte, Fort Lauderdale and North Orlando, with construction slated to begin on March 16 in Fort Lauderdale. Also in 2016, WaterWalk will be begin construction on properties in Denver, Tulsa, Raleigh, Louisville, Minneapolis, Kansas City and Chicago.